Macusani Yellowcake Announces Positive Preliminary Economic Assessment for Uranium Deposits in Peru
05 12월 2013 - 8:15PM
Marketwired Canada
Macusani Yellowcake Inc. (the "Company") (TSX VENTURE:YEL)(FRANKFURT:QG1) is
pleased to announce the results of a Preliminary Economic Assessment ("PEA") for
its uranium properties located on the Macusani Plateau in the Puno District of
southeastern Peru. The results from the PEA demonstrate that the Project has the
potential to become a large, low-cost uranium mining operation. In addition,
there remains excellent exploration potential to further expand the size of the
existing Mineral Resource. The PEA was prepared by GBM Minerals Engineering
Consultants Limited in conjunction with The Mineral Corporation and Wardell
Armstrong International. All figures quoted are in US dollars.
Highlights of the PEA
-- Net Present Value ("NPV") at an 8% discount rate of $708 M pre-tax /
$417 M post-tax and an Internal Rate of Return ("IRR") of 47.5% pre-tax
/ 32.4% post-tax using a uranium price of $65/lb U3O8, considered as the
long-term price by many industry analysts. Capital payback has been
estimated at 2.9 years pre-tax / 3.5 years post-tax.
-- Cash operating costs during years 1-5 to average $19.45/lb U3O8 placing
it in the lowest quartile in the world using 2012 production figures.
Cash operating costs over entire mine life to average $20.57/lb U3O8.
-- Annual uranium production during operating years 1-5 to average 5.17 M
lbs of U3O8, which would have ranked the mine as the sixth largest
uranium mine in 2013. Life of mine ("LOM") annual U3O8 production are
estimated to average 4.30 M lbs over a 10 year mine life.
-- Initial capital expenditures ("CAPEX") to construct the mine and a 8.5 M
tonne per annum ("tpa") process plant have been estimated at $331 M.
Total sustaining capital costs for LOM are estimated at $228 M.
-- Measured and Indicated Mineral Resource of 47.9 M tonnes grading 253 ppm
U and containing 14.3 tonnes U3O8 (52.8 M short tons grading 0.598
lbs/ton U3O8 and containing 31.5 M lbs U3O8). Inferred Mineral Resource
of 40.5 M tonnes grading 286 ppm U and containing 13.6 tonnes U3O8 (44.6
M short tons grading 0.674 lbs/ton U3O8 and containing 30.1 M lbs U3O8).
"The completion of the PEA is a significant milestone for the Company on a
number of levels." said Dr. Laurence Stefan, CEO of Macusani Yellowcake Inc.
"Firstly, the estimated production cost of $20.57/lb demonstrates that we have a
Project that has the potential to be one of the lowest cost uranium producers in
the world due to a low stripping ratio in the open pit operations, anticipated
low acid consumption, and high process plant recoveries expected to be achieved
in a short period of time. Secondly, the PEA demonstrates that the Macusani
plateau has significant potential to become a major uranium producing district
considering that only small areas have been explored to date. And finally, the
PEA paves the way for further development of our Project and the completion of a
Pre-Feasibility Study, which we expect to initiate in 2014."
Potentially economic material for the Project will initially come from multiple
target deposits including Colibri 2 & 3/Tupuramani, Chilcuno Chico, Quebrada
Blanca, Corachapi and Triunfador 1. Conventional open pit and underground mining
methods are proposed. The PEA contemplates the construction of a mine and
centralized processing facility operating over a 10 year mine life at a
throughput of approximately 23 400 tonnes per day. A heap leach would be used to
extract uranium into an acidic aqueous leach solution and recovery would be
achieved via ion exchange ("IX") with a solvent extraction acid recovery
circuit. IX technology is preferred as the simplest and most cost effective
option considering the almost pure uranium mineralisation available within the
Macusani rhyolites and the absence of any contaminants such as thorium,
molybdenum and vanadium.
