Altaley Mining Reports Third Quarter Financials

Vancouver, British Columbia--(Newsfile Corp. - November 23, 2021) - Altaley Mining Corporation (TSXV: ATLY) (OTC Pink: ATLYF) (FSE: TSGA) ("Altaley" or the "Company") announces strong financial and operating results for the three months ended September 30, 2021 (Q3 - 2021). The Company's Financial Statements and Management Discussion & Analysis ("MD&A") are available on the Company's website at www.altaleymining.com and www.sedar.com. All financial information contained in this news release is unaudited and reported in CDN$, unless otherwise stated.

"Our Campo Morado team have produced another excellent quarter of operational results," stated Ralph Shearing, CEO. "Q3 AISC and C1 Cash Costs have reduced by $0.07 and $0.03 respectively per pound of zinc produced as compared to Q2 2021, resulting in gross revenue of just over $23 million and mine operating profit of $9.55 million for the quarter."

Q3 - 2021 Financial and Operational Highlights

  • Mine operating profit of $9.5 million and total income of $4.3 million during the quarter and mine operating profit of $23.8 million and total income of $15.7 million year to date.

  • 10,743 tonnes of zinc concentrate produced with an average of 45% zinc, 2.29 g/t gold, 724 g/t silver and sold approximately 10,169 tonnes of zinc concentrate generating revenue from zinc concentrate of US$12.32 million. The Company also produced 2,690 tonnes of lead concentrate grading an average of 22% lead, 1.56% copper, 5.45 g/t gold, 919 g/t silver and sold 2,296 tonnes generating revenue from lead concentrate of US$2.1 million.

  • Total C1 cash cost per pound of zinc US$0.45 and all-in sustaining costs* ("AISC") of US$0.70 during the quarter.

  • The Company processed 168,443 tonnes of mineralized material, compared to approximately 127,438 tonnes of ore processed in the comparative period.

  • Mineralized material mined during the period was 151,388 tonnes grading 4.30% zinc, 1.18% lead, 137 g/t silver and 1.13 g/t gold, achieving recoveries of 66.4% in zinc, 29% in lead, 11.3% in gold, and 23% in silver.

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About Altaley Mining Corporation

Altaley Mining Corporation is a Canadian based mining company with two 100% owned Mexican gold, silver, and base metal mining projects.

Altaley's Tahuehueto mining project is in north-western Durango State, Mexico where construction has been advanced to an estimated 80% of completion on its 1,000 tonne per day processing facility and related mine infrastructure to initiate production of gold, silver, lead, and zinc in concentrates at Tahuehueto. The Company is targeting initial pre-production near the end of 2021 and ramping up to full production capacity during Q1-Q2 2022.

Campo Morado is an operating polymetallic base metal mine with mining and milling equipment currently producing at an average rate of approximately 2,100 tonnes per day, Campo Morado is currently estimated to be Mexico's 6th largest zinc producer.

Visit: www.altaleymining.com

On Behalf of the Board of Directors

(signed) "Ralph Shearing"

Ralph Shearing, P. Geol, CEO, President and Director

CAUTIONARY NOTE REGARDING PRODUCTION DECISIONS AND FORWARD-LOOKING STATEMENTS

It should be noted that Telson declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Telson's production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Telson has completed a preliminary economic assessment ("PEA") mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see News Release dated November 8, 2017, and April 4,2018).

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward-Looking Information includes, but is not limited to, disclosure regarding the planned recommencement of mining operations at Campo Morado; and other possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company's properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as "plans," "expects," "scheduled," "estimates," "forecasts," "intends," "anticipates" or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; that recommencement of operations at Campo Morado will proceed as planned; the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither 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 release.

For further information about Altaley Mining Corporation, please contact:
Glen Sandwell
Corporate Communications Manager
ir@altaleymining.com
Tel: +1 (604) 684-8071

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/104856

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