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Tuesday, April 10, 2018 7:01:44 AM
https://globenewswire.com/news-release/2018/04/10/1467588/0/en/Kerr-Mines-Releases-Highlights-From-Pre-Feasibility-Study-40-IRR-Updated-Resource-and-Production-in-2019.html
TORONTO, April 10, 2018 (GLOBE NEWSWIRE) -- Kerr Mines Inc. (TSX:KER) (OTC:KERMF) (FRA:7AZ1) (“Kerr” or the “Company”) is pleased to announce the results of the independent Pre-Feasibility study (“PFS”, “Study”) and resource update prepared by Hard Rock Consulting, LLC in accordance with National Instrument 43-101 (“NI 43-101”) for its past producing Copperstone Mine in Arizona, USA. On the momentum of a very successful 2017 Phase I exploration program and this PFS, the Company is pleased to confirm updated gold resources and positive economics at the Company’s Copperstone Mine in Arizona.
Copperstone PFS Highlights (all values US$ unless otherwise noted):
Base case $1,250/oz gold;
Initial capital of $22.7 million which includes a mine equipment capital lease;
Study life operating margin (EBITDA) of $89M, Internal rate of return of 40%;
Payback of initial capital within 2.3 years of 2019 production start;
Recovery of gold averaging 95% using crushing, grinding and whole ore leach;
Average annual sales of 38,347 ounces gold;
Cash Operating Cost of $684 per gold ounce;
All-in Sustaining Cost ("AISC") of $875 per gold ounce;
Measured and Indicated (“M&I”) Mineral Resources of 1,124,800 tonnes averaging 7.63 g/tonne gold;
276,100 ounces contained gold in M&I Resource;
Inferred Mineral Resources of 666,000 tonnes averaging 6.81 g/tonne gold;
145,700 ounces contained gold in Inferred;
Proven and Probable (“P&P”) Mineral Reserves of 802,048 tonnes averaging 6.79 g/tonne gold;
175,093 ounces contained gold in P&P Reserve;
M&I gold resources ounces, which are not part of the P&P reserve ounces, are targeted for potential inclusion in the P&P reserves through recommended future drilling;
Inferred gold resources are open for further expansion and conversion through recommended future drilling in the Copperstone and Footwall zones.
“The results of this PFS display the strong near-term production opportunity for the Copperstone Mine and robust returns for our investors. This is just the beginning," says Martin Kostuik, President. “The impressive exploration upside displayed by the 2017 Phase I program, the historical production of over 500,000 gold ounces and the potential to generate solid positive cash flows by identifying the first four years of gold production, all point toward the opportunity of many more years, beyond the Study timeframe, of profitable production. In fact, there are 100,000 gold ounces of M&I mineral resources that were not included in the P&P mineral resources, part of which are immediately accessible for drilling and potential inclusion.” Kostuik continued, “Our intention is to finance the initial capital through corporate debt. We are currently engaged in discussions focused on non-dilutive financing options with several lending groups to finalize our forthcoming production decision. Furthermore, we shall continue our efforts to enhance shareholder value by pursuing other value-adding activities such as conducting an intense 2018 exploration program which is designed to increase mine life”
Great work Kerr Team... Bravo!
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