Bard Ventures Ltd.: Lone Pine Property-Positive Preliminary Economic Assessment Report Available
01 Mars 2011 - 7:29PM
Marketwired
Bard Ventures Ltd. (TSX VENTURE: CBS)(FRANKFURT: BVU) ("Bard" or
the "Company") announced today that the complete NI 43-101 positive
Preliminary Economic Assessment ("PEA") on the Lone Pine property
covering the Molybdenum ("Mo"), Copper ("Cu") rich Alaskite Zone
(the "Property") has been filed on SEDAR at www.sedar.com. The
Property is located approximately 15 kilometers north-northwest of
Houston, British Columbia. The independent PEA was prepared by
P&E Mining Consultants Inc. ("P&E"), of Brampton, Ontario,
with EHA Engineering Ltd. ("EHA") providing the metallurgical
components. P&E concludes that the Property has favourable
economic potential as an open pit mine producing Mo and Cu
concentrates.
The base case economic analysis contemplates an average
life-of-mine strip ratio of 4.98:1 (including the pre-stripping), a
40,000 tonnes per day mill feed rate and a 12 year mine life.
Pre-production capital expenditures, including contingencies, are
estimated to be $435 million. The Property has an estimated pre-tax
net present value ("NPV") of $505 million (at a 5% discount rate)
and an internal rate of return (the "IRR") of 12.4% using a base
case Mo price of US$19.00 per pound and Cu price of US$3.00 per
pound. These prices correspond to the approximate three year
trailing average prices of these metals as of December 31, 2010.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability (Please see news release dated 21st
January, 2011 for a complete discussion of the report).
P&E recommends that the Company advance the project with
additional exploration and delineation drilling, as well as with
studies in metallurgical, geotechnical and environmental matters,
with the intention to continue the project to the feasibility
stage.
Highlights of the PEA
The mine has been planned as a conventional open-pit mining
operation producing 40,000 tonnes per day of mill feed at full
production. The plan anticipates mining 14.0 million tonnes of ore
annually based on a 350 day operating year. Overall pit slopes have
been designed at approximately 50 degrees.
Mining operations will commence with an initial mill feed grade
of 0.035% Mo, which increases as the mine deepens. In the last 7
years of the mine life, the average Mo grade will be approximately
0.091%. Cu grades will remain relatively constant throughout the
mine life at approximately 0.034%. The project is expected to
produce 214 million pounds of Mo and 72 million pounds of Cu over a
12 year mine life. Process recoveries of 85% for Mo and 65% for Cu
were utilized in the cash flow model while the metal payables were
98.5% for Mo and 85% Cu.
Estimated mine closure and site rehabilitation cost allowances
have been included in the economic analysis. During mine operation,
health and safety and environmental protection costs, including
effluent treatment, have also been estimated.
The Property has an ideal location for operations with
established infrastructure including:
-- Highway 16;
-- a natural gas pipeline;
-- a major hydro power transmission line and transformer sub-station; and
-- is located only 15 kilometers from the CN rail line in Houston, BC.
Bard is earning a 100% interest in the Property under the terms
of an option agreement (the "Agreement") (see News Release dated
September 15, 2006). All conditions have been met and the Property
remains in good standing with the vendors. The Company will earn
its 100% interest in terms of the Agreement. The Lone Pine
exploration work is being conducted under the supervision of
Qualified Person, Rick Kemp, P.Geo., Vice-President-Exploration of
Bard.
Qualified Persons and Report
P&E Mining Consultants Inc. is an internationally
recognized, well established geological and mine engineering
consulting firm specializing in the areas of NI 43-101 geological
reports, resource estimates, preliminary economic analyses of
mining projects and preliminary feasibility studies. This PEA was
completed under the direction of Eugene Puritch, P.Eng. and Kirk
Rodgers, P.Eng. of P&E who were responsible for mine design,
production scheduling and overall financial analysis.
Alfred Hayden, P. Eng. of EHA was responsible for metallurgical
process capital and operating costs.
Each of the individuals named above is a Qualified Person, as
defined in National Instrument 43-101; is independent of the
Company; and is responsible for the technical disclosure contained
in this news release. Eugene Puritch, P.Eng has reviewed and
approved the contents of this press release.
On behalf of:
Bard Ventures Ltd.
Eugene Beukman, President
For further information please visit our website at
www.bardventures.com.
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This release includes certain statements that may be deemed to
be "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. All statements in
this release, other than statements of historical facts, that
address future production, reserve potential, exploration and
development activities and events or developments that the Company
expects, are forward-looking statements. Although management
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance, and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploration and development successes,
continued availability of capital and financing, and general
economic, market or business conditions. Please see our public
filings at www.sedar.com for further information.
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 release.
Contacts: Bard Ventures Ltd. Eugene Beukman President 604 687
2038 604 687 3141 (FAX) www.bardventures.com
Bard Ventures (TSXV:CBS)
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