Soho Resources Corp. Reports 1st Phase Engineering Results of Prefeasibility Data Collection Program
08 Septembre 2011 - 8:30PM
Soho Resources Corp. (TSX-V:SOH) (OTCQX:SOHFF)
("
Soho" or the "
Company") is
pleased to report that it has received initial results of Knight
Piésold Consulting site visit and preliminary site engineering
assessment.
Soho retained Knight Piésold in early 2011 to conduct
geotechnical and water/waste management design studies to support a
pre-feasibility study for the Tahuehueto Project in Durango,
Mexico. The results received are positive and represent the
completion of the first phase of Knight Piésold's two phase
engineering assessment program.
Engineering work included,
- Geomechanical data characterization and slope stability
assessment to develop preliminary recommendations for open pit
slope design on the planned El Creston open pit.
- Sizing and layout development of waste management facilities
described in Snowden Mining Consultants Preliminary Economic
Assessment (PEA) for the project.
- Integration of mine components to develop a recommended base
case site layout for the prefeasibility study.
- Identification of opportunities for improvement in the mine
development concept for the prefeasibility studies, which includes
the potential development of an open pit at the Cinco de Mayo
deposit and alternate waste rock dump layouts.
Knight Piésold has submitted a recommended Mine Development
Concept ("MDC") for the pre-feasibility base case design based on
the PEA and the findings of Knight Piésold geotechnical site
review. This MDC envisions a combined tailings and waste rock
dump that integrates the waste rock management and the tailings
management as shown on Figures 2 and 3 of their August 22, 2011
report to Soho, available for viewing on the company's website at,
http://www.sohoresources.ca/pdf/Knight_Piesold_Report.pdf
The co-disposal facility has been sized to store of 35
M tonnes (20 Mm3). This is in excess of the calculated total volume
required and the additional volume provides expansion capacity.
Knight Piésold also provided preliminary recommendations for
open pit slopes at the Cinco de Mayo zone, based upon findings of
initial field inspections of the cliff faces and rock exposures in
and around the Cinco De Mayo Zone. Additional geotechnical
data collection and further slope stability analyses will be
required to confirm this preliminary observation during the Phase 2
engineering study program.
During the development of the MDC, Knight Piésold identified
several additional areas that could potentially improve the mine
economics as follows:
- The development or partial development of the Cinco de Mayo
zone by open pit methods.
- The development of a combined tailings/waste rock dump in the
valley immediately below the El Creston pit. A preliminary storage
capacity evaluation and layout has been completed. This
preliminary analysis shows sufficient capacity exists in the valley
to store the combined waste rock and tailings. The potential
benefits of this relocation are a reduced haul distance for waste,
a reduced watershed catchment area to be managed, and the
containment of major surface disturbances to within one
valley.
- The development of a plant site and dry stack tailings storage
facility ("TSF") on the relatively flat ground to the west of Cinco
de Mayo deposit. The capital costs at this site for mill and
initial TSF construction are expected to be lower than the capital
costs in the steeper slope area closer to the deposits. However,
the operating costs are expected to be higher due to the greater
distance from the Cinco de Mayo and El Creston deposits. A desktop
trade off study to evaluate the impact of capital and operating
costs should be completed to evaluate the economic value of a mill
site located further from the deposit.
"The possibility of developing a 2nd open pit on the Cinco de
Mayo zone plus the possibility of developing a combined waste rock
and tailings storage facility right next to the deposit has the
potential of significantly improving on the already robust
economics of the Tahuehueto project," states Mr. Ralph Shearing,
President and CEO of the Company. "We are very pleased that the
project continues to improve during our prefeasibility data
collection phase."
About Soho Resources Corp
Soho Resources Corp. is an exploration and development company
strategically focused on gold, silver and base metals in the
prolific Sierra Madre Belt of Mexico. The Company holds 99.4%
of the outstanding shares of its Mexican subsidiary company that
maintains 100% ownership in 9,081 hectare Tahuehueto Property, an
advanced stage gold and base metal exploration and development
project.
Soho also holds an option to purchase 100% interest in the 4,332
hectare Jocuixtita Silver Project where the company is currently
conducting a first stage exploration drilling program.
At its flagship Tahuehueto Project in Durango
State, Mexico the Company has embarked on a program of
pre-feasibility data collection. Past exploration efforts
Tahuehueto lead to the delivery, on October 4, 2010, of
a Preliminary Economic Assessment ("PEA") completed by Snowden
Mining Industry Consultants Inc. Key findings from the report
included:
|
Summary of PEA
Estimates |
Net cash flow |
$US 184.2 million |
Net present value (NPV) 5%
discount |
$US 109.6 million |
Internal rate of return % |
31% |
Payback period (months) |
27 |
Mine life (years) |
11 |
Maximum processing rate
(tonnes/annum) |
1,000,000 |
Capital and start-up costs |
$US 89.1 million |
Note: Calculations based on a
conservative 3 year rolling average of metal prices at the end of
August 2010 - Currency US$ Gold: 965.81, Silver: 15.38,
Copper: 2.92, Lead: 0.95, Zinc: 0.88 |
The Tahuehueto Project is a classic epithermal system hosting
multiple structures traced for up to six kilometers of strike
length. Considerable upside exploration potential remains on the
existing explored resource structures both down dip and along
strike, as well as on numerous other unexplored mineralized
structures known to occur on the property.
Qualified Persons This press release was
prepared under the supervision and review of Ralph Shearing,
President and CEO of Soho Resources Corp., a Licensed Geologist,
and Qualified Person as defined by NI 43-101.
ON BEHALF OF THE BOARD OF
DIRECTORS
(signed) "Ralph Shearing"
Ralph Shearing, Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
WARNING: The Company relies upon litigation protection for
"forward-looking" statements. This News Release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of up-coming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements. Soho Resources Corp.
relies upon litigation protection for forward-looking
statements.
CONTACT: Glen Sandwell, IR Manager
Tel: (604) 684-8071
Email: ir@sohoresources.ca
Toll Free: 1-800-685-0576
Soho Resources Corp. (TSXV:SOH)
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