Table 1. Key production and financial parameters of the PEA
----------------------------------------------------------------------------
Production Parameters
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Mine life 10 years
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Average annual potentially mineable tonnes 8.5 million tonnes
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Processing recovery rate 88%
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Open pit strip ratio 1 : 0.65
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Average grade 259 ppm U3O8
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Average annual production (LOM) 4.30 million lbs U3O8
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Average annual production (Operating Years 1-
5) 5.17 million lbs U3O8
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Financial Parameters
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Uranium price $65 / lb U3O8
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Average cost of production $20.57 / lb U3O8
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Start-up CAPEX $331 million
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Sustaining CAPEX $228 million
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Pre-tax Post-tax
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NPV (8% discount rate) $708 M $417 M
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IRR 47.5% 32.4%
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Payback period 2.9 years 3.5 years
----------------------------------------------------------------------------
Contingencies
The base case financial projection includes a LOM contingency of $86.2 M. This
includes $61.7 M for the initial capital expenditure ("CAPEX") or approximately
32% of the total initial direct CAPEX.
Sensitivity Analysis
A sensitivity analysis was performed to test the robustness of the Project
against variability in factors such as the price of uranium yellowcake,
operating costs, capital costs, grade of the deposit and recovery rates. A chart
illustrating key sensitivities and their relationship to the Project NPV and IRR
can be found on the Company's website:
http://www.macyel.com/PEA2013/sensitivity-analysis/
Mineral Resources
In August 2013 the Company released updated NI 43-101 Mineral Resource estimates
showing a 167% increase in the contained U3O8 in Measured and Indicated Mineral
Resource categories and a 9% increase in the Inferred Mineral Resources from
totals previously reported. The updated Mineral Resource estimate is based on
600 bore holes totalling over 55 000m.
Table 2. Summary of Mineral Resource estimate (75ppm U cut-off)
----------------------------------------------------------------------------
Colibri 2 & 3 /
Kihitian Tupuramani Corachapi Triunfador 1
----------------------------------------------------------------------------
11.8 M lbs U3O8 14.7 M lbs U3O8 5.0 M lbs U3O8
@ 1.27 lbs @ 0.48 lbs @ 0.39 lbs
U3O8/ton U3O8/ton U3O8/ton
Measured & (8.4 M t @ 635 (27.9 M t @ 240 (11.6 M t @ 195
Indicated ppm U3O8) ppm) ppm U3O8) n/a
----------------------------------------------------------------------------
17.4 M lbs U3O8 7.7 M lbs U3O8 1.9 M lbs U3O8 3.1 M lbs U3O8
@ 1.23 lbs @ 0.34 lbs @ 0.46 lbs @ 0.82 lbs
U3O8/ton U3O8/ton U3O8/ton U3O8/ton
(12.8 M t @ 615 (20.4 M t @ 170 (3.8 M t @ 230 (3.5 M t @ 409
Inferred ppm U3O8) ppm U3O8) ppm U3O8) ppm U3O8)
----------------------------------------------------------------------------
(i) Conversion of U to U3O8 is 1 : 1.179.
Cautionary Note
Readers are cautioned that a PEA should not be considered to be a
Pre-Feasibility or Feasibility Study. The PEA is preliminary in nature and uses
Inferred Mineral Resources which are considered too speculative geologically to
have economic considerations applied to them that would enable them to be
categorized as Mineral Reserves. At this stage, the Mineral Resources cannot be
converted to Mineral Reserves as the Project has not been demonstrated to be
technically and economically viable to a sufficient level. There is no certainty
that the results predicted by this PEA will be realized. The Mineral Resource
estimates, upon which the PEA is based, could be materially affected by
environmental, geotechnical, permitting, legal, title, taxation,
socio-political, marketing or other relevant factors.
Conference Call and Additional Details
A conference call to discuss the results of the PEA news release with President
& CEO Dr. Laurence Stefan as well as members of the board and management team is
scheduled for December 5th at 10 a.m. Eastern Standard Time, 3 p.m. Greenwhich
Mean Time.
All interested parties can join the conference call by dialing +1-888-231-8191
or +1-647-427-7450. Please dial in 15 minutes prior to the call to secure a
line. An archived copy of the conference call will be available from
www.macyel.com.
