Trevali Announces Commercial Production at Santander
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 20, 2014) -
Trevali Mining Corporation ("Trevali" or the "Company")
(TSX:TV)(LMA:TV)(OTCQX:TREVF)(FRANKFURT:4TI) announces that its
Santander Zinc-Lead-Silver operations in Peru has achieved
commercial production as defined below. Commissioning commenced in
Q3-2013 with mill through-put ramping to its current nameplate
capacity of 2,000-tonne-per-day.
With the achievement of this key milestone, Trevali will
continue to optimize operations at its wholly-owned Santander
2,000-tonne-per-day underground mine and mill complex to further
boost efficiencies, recovery rates and metal concentrate
production.
Santander Mill start-up commenced in August 2013 and from
September through to present, the plant has delivered steady
improvements to mill performance. As of the end of January 2014,
the mill has processed approximately 310,000 tonnes of feed to
produce approximately 22,000 tonnes of zinc concentrates and 7,000
tonnes of lead-silver concentrates (Table 1).
Period |
Tonnes processed |
Average Zinc recovery |
Average Lead recovery |
Average Silver recovery |
|
Zn concentrate produced |
|
Lead-Silver concentrate produced |
Aug 2013 |
22,600 |
56.4% |
50.7% |
35.5% |
|
460 tonnes |
|
100 tonnes |
Sept 2013 |
51,150 |
81.3% |
78.3% |
64.0% |
|
3,600 tonnes |
|
900 tonnes |
Oct 2013 |
60,140 |
84.8% |
83.1% |
68.9% |
|
4,500 tonnes |
|
1,600 tonnes |
Nov 2013 |
58,760 |
81.3% |
83.4% |
69.5% |
|
4,900 tonnes |
|
1,500 tonnes |
Dec 2013 |
59,530 |
85.3% |
87.7% |
75.3% |
|
4,400 tonnes |
|
1,800 tonnes |
Jan 2014 |
57,940 |
84.9% |
84.8% |
70.7% |
|
4,600 tonnes |
|
1,200 tonnes |
Table 1:
Monthly Santander mill operating statistics (subject to ongoing
reconciliation) |
All major mill components have now been commissioned and are
operating to specification. Several items and initiatives for
improvement and optimization have been identified and are currently
being addressed, including:
- Final installation of the computer control system for the
Outotec® Courier On-Stream Analyser, which will provide real-time
analysis and control of grinding specifics and reagents to enhance
metallurgical recoveries
- Continue to advance underground development and increase the
number of production faces
- General, ongoing site optimization initiatives
2014 Santander production guidance in payable metals is
approximately:
- Zinc - 42-45 million pounds
- Lead - 15-17 million pounds
- Silver - 700,000 to 720,000 ounces
Mill throughput for 2014 is estimated at approximately 670,000
to 690,000 tonnes with average head grades estimated at 4.0% to
4.2% zinc, 1.5% to 1.7% lead and 1.4 oz/ton to 1.6 oz/ton
silver.
Management has determined that commercial production at
Santander has commenced, based on all of the following technical
and engineering design achievements:
- Completion of the operational commissioning of the Plant and
handover of the Plant asset from Glencore to Trevali effective
January 31, 2014;
- The demonstrated ability of the Santander mill to operate
consistently and without significant interruption at a production
rate exceeding 70 per cent of design capacity;
- Metal concentrates production meeting saleable concentrate
specifications;
"With Santander now in commercial production, the Company's
development focus will shift to its New Brunswick operations and
preparing the Caribou mine and mill complex for start-up and
commissioning," said Dr. Cruise.
The Company also announces that Dr. Anthony Holler has resigned
as Chairman and from the Board of Directors due to other business
and time commitments.
"Tony has been a highly-valued member of the Trevali team over
the last 4 years as Chairman and Board member," stated Dr. Cruise.
"On behalf of the Company and the Board of Directors, I would like
to thank Tony for his significant contributions to the Company and
wish him all the best in his new endeavours."
Board member David Huberman has been appointed Chairman. David
brings extensive experience to his new role in Trevali including
serving as a Senior Partner of a Canadian business law firm, from
1972 to 1996, that specialized in corporate, commercial, banking,
securities, regulatory and mining law.
Trevali at PDAC 2014
The Company would like to invite all shareholders and interested
individuals to visit our booth (#3240) and meet senior management
at the PDAC 2014 Investors Exchange from March 2-5, 2014 at the
Metro Toronto Convention Centre, South Building. Trevali is also
participating in the Corporate Presentation Forum for Investors at
PDAC 2014 on Monday, March 3rd at 3:00PM in Room 802AB (Level 800),
as part of the Base Metals 1 session.
Qualified Person and Quality Control/Quality Assurance
EurGeol Dr. Mark D. Cruise, Trevali's President and CEO, a
qualified person as defined by NI 43-101, has supervised the
preparation of the scientific and technical information that forms
the basis for this news release. Dr. Cruise is not independent of
the Company, as he is an officer, director and shareholder.
ABOUT TREVALI MINING CORPORATION
Trevali is a zinc-focused base metals mining company with
operations in Peru and Canada.
In Peru, the Company is actively operating its wholly-owned
Santander underground zinc-lead-silver mine and 2,000-tonne-per-day
metallurgical plant, and producing zinc and lead-silver
concentrates.
