Malbex Resources Inc. Announces Positive Preliminary Economic Assessement for Rojo Grande, Del Carmen Project, Argentina
11 10월 2013 - 5:15AM
Marketwired Canada
Malbex Resources Inc. (TSX VENTURE:MBG) is pleased to announce the results of a
Preliminary Economic Assessment ("PEA") for the Rojo Grande mineralization at
its 100% owned Del Carmen Project in San Juan Province, Argentina. The PEA was
prepared by Micon International Limited in accordance with the requirements of
Canadian National Instrument 43-101 "Standards of Disclosure for Mineral
Projects" ("NI 43-101"). The PEA indicates that the Del Carmen project could
generate average annual heap leach gold production of 105,000 oz at $650/oz
total cash cost after by-product credits. The results of the PEA indicate that
the project may be economically viable at current gold prices. Highlights of the
results of the PEA are as follows:
ROJO GRANDE HIGHLIGHTS
(All amounts in US dollars, Assumes $1400/oz gold price)
-- Projected average annual production of approximately 105,000 ounces of
gold over an 8 year mine life (total 842,000 ounces gold and 3.8 million
ounces of silver), at an estimated cash cost including royalties of $650
per ounce (oz) after by-product credits.
-- Pre-tax Net Present Value (NPV) of $166 million at $1,400 per oz gold
and 7% discount rate, giving an Internal Rate of Return (IRR) of 17% and
a payback period of about 4.7 years.
-- Estimated direct initial capital expenditure of $183 million plus
approximately $73 million in indirects, EPCM, first fills and
contingency costs.
The PEA is preliminary in nature; 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,
and there is no certainty that the preliminary economic assessment will be
realized. The production schedules used in this study are inclusive of inferred
classified mineral resources. Mineral resources that are not mineral reserves do
not have demonstrated economic viability.
The PEA contemplates a conventional open pit mining operation with heap-leach
gold recovery. Contract mining would be employed in the initial years of mining
to pre-strip almost the entire pit ( strip ratio in first two years is 8.4:1
reducing to 1.2:1 in later years.). The mine plan would call for the extraction
of 37.5 million tonnes of heap leach material at an average grade of 0.87 gram
gold per tonne (gpt) yielding 842,000 ounces of recoverable gold.
The PEA is based on an updated inferred mineral resource estimate completed by
Micon and incorporates all drilling performed at Rojo Grande to date (effective
date April 9, 2013). The mineral resource estimate is comprised of material
within a conceptual open pit based on a Whittle pit optimization.
Rojo Grande Deposit Inferred Mineral Resources
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Gold Silver
Million Grade Grade Gold Silver
Tonnes (g/t) (g/t) Ounces Ounces
------------------------------------------------------------------------
30.97 1.01 11.0 1,010,000 10,964,000
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1) Mineral resources which are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially affected
by environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.
(2) The quantity and grade of reported inferred mineral resources in this
estimation are conceptual in nature and there has been insufficient exploration
to define these inferred mineral resources as an indicated or measured mineral
resource. It is uncertain if further exploration will result in upgrading them
to an indicated or measured mineral resource category.
(3) The 0.3 g/t gold equivalent cut-off grade was derived from an assumed open
pit/heap leach operation with recoveries of 70% for gold and 40% for silver, a
mining cost of US$1.50/tonne for mineralized material and $1.40/tonne waste,
process cost of US$3.50/tonne and general & administrative costs of
US$2.50/tonne. The costs were derived from similar operations and the recoveries
from initial metallurgical testwork. Assumed prices of $1,125/oz for gold and
$20/oz for silver, based on 3-year trailing averages, were also employed.