A presentation with highlights of the PEA is available from the Company website
at: http://www.macyel.com/PEA2013/presentation/
The Canadian National Instrument 43-101 ("NI 43-101") technical report
summarizing the results of the updated PEA will be filed on SEDAR and the
Company's website within 45 days of this press release.
Qualified Persons
The scientific and technical information contained in this news release relating
to preliminary economic assessment was prepared by or under the supervision of,
or reviewed and approved by, Mr. Michael Short, B.E., CEng., FIMMM and Dr Thomas
Apelt, PhD, CEng., MAusIMM, of GBM Minerals Engineering Consultants Limited,
and/or Mr. Mark Mounde, BEng., CEng., MIMMM of Wardell Armstrong International,
who are independent technical consultants to the Company and "Qualified Persons"
under NI 43-101 Standards of Disclosure for Mineral Projects.
The scientific and technical information contained in this news release relating
to the Mineral Resources was prepared under the supervision of, or reviewed and
approved by Mr. David Young, B.Sc. (Hons), FGSSA, FSAIMM, FAusIMM, Pr Sci Nat
(No 400989/83) of The Mineral Corporation that is an independent technical
consultant to the Company and a "Qualified Person" under NI 43-101 Standards of
Disclosure for Mineral Projects.
About Macusani Yellowcake Inc.
Macusani Yellowcake Inc. is a Canadian uranium exploration and development
company focussed on the exploration of its properties on the Macusani Plateau in
southeastern Peru. The Company owns a 99.5% interest in concessions that cover
over 90 000 hectares (900 km2) which are situated near significant
infrastructure. Macusani Yellowcake Inc. is listed on the TSX Venture Exchange
under the symbol 'YEL' and the Frankfurt Exchange under the symbol 'QG1'. The
Company has 159 473 613 shares outstanding. For more information please visit
www.macyel.com.
Disclaimer: Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability. Mineral Resources may not necessarily be
converted into Mineral Reserves. In additon, "Inferred Mineral Resources" have a
great amount of uncertainty as to their existence, and as to their economic and
legal feasibility. It cannot be assumed that all or any part of an Inferred
Mineral Resource will ever be upgraded to a higher Mineral Resource category.
This news release includes certain forward-looking statements concerning the
future performance of Macusani Yellowcake Inc.'s ("Macusani") business,
operations and financial performance and condition, as well as management's
objectives, strategies, beliefs and intentions. Forward-looking statements are
frequently identified by such words as "may", "will", "plan", "expect",
"anticipate", "estimate", "intend" and similar words referring to future events
and results. Forward-looking statements are based on the current opinions and
expectations of management. Forward-looking statements and forward-looking
information include, but are not limited to, statements with respect to
estimated production and mine life; the future price of uranium; the estimation
and/or realization of Mineral Resources and Mineral Reserves; the timing and
amount of estimated future production; costs of production; success of
exploration activities; and currency exchange rate fluctuations. Except for
statements of historical fact relating to Macusani, certain information
contained herein constitutes forward-looking statements. All forward-looking
information is inherently uncertain and subject to a variety of assumptions,
risks and uncertainties, including the speculative nature of mineral exploration
and development, fluctuating commodity prices, competitive risks, the
availability of financing, variations in grades or recovery rates, risks
relating to international operations, fluctuating currency exchange rates,
changes in project parameters, the possibility of project cost overruns or
unanticipated costs and expenses, labour disputes and other risks of the mining
industry, failure of plant, equipment or processes to operate as anticipated, as
described in more detail in the Company's recent securities filings available at
www.sedar.com. Actual events or results may differ materially from those
projected in the forward-looking statements and Macusani cautions against
placing undue reliance thereon. Neither Macusani nor its management assume any
obligation to revise or update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Macusani Yellowcake Inc.
Laurence Stefan
President and CEO
+1-416-628-9600
laurence@macyel.com
www.macyel.com
Facebook: www.macyel.com/facebook/
Twitter: www.twitter.com/macusani/
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