Sacre-Coeur Minerals Selects Tetra Tech, RDi, and Met-Solve for Feasibility and Associated Studies for Million Mountain Zone 1 Project
VANCOUVER, British Columbia--(BUSINESS WIRE)-- SACRE-COEUR MINERALS, LTD. (the "Company") is pleased to announce the selection of Tetra Tech to lead its NI 43-101 compliant feasibility study for development of the Company's Million Mountain Zone 1 resource located in the Mazaruni Mining District No. 3 of Guyana, South America. In addition, the Company has engaged Resource Development Inc. ("RDi") and Met-Solve Laboratories Inc. ("Met-Solve"), two highly qualified metallurgical labs, to assist with metallurgical scoping and trade-off studies as well as final flow sheet development and process modelling.
Owing to the very positive results of the Company's detailed internal scoping and economic analysis, the Company has elected to move directly to a formal feasibility study being performed by these pre-eminent consulting groups on the company's behalf. In order to expedite delivery, the entire process of scoping and trade-off studies, feasibility study and report, and final design for construction have been integrated into a seamless process utilizing the same team. Delivery of the NI 43-101 compliant feasibility study is targeted for summer of 2013, followed immediately by a final development decision (pending positive study results as expected), completion of development financing, and commencement of construction. Commissioning of the mine and plant for production is targeted for 3Q 2014.
The Million Mountain Zone 1 deposit hosts approximately 500,000 tr oz Au as currently tested, including NI 43-101 compliant "measured" resources of 12.12 million tonnes grading 1.0g/t Au, and "indicated" resources of 2.18 million tonnes grading 0.9g/t Au. Since completion of the NI 43-101 resource calculation and report by Pincock, Allen & Holt (Runge Pincock Minarco), the Company has completed 40 additional drill holes on the perimeter of the resource body which have encountered gold mineralization, and are expected to be additive to the resource. The resource will be formally updated to NI 43-101 standards to include these additional holes as a part of the feasibility study and the updated resource body will be utilized for detailed mine planning.
Feasibility of exploitation of the deposit will be broken into two phases. The first, which is the subject of the current work, will be limited to that portion of the deposit which is saprolitized (chemically weathered to clay-like consistency). Mining and processing requirements for this regime are considerably different from those of un-weathered rock in that drilling and blasting is not required to excavate saprolite, and crushing and grinding requirements for the heavily weathered material are substantially less intensive. Feasibility analysis of mining and processing the un-weathered portion of the deposit will be a separate undertaking to be commissioned at a later date, once mining of the saprolite portion of the body is well advanced.
The base case scope for the current feasibility analysis includes mining and processing at the rate of nominally 100,000 tonnes per month. Mining will be limited to the saprolite portion of the body and will be prosecuted by conventional open pit methods down to the contact between the weathered and un-weathered portions of the body at a depth of approximately 40 meters below the surface. The process plant is contemplated to be of portable, modular construction to minimize on-site construction, thus providing the benefits of economy and improved quality of shop-built modules and minimizing on-site construction risks. The basic flow sheet currently contemplated will include a nominal crushing and grinding circuit followed by gravity concentration. Gravity tails may be subjected to CN leaching to recover remaining gold not recoverable by gravity means if demonstrated to be cost beneficial. Preliminary work suggests that because of the relatively coarse gold particle size distribution, it may be more cost effective to enhance the gravity circuit with an intensive multistage process likely to include some regrinding, and eliminate the leaching circuit entirely.
The Company is very pleased to have assembled such an outstanding team with years of on-point experience, including work on Guyana projects, and specifically including beneficiation of saprolitic auriferous ores. We look forward to integrating this world-class experience with the considerable local operating knowledge of the Company's technical staff to produce an optimal project and accurate feasibility analysis thereof.
About Tetra Tech
Tetra Tech, a leading provider of specialized services for more than 45 years, offers an array of mining, energy, infrastructure and environmental services to a diverse base of public and private sector clients. Tetra Tech has more than 14,000 employees located in more than 350 offices globally. Tetra Tech is a publicly traded company with revenues exceeding $2.7 Billion in 2012 and has consistently ranked in the top 10 percent of Engineering News Record's Survey of the Leading 500 Design Firms. Tetra Tech's Global Mining and Minerals group offers a broad range of integrated services that enables them to take a mining project from concept through design and construction and into operations, monitoring, and closure.
