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Zaruma Resources: Luz del Cobre Copper Project Technical Report Demonstrates Robust Economics 08:45 EDT Wednesday, October 04, 2006 TORONTO, Oct. 4 /CNW/ - Zaruma Resources Inc., (TSX-ZMR) is pleased to announce the completion of an updated Technical Report on the Company's wholly owned Luz del Cobre project, located on its San Antonio property in Sonora, Mexico, that demonstrates robust economics for an open-pit, heap-leach, solvent extraction, electrowinning copper operation. The Technical Report was completed by M3 Engineering and Technology Corporation, ("M3"), Tucson, Arizona and P&E Mining Consultants Inc., ("P&E"), Brampton, Ontario. Qualified Persons and Independent Consultants Dr. Conrad E. Huss, P.Eng., of M3 authored the review of the process design, flow sheet, engineering and updating of current capital and operating cost estimates and Eugene Puritch, P.Eng., of P&E estimated the mine resources and prepared the pit optimization and production schedule. The main conclusions of the Technical Report are: << - Annual production averaged over the life of mine of 6 years is estimated at 15 million pounds of copper cathodes. - Average annual pre-tax net operational cash flow is estimated to be US$18 million using the current 24 month trailing average price of US$2.19 per pound of copper and a cash cost per pound, including royalties, of US$0.95. - Capital will be repaid within two years from start-up. - Measured and indicated resources within the optimized open pit shell total 4.5 million tonnes of 1% copper, of which 3.5 million tonnes at 1.1% copper is mixed oxide-secondary sulphide ore, and 1 million tonnes at 0.6% copper is oxidized material. - The net present value of the Luz del Cobre project, based on the updated current capital and operating costs and a copper price of US$ 2.19 per pound was estimated to be US$46 million at a 5% discount rate, and US$36 million at a 10% discount rate. The Internal Rate of Return is estimated at over 50%. - Revised capital costs are estimated to be US$23.2 million, with an accuracy of minus 10% and plus 15%. >> The formal technical report will be filed on SEDAR in the near future. The Company is currently negotiating the financing of Luz del Cobre, and expects to award an engineering, procurement, construction and management contract to build Luz del Cobre this year. Important permitting steps were recently achieved with the approval of the Environmental Impact Manifest and Environmental Risk Study for Luz del Cobre by the Mexican Federal Environmental Agency, and the execution of an agreement with the holders of the surface rights, the "Ejido", for a long term lease over the project surface area. Thomas Utter, President and CEO of Zaruma stated that: "We are pleased that the update of the historic feasibility study on Luz del Cobre has demonstrated robust project economics and an attractive rate of return on investment. Capital and realistic operating cost estimates for mining projects have increased around the world. However, the strong copper price and the outlook supports projections of attractive project economics. We consider Luz del Cobre to be a stand-alone, attractive, small copper project which will turn Zaruma into a copper producer, supporting further copper and gold exploration at San Antonio. Recent surface exploration for additional oxide copper mineralization has successfully delineated a previously undefined target zone near Luz del Cobre, and a current review of regional historic exploration data for the 9,764 hectare land holding supports the interpretation that copper mineralization is related to a very large porphyry-driven, iron-oxide-copper-gold (IOCG) system with an excellent potential for locating additional copper target areas and resources." Zaruma Resources Inc. is a mineral exploration company listed on The Toronto and Frankfurt Stock Exchanges (symbol: ZMR). Common shares currently outstanding: 94,516,867. For further information: Zaruma Resources Inc., 20 Toronto Street, 12th Floor, Toronto ON, M5C 2B8, Canada, Fax: (416) 367-3638, info@zaruma.com, www.zaruma.com; Dr. Thomas Utter, President and CEO, Tel.: (416) 777-1781, thomas.utter@zaruma.com; Frank van de Water, CFO and Secretary, Tel: (416) 869-0 |
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| aus der Diskussion: | Zaruma mit 100% news!!!!!!!!!!!!!!!!!!!!! |
| Autor (Datum des Eintrages): | Dersisco (04.10.06 15:02:56) |
| Beitrag: | 1 von 48 (ID:24398437) |
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