Toronto, Ontario--(Newsfile Corp. - April 12, 2018) - Crown Mining Corp. (TSXV: CWM) ("Crown" or "the Company") is pleased to announce that it has filed a National Instrument 43-101 technical report for its 100% owned Moonlight-Superior Project titled "Technical Report and Preliminary Economic Assessment for the Moonlight Deposit, Moonlight-Superior Copper Project, California, USA" with an effective date of March 2, 2018 and a release date of April 12, 2018. The Preliminary Economic Assessment Study ("PEA") was prepared by Tetra Tech of Vancouver, Canada and describes the potential technical and economic viability of establishing a conventional open-pit copper-silver mine-and-mill complex for a 60,000 ton-per-day operation. The Company also engaged Cameron Resource Consulting, LLC ("CRC") to complete a mineral resource estimate on the Moonlight deposit with an effective date of December 15, 2017. There are no material changes to the PEA results which were originally announced on March 2, 2018.
Highlights of the PEA Include:
-
Pre-tax Net Present Value (NPV): US$ 237M at a 8% discount rate and a $3.15 copper price.
-
Pre-Tax Internal Rate of Return (IRR): 16.4%
-
Pre-tax Payback Period: 4.8 years
-
After-tax NPV of US$179M and after tax IRR of 14.6% for the base case
-
Initial Capital Cost: US$513M, including a contingency provision in the amount of US$71M
-
Plant Processing Rate: 60,000 tons per day (STPD)
-
Average Copper Recovery: 86.0%
-
Copper concentrate Production: Averaging 163,000 tons per year (STPY) with an average grade of 28%.
-
Mine Life: 17 years, based on the existing Mineral Resource estimate
-
Projected Direct Employment: 332 employees (163 process and G&A; 169 mining)
-
Life of mine copper production of 1.5 billion pounds
The full news release with the PEA highlights dated March 2, 2018 can also be found on both the company's website at www.crownminingcorp.com or on www.sedar.com under the Crown Mining Corp. profile.
Please note the PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Furthermore, there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Readers are encouraged to read the technical report when it is filed.
About Crown Mining Corp.
Crown controls approximately 15 square miles of patented and unpatented federal mining claims in the Light's Creek Copper District in Plumas County, NE California; essentially, the entire District. The District contains substantial copper (silver) sulfide and copper oxide resources in three deposits — Moonlight, Superior and Engels, as well as several partially tested and untested exploration targets.