Mansfield Minerals Inc.: Mining Permit Granted, Lindero Gold Deposit, Salta Province, Argentina
19 Octobre 2011 - 10:17PM
Marketwired
Mansfield Minerals Inc. (TSX VENTURE:MDR) (the "Company") is
pleased to announce it has received notice from the Salta
Provincial Government that it has granted the environmental permit
(DIA, Declaracion de Impacto Ambiental) allowing the Company to
develop the Lindero open pit, heap leach gold mine. This is the
primary permit required for project development. Lindero is the
first bulk tonnage open pit gold deposit to be permitted in Salta
Province.
Work on the bankable feasibility study is ongoing with
completion anticipated by Q1 - 2012.
Different production options are being assessed from a standard
10 year life of mine production plan to more selective mining
approaches that would allow for initial processing of higher grade
ore at reduced throughput, to reduce initial capital cost, followed
by scaling up of the operation utilizing the early project cash
flow. This strategy, if pursued, would reduce the initial project
financing requirement and the associated capital risk and payback
period. On completion of the bankable feasibility study in early
2012, Mansfield believes the deposit could progress to production
by Q4 - 2013.
The ongoing feasibility study followed completion of a NI 43-101
compliant pre-feasibility study for Lindero by AMEC Americas
Limited and Kappes Cassiday & Associates in March 2010.
Highlights from the pre-feasibility study (see the Company's March
22, 2010 press release) included:
-- Measured and indicated resources at 0.20 g/t cut off grade of 2.20
million oz plus inferred resources of 0.75 million oz
-- Proven and probable reserves at 0.19 g/t cut off grade: 1.92 million oz
-- Gold production (average, first five years) of 161,000 oz/year of gold
at cash cost of US$373/oz
-- Average life of mine (average, 11 years) gold production of 124,000
oz/year at cash cost of $407/oz
-- Capital costs: $213 million initial plus $15 million sustaining, or
$168/payable oz
-- Pre-tax NPV (6%, $1,100/oz gold): $416 million
-- IRR ($1100/oz gold): 44.1%
Notes:
1. CIM definitions were followed for estimation of Mineral Resources and
Mineral Reserves.
2. Mineral Resources were constrained within an economic open pit shell,
generated using a gold price of US$890 per ounce of gold, a processing
cost of $3.07 per tonne, a mining cost of $1.10, a sales cost of $12 per
ounce and a metallurgical recovery of 70%.
3. Mineral Reserves are estimated using a cut-off grade of 0.19 g/t Au,
based on a gold price of US$775 per ounce.
4. Mineral Resources are inclusive of Mineral Reserves.
5. Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
This news release has been reviewed by Gordon P. Leask, P.Eng.,
President of the Company, and a Qualified Person ("QP") as defined
by National Instrument 43-101 (Standards of Disclosure for Mineral
Projects).
ON BEHALF OF THE BOARD OF DIRECTORS,
Gordon P. Leask, P.Eng., President and CEO
Caution Regarding Forward-Looking Statements
This press release includes certain statements that may be
deemed "forward-looking statements". All statements in this
discussion, other than statements of historical facts, that address
future exploration drilling, exploration activities, anticipated
metal production, internal rate of return, estimated ore grades,
commencement of production estimates and projected exploration and
capital expenditures (including costs and other estimates upon
which such projections are based) and events or developments that
the Company expects, are forward looking statements. Although the
Company 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 forward-looking
statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include metal
prices, exploration success, continued availability of capital and
financing, and general economic, market or business conditions.
Accordingly, readers should not place undue reliance on
forward-looking statements.
This news release and the information contained herein does not
constitute an offer of securities for sale in the United States and
securities may not be offered or sold in the United States absent
registration or exemption from registration.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Mansfield Minerals Inc. Gordon P. Leask President
& CEO (604)
681-4462info@mansfieldminerals.comwww.mansfieldminerals.com
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