In Canada, Trevali owns the Caribou mine and mill, Halfmile mine
and Stratmat polymetallic deposit all located in the Bathurst
Mining Camp of northern New Brunswick. Initial trial production
from the Halfmile underground mine was successfully undertaken in
2012 and the Company anticipates commencing operations at its
3,000-tonne-per-day Caribou Mill Complex in early 2015.
All of the Company's deposits remain open for expansion.
The common shares of Trevali are listed on the TSX (symbol TV),
the OTCQX (symbol TREVF) and on the Lima Stock Exchange (symbol
TV). For further details on Trevali, readers are referred to the
Company's web site (www.trevali.com) and to Canadian regulatory
filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of |
TREVALI MINING CORPORATION |
|
"Mark D. Cruise" (signed) |
Mark D. Cruise, President |
This news release contains "forward-looking statements" within
the meaning of the United States private securities litigation
reform act of 1995 and "forward-looking information" within the
meaning of applicable Canadian securities legislation. Statements
containing forward-looking information express, as at the date of
this news release, the Company's plans, estimates, forecasts,
projections, expectations, or beliefs as to future events or
results and the company does not intend, and does not assume any
obligation to, update such statements containing the
forward-looking information. Such forward-looking statements and
information include, but are not limited to statements as to: the
accuracy of estimated mineral reserves and resources, anticipated
results of future exploration, and forecast future metal prices,
anticipated results of future electrical sales and expectations
that environmental, permitting, legal, title, taxation,
socio-economic, political, marketing or other issues will not
materially affect estimates of mineral reserves.
These statements reflect the Company's current views with
respect to future events and are necessarily based upon a number of
assumptions and estimates that, while considered reasonable by the
company, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies.
Many factors, both known and unknown, could cause actual results,
performance or achievements to be materially different from the
results, performance or achievements that are or may be expressed
or implied by such forward-looking statements contained in this
news release and the company has made assumptions and estimates
based on or related to many of these factors. Such factors include,
without limitation: fluctuations in spot and forward markets for
silver, zinc, base metals and certain other commodities (such as
natural gas, fuel oil and electricity); fluctuations in currency
markets (such as the Peruvian sol versus the U.S. dollar); risks
related to the technological and operational nature of the
Company's business; changes in national and local government,
legislation, taxation, controls or regulations and political or
economic developments in Canada, the United States, Peru or other
countries where the Company may carry on business in the future;
risks and hazards associated with the business of mineral
exploration, development and mining (including environmental
hazards, industrial accidents, unusual or unexpected geological or
structural formations, pressures, cave-ins and flooding); risks
relating to the credit worthiness or financial condition of
suppliers, refiners and other parties with whom the Company does
business; inadequate insurance, or inability to obtain insurance,
to cover these risks and hazards; employee relations; relationships
with and claims by local communities and indigenous populations;
availability and increasing costs associated with mining inputs and
labour; the speculative nature of mineral exploration and
development, including the risks of obtaining necessary licenses
and permits and the presence of laws and regulations that may
impose restrictions on mining,; diminishing quantities or grades of
mineral reserves as properties are mined; global financial
conditions; business opportunities that may be presented to, or
pursued by, the Company; the Company's ability to complete and
successfully integrate acquisitions and to mitigate other business
combination risks; challenges to, or difficulty in maintaining, the
Company's title to properties and continued ownership thereof; the
actual results of current exploration activities, conclusions of
economic evaluations, and changes in project parameters to deal
with unanticipated economic or other factors; increased competition
in the mining industry for properties, equipment, qualified
personnel, and their costs.
Investors are cautioned against attributing undue certainty or
reliance on forward-looking statements. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated, described or intended.
The Company does not intend, and does not assume any obligation, to
update these forward-looking statements or information to reflect
changes in assumptions or changes in circumstances or any other
events affecting such statements or information, other than as
required by applicable law.
Trevali's production plans at Caribou-Halfmile-Stratmat and
Santander are based only on Indicated and Inferred Mineral
Resources and not Mineral Reserves and do not have demonstrated
economic viability. Inferred Mineral Resources 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 therefore no certainty that the conclusions
of the production plans and Preliminary Economic Assessment (PEA)
will be realized. Additionally where Trevali discusses
exploration/expansion potential, any potential quantity and grade
is conceptual in nature and there has been insufficient exploration
to define a mineral resource and it is uncertain if further
exploration will result in the target being delineated as a mineral
resource. Reported interim production figures are preliminary in
nature and subject to regular and ongoing reconciliation
studies.
We advise US investors that while the terms "measured
resources", "indicated resources" and "inferred resources" are
recognized and required by Canadian regulations, the US Securities
and Exchange Commission does not recognize these terms. US
investors are cautioned not to assume that any part or all of the
material in these categories will ever be converted into
reserves.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities described herein have not been and will not
be registered under the United States Securities Act of 1933, as
amended, or the securities laws of any state and may not be offered
or sold within the United States, absent such registration or an
applicable exemption from such registration requirements.
The TSX has not approved or disapproved of the contents of this
news release.
Steve StakiwVice President, Investor Relations andCorporate
CommunicationsEmail: sstakiw@trevali.comPhone: (604) 488-1661 /
Direct: (604) 638-5623
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