Colossus Minerals Provides Development Update
19 6월 2013 - 5:25AM
Marketwired Canada
Colossus Minerals Inc. (the "Company" or "Colossus") (TSX:CSI)(OTCQX:COLUF) is
pleased to provide a development update for its 75% owned Serra Pelada
gold-platinum-palladium Mine. The Serra Pelada Mine is a joint venture between
Colossus and Cooperativa de Mineracao dos Garimpeiros de Serra Pelada
("COOMIGASP") located in the State of Para, Brazil.
HIGHLIGHTS
-- The Company remains on track for initial production in the third quarter
of 2013 at a rate of 250 tonnes per day ("tpd"). Current planning
indicates ramp-up to 1,000 tpd is achievable by the end of the first
quarter of 2014. A photo update is included in this release.
-- The Company has substantially completed its bulk sample program.
Additional development is ongoing in the Central Mineralized Zone
("CMZ") for grade control purposes and to continue building a stockpile
ahead of process plant commissioning. The Company currently has
approximately 2,500 tonnes of material on the run of mine ("ROM") pad
including lower grade halo mineralization and CMZ material. Assays are
pending and initial grade reconciliation ongoing.
-- The remainder of June and July will be focused on extending the
excavation in the bulk sample access drift in order to build a 10,000
tonne surface stockpile ahead of mill commissioning in the third
quarter. This stockpile will include bulk-sample material which will be
segregated and processed separately for grade control testing. The
Company also expects to begin development of a second access drift into
the CMZ by the end of June.
-- Project construction is currently 85% complete. Structural steel
erection is now 55% complete. The ball mill is in place and all three
gravity concentrators have been installed. Commissioning will commence
in July starting with the primary crusher and progressing through other
individual operating areas of the process plant.
-- Other underground development remains on schedule and continues to
average in excess of three metres per day. The drive towards the
ventilation shaft remains on schedule.
-- Other infrastructure development remains on schedule.
-- Commissioning of the power house is complete and this facility is
providing 100% of the Company's power requirements.
-- The tailings dam is approximately 35% complete and is expected to be
ready in conjunction with start of mill commissioning.
-- The ventilation shaft has been collared and expansion is well
advanced. The upgraded ventilation facility will be completed by the
end of the third quarter.
Claudio Mancuso, Chief Executive Officer commented, "We continue to remain
focused on development and beginning production in the third quarter of 2013. We
have achieved a number of significant milestones in the past month such as
substantially completing our bulk sample program, commissioning our power house,
collaring the ventilation shaft and raising additional capital to provide
flexibility during ramp-up. We are pleased with our development progress and
look forward to pouring gold in the third quarter of this year."
CONSTRUCTION AND DEVELOPMENT ACTIVITIES
Underground Development
Underground development is progressing as planned. Significant milestones
achieved since the last development update include:
-- Substantial completion of bulk sample program. Development continues in
the CMZ for grade control purposes and to continue building a stockpile
ahead of process plant commissioning. Development of a second access
drift into the CMZ is expected to commence by the end of June.
-- The Company currently has approximately 2,500 tonnes of material on the
ROM pad including lower grade halo mineralization and CMZ material.
Assays are pending and initial grade reconciliation is ongoing.
-- The remainder of June and July will be focused on extending the
excavation in the bulk sample access drift in order to build a 10,000
tonne surface stockpile ahead of mill commissioning in the third
quarter. This stockpile will include bulk-sample material which will be
segregated and processed separately for grade control testing. The
Company also expects to begin development of a second access drift into
the CMZ by the end of June which is on schedule with the Company's ramp-
up plans.
-- Ground conditions remain within expected parameters and have been
manageable using conventional practices and ground support tools
currently on site.
-- Underground dewatering also remains within expected parameters and the
Company's pumping system has proved adequate for its current underground
activities.
-- Underground mine equipment needed to support 1,000 tpd is now on site.
-- Technical services to support continued advancement of the mining
program are in place and currently being supported by Hatch engineering.
-- Ventilation expansion program is now in excess of 50% complete with
connection of underground drive to ventilation shaft expected in July.
-- Primary decline development is also continuing to support expansion of
production planned for later in the year.
-- Electrical reticulation has been expanded to support mining activities
in several areas with an additional underground substation installed and
commissioned during the past month.
Process Plant
The various phases of the process plant construction, along with respective
percentages complete are presented in the table below.
----------------------------------------------------------------------------
May 15 June 18
----------------------------------------------------------------------------
Total Project 80% 85%
----------------------------------------------------------------------------
Process Plant
----------------------------------------------------------------------------
Engineering 99% 99%
----------------------------------------------------------------------------
Procurement 98% 98%
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Civil construction 95% 99%
----------------------------------------------------------------------------
Structural steel fabrication 70% 95%
----------------------------------------------------------------------------
Structural, mechanical, piping & electrical
installation 35% 55%
----------------------------------------------------------------------------
Power house 90% 97%
----------------------------------------------------------------------------
Ventilation upgrade 40% 50%
----------------------------------------------------------------------------
Tailings impoundment facility 20% 35%
----------------------------------------------------------------------------
Process plant construction is progressing as planned. Significant milestones
achieved since the last development update include:
-- Over 95% of structural steel is currently on site with approximately 55%
erected to date. Over 90% of all platework is now on site as well.
