Amerigo Announces Filing of NI 43-101 Technical Report
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 24, 2014) -
Amerigo Resources Ltd. (TSX:ARG) ("Amerigo" or the "Company") is
pleased to announce that it has made the regulatory filing of the
National Instrument 43-101 ("NI 43-101") technical report (the
"Report") prepared for Minera Valle Central, S.A. ("MVC"),
Amerigo's Chilean subsidiary. The Report has been filed in
conjunction with the announcement by Amerigo of the agreement
entered into by MVC with Codelco's El Teniente Division ("DET") for
the acquisition of the processing rights to the Cauquenes tailings
deposit and the extension of MVC's rights to process tailings from
the El Teniente mine from 2021 to 2037.
Robert D. Henderson, P. Eng, President and COO of Amerigo is the
author of the Report, is responsible for the technical comments
related to the resource estimate and its parameters and is a
"qualified person" for the purposes of NI 43-101 Standards of
Disclosure for Mineral Projects of the Canadian Securities
Administrators. Mr. Henderson has verified the data disclosed in
this release.
MVC's plant is located approximately 90 kilometres south of
Santiago, Chile and has been in operation since 1992. MVC processes
tailings from the current production of the El Teniente mine
("Fresh Tailings") and tailings from the historic Colihues tailings
deposit. El Teniente is the world's largest underground copper mine
and has been in production since 1904. Construction of a new mine
level, scheduled for completion in 2017, is estimated to extend the
mine's useful life by 50 years.
In 2013, MVC produced 45.7 million pounds of copper and 809,057
pounds of molybdenum. An expansion project (the "Project") is
planned to develop the historic Cauquenes deposit that is expected
to double MVC's copper production to approximately 90 million
pounds per year.
The Colihues and Cauquenes tailings deposits are located in
close proximity to MVC's plant. The MVC plant has a capacity of
175,000 tonnes per day and consists of grinding and flotation
processing facilities. After being reprocessed at MVC, the tailings
are transported by gravity to the Carén tailings impoundment,
located approximately 50 km to the west of the MVC plant.
MVC currently mines the Colihues deposit with hydraulic monitors
and plans to mine the Cauquenes deposit using the same method. The
Project will require construction of additional mining
infrastructure, grinding and flotation plants.
In Mr. Henderson's opinion there is sufficient geological and
economic evidence to conclude that MVC's contracts for the
processing of Fresh Tailings and tailings from the Cauquenes and
Colihues tailings deposits constitute an inferred mineral resource.
Historical records of El Teniente's mill tailings represent a
detailed account of the tonnage and grade of material stored in the
Cauquenes and Colihues impoundments. A total of 30 holes have been
drilled on the Cauquenes deposit in four separate campaigns. MVC
has a long operating record of economic extraction of copper and
molybdenum from Fresh and Colihues tailings, and MVC's 2014
feasibility study demonstrates that tailings can be profitably
extracted from the Cauquenes deposit.
MVC's total inferred mineral resource estimate for the Fresh,
Colihues and Cauquenes tailings, after application of mining and
mill recovery losses, is 1,494 million tonnes at a grade of 0.155%
Cu and 0.012% Mo with 1,709 million pounds of recoverable copper
and 43 million pounds of recoverable molybdenum, as set out in the
following tables:
MVC Copper Inferred Mineral Resource Estimate - Dec 31,
2013 |
Tailings Deposit |
|
Tonnes (t) |
|
Grade (% Cu) |
|
Mill Recovery (%) |
|
Recoverable Copper (M lbs) |
Colihues |
|
68,231,000 |
|
0.229 |
|
34 |
|
117 |
Cauquenes |
|
338,139,000 |
|
0.267 |
|
48 |
|
961 |
Fresh |
|
1,087,444,000 |
|
0.115 |
|
23 |
|
631 |
Total |
|
1,493,814,000 |
|
0.155 |
|
34 |
|
1,709 |
|
|
|
|
|
|
|
|
|
MVC Molybdenum Inferred Mineral Resource Estimate - Dec
31, 2013 |
Tailings Deposit |
|
Tonnes (t) |
|
Grade (% Mo) |
|
Mill Recovery (%) |
|
Recoverable Molybdenum (M lbs) |
Colihues |
|
68,231,000 |
|
0.010 |
|
12 |
|
2 |
Cauquenes |
|
338,139,000 |
|
0.021 |
|
18 |
|
29 |
Fresh |
|
1,087,444,000 |
|
0.009 |
|
6 |
|
13 |
Total |
|
1,493,814,000 |
|
0.012 |
|
11 |
|
43 |
The Cauquenes Expansion Project Environmental Impact Assessment
study was filed with the Chilean authorities on January 7, 2013,
requesting an increase in the historic tailings processing rate via
an expansion of the MVC plant. Environmental approval is expected
to be received in the first half of 2014. The January 2014
Cauquenes Expansion Project Feasibility Study development plan
anticipates construction to commence in the second half of 2014.
The Study calls for a Cauquenes processing rate of 60,000 tonnes
per day and a phased start up estimated to commence in Q2-2015,
with full production expected to be achieved in Q2-2016. Processing
of the Colihues deposit is planned to be phased out and restarted
in 2034 when the Cauquenes deposit is depleted.