Resource Development Inc., a testing and consulting company provides services to international mining companies in the areas of process development, plant trouble shooting and preparing pre-feasibility and bankable feasibility documents. There are more than ten plants built based on RDi testwork and consulting in the last decade. RDi has extensive experience working in South America and has worked on several gold projects in Guyana.
Met-Solve Laboratories Inc. provides testing services for mineral beneficiation and extractive metallurgy and has successfully worked on the development of many effective processing flowsheets and optimization of existing circuits. In particular, Met-Solve is a world leader in the testing of enhanced gravity concentration technologies and has developed proven mathematical modeling techniques that accurately predict performance of gravity concentration devices within grinding circuits. It is well equipped to conduct standard metallurgical testing as well as tackling complicated and difficult metallurgical problems. Additionally it has established expertise in mineral dressing scrubbers, frac sand, and hydrometallurgy.
The Company is engaged in the acquisition, exploration, development, and production of properties for gold, metals and diamonds in South America, initially focussing on exploration and production of gold from its properties in Guyana. The Company presently holds 100% interest in approximately 860 sq. km of mineral properties in Guyana, including the Million Mountain Property which hosts an NI 43-101 compliant hard-rock resource of 12,119,285 tonnes grading 1.0 g/t Au Measured, and 2,175,278 tonnes grading 0.9 g/t Au Indicated for a total 451,000 tr oz Au combined. The Company has offices in Vancouver, Canada and Georgetown, Guyana. More information about the Company is available at <<a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.scminerals.com&esheet=50583026&lan=en-US&anchor=www.scminerals.com&index=1&md5=d0b5efbaa664b4a13e0c6d7a3c28405f">www.scminerals.com>.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SACRE-COEUR MINERALS, LTD.
"Gregory B. Sparks"
Gregory B. Sparks, P. Eng.
President & CEO
For further information, contact:
|Gregory Sparks, President and CEO||Jennifer Todhunter, CFO|
|Phone: 604-899-0100||Phone: 604-899-0100|
|Fax: 604-899-0200||Fax: 604-899-0200|
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This news release may contain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 or "forward-looking information" within the meaning of applicable Canadian securities laws, which we will refer to as "forward-looking information". Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "targets", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information includes, but is not limited to, statements pertaining to gold production, development activities, commissioning of environmental studies, application for necessary permits for production operations, metallurgical studies, commissioning of a third party feasibility study, arrangement of financing for development, formal production decisions, business combinations.
We can give no assurance that the forward-looking information will prove to be accurate. Forward-looking information by its nature is based on assumptions and involves known and unknown risks, uncertainties and other factors, including those discussed in the Company's quarterly and annual management discussion and analysis, which are available at www.sedar.com under the Company's profile, any of which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The forward-looking information is based on a number of assumptions that management believes are reasonable, including but not limited to assumptions about: the price of gold; the financial condition of the Company; anticipated costs and expenditures; estimated production; mineral resources or reserves; and metallurgical recoveries; general business conditions; and the ability to achieve our goals. The forward-looking information is also subject to certain risks, uncertainties and other factors associated with our business, including but not limited to: gold price volatility; risks of not meeting production and cost targets; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment and operating in foreign countries; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the Company's quarterly and annual management discussion and analysis. Should underlying assumptions prove incorrect, or should one or more of the risks, uncertainties or other factors materialize, actual results may vary materially from those expressed or implied in the forward-looking information.
Forward-looking information is designed to help you understand management's current views of our near and longer term prospects, and it may not be appropriate for other purposes. Forward-looking information is based on the reasonable beliefs, estimates and opinions of management at the date the statements are made and is subject to change without notice. These factors should be carefully considered and viewers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this news release. We will not necessarily update this information unless we are required to by applicable securities laws.
KEYWORDS: North America South America Canada Guyana
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