-- Ball mill is now in place and the ring gear has been installed; all
three gravity concentrators have also been installed in the ball mill
building. To view a video of the ball mill being lifted into place,
please click the following link: https://vimeo.com/68640198
-- Significant progress has been made in erecting the conveyor systems.
-- Primary screen and a number of tanks have been installed in the
Scrubbing & Screening building. Scrubber is on site and installation of
this piece of equipment has begun.
-- Civil construction of gold room is complete and this area has been
turned over to the mechanical contractor. Erection of tanks in the gold
room area has begun and one tank is already in place.
-- Master Control Centres 1 and 2 have been placed on steel columns;
electrical work to commence shortly.
-- In the thickener area, process water and fluidization water tanks have
been installed, thickener tank base has been completed and bund walls
were cast and poured.
-- The primary crusher area structural steel, platework and associated
equipment installation is approximately 90% complete. Electrical and
instrumentation installations have started. Commissioning of the primary
crusher is scheduled to occur in July.
-- The reagent handling area structural steel, platework and associated
equipment installation is approximately 90% complete. Electrical and
instrumentation installations have started.
Infrastructure
Other infrastructure construction is progressing as planned. Significant
milestones achieved since the last development update include:
-- Commissioning of the power house is complete and this facility is
providing 100% of the Company's power requirements. Connection to the
grid is expected by the middle of July. The Company is currently running
two of the four generators and electrical reticulation across the
project site is substantially complete.
-- Construction of tailings dam has been advanced; construction of the
diversion channel has been completed and the total construction is now
30% complete. The tailings dam is expected to be ready in conjunction
with the start of mill commissioning.
-- Widening of the ventilation shaft is also progressing on schedule. The
shaft has been collared and approximately 10 metres of the shaft have
been widened with concrete poured. The ventilation shaft expansion is
expected to be completed by the end of the third quarter.
-- Civil construction and structural steel erection for the laboratory has
been substantially completed. Modular lab units are now on site and are
expected to be installed shortly. Commissioning to commence in July with
first processing of samples to occur in by the end of July.
About Colossus:
Colossus is a development-stage mining company focused on bringing its 75% owned
Serra Pelada gold-platinum-palladium Mine into production. The Serra Pelada Mine
is a joint venture between Colossus and COOMIGASP located in the State of Para,
Brazil. Serra Pelada, located in the mineral prolific Carajas region in the
State of Para, is host to one of the highest grade gold and platinum group
metals deposits in the world. Between 1980 and 1986 Serra Pelada was host to the
largest precious metals rush in Latin American history. Colossus Minerals Common
Shares, warrants and notes trade on the Toronto Stock Exchange (TSX) under the
symbols CSI, CSI.WT.A and CSI.NT respectively and in the United States its
Common Shares trade on the OTCQX under the symbol COLUF. The Company is
headquartered in Toronto, Canada.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Forward-looking statements in this press release include statements regarding
the timing and nature of future exploration and development programs that are
dependent on projections that may change as drilling continues, or if unexpected
ground conditions are encountered. The Company does not currently have any
mineral properties that are in production or that contain a reserve as defined
by National Instrument 43-101. In addition, areas of exploration potential are
identified which will require additional drilling to determine whether or not
they contain similar mineralization to areas that have been explored in more
detail. Significant additional drilling is required at Serra Pelada to fully
understand system size.
Except for statements of historical fact relating to Colossus, certain
statements in this press release relating but not limited to the Company's
exploration and development plans, activities and intentions, constitute
"forward-looking information" within the meaning of the Securities Act (Ontario)
or "forward-looking statements" within the meaning of the United States Private
Litigation Reform Act of 1995. These forward-looking statements represent
management's best judgment based on current facts and assumptions that
management considers reasonable. Forward-looking statements are frequently
characterized by words such as "target", "plan", "expect", "project", "intend",
believe", "anticipate" and other similar words, or statements that certain
events or conditions "appear to", "may" or "will" occur. Forward-looking
statements are based on the opinions and estimates of management at the date the
statements are made, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ materially
from those projected in the forward-looking statements. The factors include but
are not limited to risks related to the joint venture operation, actual results
of exploration activities, the inherent risks involved in the exploration and
development of mineral properties, changes in project parameters as plans
continue to be refined, delays in obtaining government approvals, the
uncertainties of project cost overruns or unanticipated costs and expenses,
uncertainties relating to the availability and costs of financing needed in the
future, the uncertainties inherent to conducting business in Brazil and the rest
of Latin America, the availability of equipment and supplies, unexpected adverse
climate conditions, the reliance on only a few key members of management, as
well as those factors discussed in the section entitled "Risk Factors" in the
Company's most recent Annual Information Form filed with Canadian provincial
securities regulatory authorities and other regulatory filings which are posted
on SEDAR at www.sedar.com. Unless required by law, Colossus undertakes no
obligation to update forward-looking statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to place undue
reliance on forward-looking statements.
To view the CSI Construction update, please visit the following link:
http://file.marketwire.com/release/csi618i.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Colossus Minerals Inc.
Ann Wilkinson
VP, Investor Relations
(416) 643-7655
awilkinson@colossusminerals.com
www.colossusminerals.com
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