NICOSIA, Cyprus, Feb. 18, 2013
NICOSIA, Cyprus, Feb. 18, 2013 /CNW/ - EMED Mining Public Limited (the "Company" or "EMED Mining"), the Europe-based minerals development and exploration company, is pleased to announce that independent technical expert Behre Dolbear has completed an updated NI 43-101 Technical Report on the Company's Rio Tinto Copper Project.
The report entitled "NI 43-101 Technical Report on EMED's Rio Tinto Copper Project, Huelva Province, Spain dated February 15, 2013" (the "NI 43-101 Report") endorsed the Company's planned base case annual production of existing ore reserves at 9.0Mtpa over 14 years from the Cerro Colorado deposit, being the first mine EMED Mining plans to bring into production. Behre Dolbear also noted that there is exploration potential peripheral to the Cerro Colorado deposit which is open to the east and at depth. This potentially provides scope to grow the resource and expand operations including the development of other mines within the existing permit areas.
Behre Dolbear supports the decision that the Company proceed with the restart of the Rio Tinto Copper Project as soon as the requisite project approvals, permits and project financing have been secured on the basis that in their view the project is viable and appears to be robust and well analysed in geological, engineering and financial terms.
Highlights from the NI 43-101 Report include EMED's redevelopment plan for the Rio Tinto Copper Project which includes processing 9 Mt of ore per year to produce some 37,000 t of copper-in-concentrate, based on the following assumptions:
The project cash flows and return calculations have conservatively deducted project acquisition costs to be paid to the project vendor and marketing agent as well as costs for site development and environmental management
For the base case, which assumes a copper price of $3.50/lb, pre-tax cash flows would pay back the Project's capital costs by the end of Year 4. After taxes and after deducting the costs of project acquisition and closure, the net cash flows total $1.138 billion and generate an NPV of $427M at a 10% discount rate and an IRR of 32%.
The updated NI 43-101 Report has been filed on SEDAR and is available on the Company's website, along with an updated investor presentation. A summary of other principal conclusions and recommendations of Behre Dolbear is as follows:
Behre Dolbear also recommended:
Harry Anagnostaras Adams, Managing Director of EMED Mining, commented: "The updated NI 43-101 is another important step in our move towards production. We are excited about re-establishing Rio Tinto as a mining field with initial production to commence at Cerro Colorado. There is huge scope to create a large scale operation and we are delighted that this independent technical report has validated our plans."
The scientific and technical information in this press release has been reviewed and approved by R. Cunneen, Group Exploration Manager, who is a "qualified person" within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
This announcement contains "forward looking information" within the meaning of applicable Canadian securities legislation. "Forward looking information" may also include statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, the future price of metals, the estimation of ore reserves and resources, the conversion of estimated resources into reserves, the realisation of ore reserve estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Often, but not always, forward looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Accordingly, readers should not place undue reliance on forward looking statements.
Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; the future costs of capital to the Company; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability, terrorist attacks, insurrection or war; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward looking statements contained herein are made as of the date of this announcement and the Company disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward looking statements 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 statements
SOURCE: EMED MINING PUBLIC LIMITED
|Mandalay Resources Announces Filing of Annual Information Form and Updated NI 43-101 Technical Reports for its Cerro Bayo and Costerfield Projects (2013/3/28)|
|Comstock Mining Updates NI 43-101 Technical Report (2013/2/7)|
|Golden Star Files Updated NI 43-101 Technical Report for Its Mineral Reserves and Resources Estimates at Wassa as at December 31, 2012, and Announces Annual General and Special Meeting Date (2013/3/21)|
|Silverstar Mining Files NI 43-101 Technical Report on Its Cariboo Gold District Ahbau Property (2013/1/30)|
|Guyana Goldfields Announces Filing of NI 43-101 Technical Report for the Aurora Gold Project (2013/1/30)|
|Northcliff Files NI 43-101 Technical Report for Sisson Tungsten-Molybdenum Project Feasibility Study (2013/3/13)|
|Strathmore Updated Gas Hills NI 43-101 Technical Report Shows Significant Increase to Resource Estimates (2013/4/24)|
|SAS announces filing of NI 43-101 technical reports and 2012 Annual Information Form (2013/3/15)|
|Comstock Mining Posts Full NI 43-101 Technical Report (2013/2/26)|
|Oromin Files Updated Heap Leach NI 43-101 Technical Report for OJVG Gold Project (2013/3/27)|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Morningstar Investing Classroom Rewards (earn as you learn and redeem for Morningstar merchandise)|
|P||Morningstar Fund Analyst Reports (full research on 2,000 funds and ETFs)|
|P||Morningstar Stock Analyst Reports (full research on 2,000 stocks)|
|P||Morningstar Stock and Fund Stewardship Grades|
|P||Portfolio Manager (advanced with 10 x-ray analyses, including guidance)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.