VANCOUVER, Nov. 28, 2018 /CNW/ - Tinka Resources
Limited ("Tinka" or the "Company") (TSXV:
TK) (BVL: TK) (OTCPK: TKRFF) is pleased to
announce that it has formally commenced a Preliminary Economic
Assessment ("PEA") on the Ayawilca Zinc and Tin Project in
Peru. Wood (formerly Amec Foster Wheeler) in Lima, Peru, has been engaged as lead
consultant to prepare the PEA.
In addition, Tinka is pleased to announce the appointment of Mr
Ken Engquist as Managing Consultant,
Project Development. Mr. Engquist's role is to oversee development
of the PEA on behalf of the Company. His track record and extensive
experience adds additional leadership and project development
expertise to an already strong in-country exploration team, led by
Alvaro Fernández-Baca, VP Exploration. The management team is
well qualified to ensure Tinka delivers a high value base metal
project in one of the best mining jurisdictions in the
industry.
Dr. Graham Carman, President and
CEO, stated: "It is with great enthusiasm that we welcome
Ken Engquist as Tinka's manager of
our Ayawilca Project PEA. Ken brings a broad background of
knowledge to Tinka, with his experience in both major and junior
company development projects. His experience is very relevant
for Tinka given his intimate involvement with Arizona Mining's
Hermosa project in the USA and,
before that Nevsun Resources' Timok project in Serbia. We are
looking forward to benefitting from Ken's exceptional skillset,
experience in project management and development and his active
involvement as we move Ayawilca forward."
Mr. Engquist is based in Vancouver but will be spending much of his
time in Peru in support of the
project. Mr Engquist will report to Tinka's CEO. Mr. Engquist
brings over 25 years of engineering and project leadership
experience to his role. Immediately prior to joining Tinka, he was
responsible for overseeing the feasibility engineering study for
Arizona Mining's Hermosa Zinc Project which has recently been fully
acquired by South 32. Before this, Mr. Engquist was VP of
Project Development for Nevsun Resources where he was responsible
for the Timok copper project in Serbia. He led all aspects of the
development including chairing the joint venture technical advisory
board comprised of executive experts from both Nevsun and
Freeport-McMoRan. Mr. Engquist's past experience also includes
roles with Oxygen Capital where he was responsible for advancing a
portfolio of projects within Oxygen's managed group of companies
(True Gold, Pilot Gold, and Pure Gold) through various stages of
development from advanced exploration to start up. He has held
positions with AngloGold Ashanti as Manager of their Projects Group
within their US operations and spent several years with Rio Tinto's
Copper Group as a Senior Project Manager. Mr. Engquist led the
infrastructure engineering for the underground design of the Oyu
Tolgoi mine in Mongolia as well as
held senior project leadership roles and consulted on several other
mining projects at operations such as Kennecott Utah Copper, La
Granja in Peru, and Resolution
Copper in Arizona. Mr. Engquist
holds a B.Sc. in Engineering from Michigan
Technological University and is a registered Project
Management Professional.
About Wood
Wood is a global leader in the delivery of
project, engineering and technical services to energy and
industrial markets. Wood operates in more than 60 countries,
employing around 60,000 people, with revenues of over $10 billion. The company provides
performance-driven solutions throughout the asset life-cycle, from
concept to decommissioning across a broad range of industrial
markets including the upstream, midstream and downstream oil &
gas, power & process, environment and infrastructure, clean
energy, mining, nuclear and general industrial sectors
www.woodplc.com. The company serves mining industry clients in more
than 80 countries, providing a full range of services from initial
exploration through to engineering, construction, commissioning and
closure. It is recognized by the mining industry and the
international finance community for the production of NI 43-101
Technical Reports and other audit/due diligence work.
About Tinka Resources Limited
Tinka is
an exploration and development company with its flagship property
being the 100%-owned Ayawilca carbonate replacement deposit (CRD)
in the zinc-lead-silver belt of central Peru, 200 kilometres northeast of Lima. The Ayawilca Zinc Zone contains 11.7 Mt
of Indicated Resources grading 6.9% zinc, 0.2% lead, 15 g/t silver
and 84 g/t indium and 45.0 Mt Inferred Resources grading 5.6% zinc,
0.2% lead, 17 g/t silver and 67 g/t indium. The Ayawilca Tin
Zone contains an Inferred Mineral Resource of 14.5 Mt at 0.63% tin,
0.23% copper & 12 g/t silver (November
26, 2018 release). A maiden PEA is underway, with results
anticipated in the first half of 2019. The Qualified Person, Dr.
Graham Carman, Tinka's President and
CEO, and a Fellow of the Australasian Institute of Mining and
Metallurgy, has reviewed and verified the technical contents of
this release.
On behalf of the Board,
"Graham Carman"
Dr. Graham Carman, President &
CEO
Forward Looking Statements: Certain information in this
news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws (collectively "forward-looking
statements"). All statements, other than statements of
historical fact are forward-looking statements. Forward-looking
statements are based on the beliefs and expectations of Tinka as
well as assumptions made by and information currently available to
Tinka's management. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including,
without limitations, drilling results, the Company's expectations
regarding the Ayawilca Project PEA, capital and other costs varying
significantly from estimates, production rates varying from
estimates, changes in world metal markets, changes in equity
markets, uncertainties relating to the availability and costs of
financing needed in the future, equipment failure, unexpected
geological conditions, imprecision in resource estimates or metal
recoveries, success of future development initiatives, competition,
operating performance, environmental and safety risks, delays in
obtaining or failure to obtain necessary permits and approvals from
local authorities, community agreements and relations, and other
development and operating risks. Should any one or more of these
risks or uncertainties materialize, or should any underlying
assumptions prove incorrect, actual results may vary materially
from those described herein. Although Tinka believes that
assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein. Except as
may be required by applicable securities laws, Tinka disclaims any
intent or obligation to update any forward-looking statement.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
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SOURCE Tinka Resources Limited