The PEA is a preliminary estimate of the economic viability of the project that
anticipates a number of important engineering and regulatory steps. Further
study and work is required prior to making a production decision. The following
tables summarize the results of the PEA:
Economic Sensitivity Summary
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Gold
Price Pre-tax After Tax
NPV8 NPV8
(US$/oz) ($ million) IRR (%) ($ million) IRR (%)
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1,200 41.7 9.6 (3.8) 6.7
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1,300 103.8 13.3 37.3 9.5
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1,400 165.9 16.7 77.9 12.0
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1,500 228.0 20.0 118.4 14.5
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1,600 290.1 23.2 159.0 16.8
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Key Results Summary
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Item Unit Value
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Inferred Resource in PEA mine plan M t 37.462
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Waste Tonnes M t 98.366
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Life of Mine Stripping ratio W/O 2.63
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Gold grade g/t Au 0.87
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Silver grade g/t Ag 9.97
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Gold Recovery to dore % 80
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Silver Recovery to dore % 32
--------------------------------------------------------------
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Payable gold production 000 oz 842
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Pa Payable silver production 000 oz 3,806
--------------------------------------------------------------
--------------------------------------------------------------
Mine life (at full production) years 7.5
--------------------------------------------------------------
--------------------------------------------------------------
Base Case Gold Price $/oz 1,400
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Base Case Silver Price $/oz 23.33
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Net Revenue $ M 1,214
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Site Operating Costs $ M 583
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LOM Capital $ M 261
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Net cash flow $ M 370
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Taxation $ M 130
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After tax cash flow $ M 240
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Mine Plan
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Waste
Tonnes Strip
Year Oxide Heap Leach (millions) Ratio
--------------------------------------------
Inferred Gold
Resource Grade Contained Recovered
(millions t) (gpt) Gold (oz) Gold (oz)
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1 2.5 0.5 39,000 31,000 29.1 11.6
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2 5.0 0.9 143,000 114,000 25.9 5.2
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3 5.0 0.8 130,000 104,000 8.2 1.7
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4 5.0 0.8 133,000 107,000 9.8 2.0
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5 5.0 1.3 203,000 162,000 6.9 1.4
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6 5.0 0.7 109,000 87,000 6.2 1.2
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7 5.0 1.0 167,000 134,000 3.3 0.7
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8 4.9 0.8 129,000 103,000 1.2 0.2
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Property Location
The Del Carmen property is located wholly within Argentina. It is comprised of
eleven contiguous mining concessions with a total area of 15,129 ha in the El
Indio Gold Belt. The project is located in the Valle del Cura on the eastern
flank of the Andes Cordillera at elevations between 3700 and 5200 masl. It is
adjacent to the Chile/Argentina border approximately 280 km northwest of the
provincial capital city of San Juan and can be reached by road in about 4 to 4.5
hours. San Juan is located some 90 to 120 minutes drive north of Mendoza, a city
with an international airport serviced by multiple daily flights. Utilities and
services are largely absent in the area except for the Veladero mine and
Pascua-Lama advanced project which are serviced by a good all-weather, private
gravel road. Limited cell phone coverage and medical services are available at
Veladero and the mine generates its own electrical power on site. An ample
supply of labour is to be found in the regional communities to the east of the
project at lower elevations.
The concessions are controlled by the Instituto Provincial de Exploraciones y
Explotaciones Mineras de San Juan (IPEEM), a provincial government mining entity
responsible for holding title to certain of the province's mineral rights, and
for soliciting and administering bids for exploration and mining licenses in
these areas. Malbex San Juan S.A., an indirect subsidiary of Malbex Resources
Inc., holds a 100% direct interest in the Del Carmen project through its
exploration agreements with IPEEM.
QUALIFIED PERSON
Technical information related to the PEA contained in this news release has been
reviewed and approved by Christopher Jacobs CEng MIMMM, an independent Qualified
Person as defined by NI 43-101, and Micon's project manager for the PEA. The
report titled "An Updated Mineral Resource Estimate and Preliminary Economic
Assessment for the Rojo Grande Deposit at the Del Carmen Property, El Indio Gold
Belt, San Juan Province, Argentina" dated October 9, 2013 is being prepared by
Micon International Limited., a firm of independent mineral industry consultants
based in Toronto, Canada. This report has been filed on SEDAR (www.sedar.com).
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release
includes certain information that may constitute "forward-looking information"
under applicable Canadian securities legislation. Forward-looking information
includes, but is not limited to, statements about strategic plans, licence
renewals and granting of concessions, spending commitments, future operations,
results of exploration, anticipated financial results, future work programs,
capital expenditures and objectives. Forward-looking information is necessarily
based upon a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to differ
materially from those expressed or implied by such forward-looking information,
including the risks identified in the Company's annual information form under
the heading "Risk Factors". There can be no assurance that such information will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such information. Accordingly, readers
should not place undue reliance on forward-looking information. All
forward-looking information contained in this press release is given as of the
date hereof and is based upon the opinions and estimates of management and
information available to management as at the date hereof. The Company disclaims
any intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, except as
required by law.
Neither the 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:
Malbex Resources Inc.
Joe Hamilton
President and Chief Executive Officer
(416) 628-0215
ir@malbex.ca
Malbex Resources Inc. (TSXV:MBG)
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