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09.02.2016 22:15
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Gold Reach Resources Announces Positive Preliminary Economic Assessment for Ootsa Project
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PR Newswire
VANCOUVER, Feb. 9, 2016
Study supports potential to develop a low-cost copper-gold-molybdenum project
VANCOUVER, Feb. 9, 2016 /PRNewswire/ - Gold Reach Resources (TSX-V; GRV) ("Gold Reach" or the "Company") is pleased to announce the summary results of an independent Preliminary Economic Assessment ("PEA") on the Company's 100% owned copper-gold-molybdenum Ootsa Project ("Ootsa Project") in west-central British Columbia. The conceptual study demonstrates the potential to develop the Ootsa Project by means of contract mining and toll milling at low initial capital cost to deliver a base case after-tax NPV and IRR of C$186 million and 81% respectively. P&E Mining Consultants Inc. ("P&E") was the lead engineering firm for the PEA, which also included input from Knight-Piesold Consulting, ERM Consultants Canada Ltd., and Gold Reach personnel.
"The Company is very encouraged with the outcome of the PEA," said Gold Reach President and CEO Dwayne Melrose. "The results of the PEA support the concept that the Ootsa Project can be developed as a potential profitable, low-cost investment with an anticipated future upturn in metal prices."
BASE CASE OPERATING HIGHLIGHTS AND PROJECT PERFORMANCE:
| | | · Metal Price: | US$3.00/lb Cu, US$1260/oz Au, US$10.30/lb Mo, US$17/oz Ag |
| | | · Mill Feed*: | 65 Mt @ 0.37% Cu Eq (0.25% Cu, 0.13 g/t Au, 0.016% Mo, 2.3 g/t Ag) |
| | | · Resource Quality: | 94% Measured, 6% Indicated Classification |
| | | · Production: | 324 M lbs Cu, 185 K oz Au, 15.8 M lbs Mo, 3 M oz Ag |
| | | · Mine Life | 12 years |
| | | · Initial CAPEX: | C$64 million (including contingency) |
| | | · NPV @ 5% (after-tax)**: | C$186 million |
| | | · IRR (after-tax): | 81% |
| | | · Payback: | 1 year |
| | | · Resilience: | 31% IRR at US$2.25/lb Cu |
*Consists of 61 M tonnes of the Measured portion of the mineral resource at grades of 0.25% Cu, 0.13 g/t Au, 0.016%Mo, and 2.3 g/t Ag, plus 4 M tonnes of the Indicated portion of the mineral resource at grades of 0.24% Cu, 0.07 g/t Au, 0.015%Mo, and 2.3 g/t Ag.
**NPV includes by-product credits for gold, molybdenum, and silver. A discount rate of 5% was applied to generate NPV based on the lower risk of the development relative to that of similar projects. A contingency factor of 30% was included in the initial capital cost estimate.
The PEA is based on the open pit development of the Ootsa Property by a contract miner, toll milling of Ootsa mill feed at the adjacent Huckleberry Mill at the end of current operations, and use of the existing site facilities on a fee-basis. There are currently no agreements in place to conduct toll milling of Ootsa mill feed at the Huckleberry facilities, nor is there any guarantee that the required agreements can be established on commercially acceptable terms to support the proposed development plan.
The projected mining method, potential production profile and other Ootsa Project economics referred to in this news release are summarized from a PEA, which will be filed on SEDAR within 45 days of this news release, and are conceptual in nature and additional technical studies will need to be completed in order to fully assess the Ootsa Project's viability. The PEA should not be considered a Pre-feasibility or Feasibility Study, as the economic and technical viability of the project have not been demonstrated to that level. There is no certainty that a potential mining operation will be realized or that a production decision will be made. A mine production decision that is made prior to completing a Feasibility Study carries potential risks that include, but are not limited to, the inclusion of Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Among other things, mine design and mining schedules, metallurgical flow sheets and process plant designs may require additional detailed work and economic analysis and internal studies to ensure satisfactory operational conditions and decisions regarding future targeted production. Capital cost estimates presented in this news release are preliminary in nature and will require a more detailed assessment in subsequent economic studies. Further, the advancement of the Ootsa Project is subject to requisite consents, permits and approvals, regulatory or otherwise for the Ootsa Project and there is no guarantee that Gold Reach would be successful in obtaining any or all of them.
"The key to developing a viable operating plan for the Ootsa Project was to fully recognize the nature of the value present in terms of the property; to use that value as the foundation for a plan that balanced investor risk and reward; and to take advantage of the unique circumstances offered by the proximity of an adjacent operating mine," continued Mr. Melrose. "Gold Reach now looks forward to the challenge of refining the development concept for the Ootsa Project into an executable plan that builds on the results of the PEA."
BASE CASE SUMMARY
| ECONOMICS | | |
| NPV @ 5% | C$ M | 186 |
| IRR | % | 81 |
| Simple Payback | Yrs | 1.0 |
| Exchange Rate | US$:C$ | 0.80 |
| | | |
| UNIT COST | | |
| Direct Cash | US$/lb Cu | 1.33 |
| All-In Sustaining Cash | US$/lb Cu | 2.09 |
| | | |
| METAL PRICE | | |
| Cu | US$/lb | 3.00 |
| Au | US$/oz | 1,260 |
| Mo | US$/lb | 10.30 |
| Ag | US$/oz | 17.00 |
| | | |
| INITIAL CAPITAL | | |
| Direct | C$ M | 33 |
| Indirect | C$ M | 19 |
| Contingency | C$ M | 12 |
| Total | C$ M | 64 |
| | | |
| OPERATING COSTS | | |
| Mining | C$/t mined | 2.67 |
| Processing | C$/t milled | 10.07 |
| G&A | C$/t milled | 0.56 |
| | | |
| PRODUCTION | | |
| Cu | M lbs | 324 |
| Au | K oz | 185 |
| Mo | M lbs | 15.8 |
| Ag | M oz Werbung Mehr Nachrichten zur Gold Reach Resources Ltd Aktie kostenlos abonnieren
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