Feb 19 2013
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:
- An average waste-to-ore ratio of about 1.1:1;
- Employment of 400 to 450 employees and contractors at full production;
- Potential to extend the 14-year mine life by conversion of known mineral resources to reserves;
- Pre-production capital cost estimates of approximately $200M, pre-production escrow funds of approximately $29M (for social security environmental and rehabilitation costs) and post start up capital cost estimates of approximately $75M; and
- Operating Cost estimates over the life of the project:
- $1,223M for Site Operating Costs
- $468M for Freight, Selling, Refining and Smelting
- $171M for Other Cash Operating Costs
- $148M for Non Operating Costs (acquisition costs)To view the full text of this press release, paste the following link into your web browser:
http://www.rns-pdf.londonstockexchange.com/rns/0535Y_1-2013-2-17.pdf