Chesapeake Acquires Metates Royalty
09 5월 2014 - 10:00PM
Marketwired
Chesapeake Acquires Metates Royalty
Metates Testwork Supports Lower Development Options and Capital
Costs
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 9, 2014) -
Chesapeake Gold Corp. ("Chesapeake") (TSX-VENTURE:CKG) wishes to
announce that it has acquired the 1.5% net smelter return royalty
on its 100% owned Metates gold-silver project located in Durango
State, Mexico. The royalty was purchased from the royalty holder,
SANLUIS Corporation, a private Mexican company, pursuant to
exercise of a right of first refusal held by Chesapeake's Mexican
subsidiary, American Gold Metates. The purchase price for the
royalty was US$9.0 million.
"Metates is one of the few world class precious metal deposits
located in a politically stable jurisdiction not controlled by a
major company. The acquisition of this royalty provides Chesapeake
with the flexibility to move forward with Metates on a royalty-free
basis, or alternatively, to proceed with another royalty financing
on the project," stated Randy Reifel, President of Chesapeake.
Technical studies and development work completed in the first
quarter of 2014 have led to significant improvements in the scope
and design of the process plant over that included in the
pre-feasibility study titled "Metates Gold-Silver Project NI 43-101
Technical Report Preliminary Feasibility Study" originally dated
March 18, 2013 ("PFS"). Test findings that positively impacted the
PFS flow sheet and infrastructure logistics include the
following:
- Pilot test work of the pressure oxidation circuit demonstrated
significant reductions in overall water demand and lime consumption
required for neutralization. Both will contribute to reductions in
capital and operating costs.
- Test work has determined that dry stacking vs hydraulic
impoundment of the neutralization residue is feasible allowing
greater flexibility for alternative plant site locations closer to
the Metates mine site reducing the length of the access route,
concentrate pipeline and other related infrastructure.
- Dry stacking along with the modular expansion of the process
related components now facilitates the phased expansion of Metates
with a significantly smaller physical footprint and reduced initial
infrastructure development versus the PFS, including an option to
consolidate the project operations at the Metates site under a
lower throughput mine plan scenario.
- Several alternate plant sites have been located closer to
Metates with proximity to requisite high purity limestone and
existing key transportation and mine inputs.
Supported by the positive findings noted above, Chesapeake is
currently evaluating the opportunity to target mining at lower
initial throughputs (30,000 tpd - 40,000 tpd) versus the Phase I
60,000 tpd case in the PFS. Currently, M3 Engineering &
Technology and other leading international consultants are
reviewing these smaller initial throughput development scenarios
that have lower upfront capital requirements and allow sequential,
scalable expansion over the mine life.
Preliminary work suggests the initial capital cost for a staged
development scenario (initial 30,000 tpd) may be in the range of
$1.5 billion as compared to the $3.2 billion CAPEX for the 60,000
tpd (Phase 1) in the PFS. Mining the near surface, higher grade ore
in the Metates deposit at this processing rate would average during
the first ten years of operation 212,000 ounces of gold, 9.3
million ounces of silver and 50 million pounds of zinc production
annually. The Company expects to be able to provide further
information on these new development strategies within the next
month.
After the royalty acquisition, Chesapeake has $25 million in
cash and marketable securities. The Company is sufficiently
financed to advance Metates towards the completion of a full
feasibility study and initiation of the mine permitting
process.
Gary Parkison, CPG, Chesapeake Vice President Development and a
Qualified Person as defined by NI43-101, has reviewed the technical
information presented in this release in regards to the Metates
project.
For more information on Chesapeake and its Metates Project,
please visit our website at www.chesapeakegold.com.
CHESAPEAKE GOLD CORP
P. Randy Reifel, President
Neither TSX Venture Exchange nor its Regulation Services
Provider (as defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
FORWARD-LOOKING
STATEMENTS
Some of the statements contained in this release are
forward-looking statements, such as estimates and statements that
address future events and conditions that describe the Company's
future plans, objectives or goals which are subject to various
risks and uncertainties in relation to the Company. The assumptions
used in the preparation of such statements although considered
reasonable at the time of preparation may prove to be imprecise and
as such, actual results in each case could differ materially from
those currently anticipated in such statements. The Company does
not intend to, and does not assume any obligation to update such
forward-looking statements or information, other than as required
by applicable law.
Chesapeake Gold Corp.Investor
relations604-731-1094www.chesapeakegold.com
Chesapeake Gold (TSXV:CKG)
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