Average annual production over the initial ten year period
(2016-2025) is estimated to be 88 million pounds of copper per year
at a cash cost of production of approximately $1.51/lb Cu,
excluding royalties. Royalty payments are estimated to be $0.69/lb
Cu at the base case metal prices used in the economic analysis. The
initial capital cost of the Project has been estimated at $140
million, including contingency and excluding escalation. At an 8%
discount rate, the unlevered after tax net present value for the
Project is estimated to be approximately US$279 million at an
assumed long term copper price of $2.95/lb Cu, rising to US$441
million at a price of $3.50/lb Cu. Over the life of the contract,
assuming a copper price of $3.50/lb, total EBITDA for MVC is
estimated to be $3.1 billion, of which $1.6 billion is payable to
DET as royalties.
Using these parameters, the preliminary financial analysis of
the Project indicates that MVC has a positive net cash flow and an
acceptable internal rate of return and supports progression to
construction and development of the Cauquenes deposit.
The results of the preliminary economic assessment represent
forward-looking information that is subject to a number of known
and unknown risks, uncertainties and other factors that may cause
actual results to differ materially from those anticipated in such
information. This information speaks only as of the date of this
Technical Report, and is based on a number of assumptions which are
believed to be true but which may prove to be incorrect in future.
The preliminary economic assessment is preliminary in nature and it
includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral
reserves. There is no certainty that the preliminary economic
assessment will be realized
In Mr. Henderson's opinion the data supporting the inferred
mineral resource estimates were appropriately collected, evaluated
and estimated, and the Project objective of identifying tailings
mineralization that could potentially support future processing
operations has been achieved. Mr. Henderson's recommendation is to
proceed with construction of the Project.
Amerigo Resources Ltd. produces copper and molybdenum under a
long term partnership with the world's largest copper producer,
Codelco, by means of processing fresh and old tailings from the
world's largest underground copper mine, El Teniente near Santiago,
Chile. Tel: (604) 681-2802; Fax:
(604) 682-2802; Web:
www.amerigoresources.com; Listing: ARG:TSX
Certain of the information and statements contained herein
that are not historical facts, constitute "forward-looking
information" within the meaning of the Securities Act (British
Columbia), Securities Act (Ontario) and the Securities Act
(Alberta)applicable Canadian securities legislation
("Forward-Looking Information"). Forward-Looking Information is
often, but not always, identified by the use of words such as
"expects", "seek", "anticipate", "believe", "plan", "estimate",
"expect" and "intend"; statements that an event or result is "due"
on or "may", "will", "should", "could", or might" occur or be
achieved; and, other similar expressions. More specifically,
Forward-Looking Information contained herein includes, without
limitation, information concerning the agreement for the purchase
by MVC of the processing rights for the Cauquenes tailings deposit,
extending the contract for the processing of Fresh Tailings to 2037
(the "Master Agreement"), completion of construction of the planned
expansion of MVC's operations required for the processing of old
tailings from the historic Cauquenes tailings deposit (the
"Cauquenes Expansion"), future tailings production volumes and the
Company's copper and molybdenum production, all of which involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by
such Forward-Looking Information including, without limitation,
material factors and assumptions relating to, and risks and
uncertainties associated with, the performance of the Master
Agreement, the receipt of adequate debt financing required for the
Cauquenes Expansion, the receipt of environmental approval to the
Cauquenes expansion, the continued supply of tailings from El
Teniente and successful extraction of tailings from the Cauquenes
and Colihues tailings deposits, the achievement and maintenance of
planned production rates, the evolving legal and political policies
of Chile, the volatility in the Chilean economy, military unrest or
terrorist actions, metal price fluctuations, governmental
relations, the availability of financing for activities when
required and on acceptable terms, the estimation of mineral
resources and reserves, current and future environmental and
regulatory requirements, the availability and timely receipt of
permits, approvals and licenses, industrial or environmental
accidents, equipment breakdowns, availability of and competition
for future mineral acquisition opportunities, availability and cost
of insurance, labour disputes, land claims, the inherent
uncertainty of production and cost estimates, currency
fluctuations, expectations and beliefs of management and other
risks and uncertainties, including those described under Risk
Factors in the Company's Annual Information Form and in
Management's Discussion and Analysis in the Company's financial
statements. Such Forward-Looking Information is based upon
the Company's assumptions regarding global and Chilean economic,
political and market conditions and the price of metals, including
copper and molybdenum, and future tailings production volumes and
the Company's copper and molybdenum production. Among the
factors that have a direct bearing on the Company's future results
of operations and financial conditions are changes in project
parameters as plans continue to be refined, interruptions in the
supply of fresh tailings from El Teniente, further delays in the
extraction of tailings from the Colihues and Cauquenes tailings
deposits, a change in government policies, competition, currency
fluctuations and restrictions and technological changes, among
other things. Should one or more of any of the aforementioned risks
and uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from any
conclusions, forecasts or projections described in the
Forward-Looking Information. Accordingly, readers are advised not
to place undue reliance on Forward-Looking Information. Except as
required under applicable securities legislation, the Company
undertakes no obligation to publicly update or revise
Forward-Looking Information, whether as a result of new
information, future events or otherwise. In addition, readers are
cautioned that the preliminary economic assessment in the NI 43-101
report is preliminary in nature and includes inferred mineral
resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them
to be categorized as mineral reserves. There is no certainty that
the preliminary economic assessment will be realized.
Amerigo Resources Ltd.Dr. Klaus ZeitlerChairman & CEO(604)
218-7013Amerigo Resources Ltd.(604)
697-6201www.amerigoresources.com
Amerigo Resources (TSX:ARG)
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