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Scorpio Mining Announces Cosalá District Project Development20.06.2014 | 0:32 Uhr | CNW
TORONTO, June 19 , 2014 /CNW/ - Scorpio Mining Corporation (TSX: SPM) ("Scorpio Mining" or the "Company") today announced its development plans for the Cosalá District projects with NI 43-101 compliant resources, namely the El Cajón and San Rafael deposits, both located within trucking distance from its Nuestra Señora processing plant.
(Note 1. Conversion to silver equivalent (Ag eq.) ounces based on 2014 budget metal pricing of $19/oz Ag, $0.99/lb Pb, $0.95/lb Zn, $2.97/lb Cu, $1,294/oz Au)
With last year's permitting delays related to the development of El Cajón, coupled with the uncertain long-term steady-state mining rate achievable from the remaining resources at Nuestra Señora, the Company elected not to proceed with the plant expansion which was slated to start early in 2014, per the PEA timeline. Nevertheless, the eventual availability of high-quality resources at San Rafael, as enhanced through the definition drilling of H2 2014, concurrent with mining at El Cajón, could create a set of conditions under which such an expansion would be justified, subject to metal pricing and financing. The Company is reviewing the economics associated with the development of an underground operation at San Rafael, instead of an open pit, as suggested in the PEA. This approach provides multiple advantages:
A decision towards development of an underground mine at San Rafael, in parallel with completion of the plant expansion, could be taken in the first half of 2015, with an estimated delay before expanded production, for completion of additional engineering, development and construction work, estimated at 12 months. This would allow for an increased annual production rate, towards 3.0 million Ag eq ounces (using the PEA's mined grades and cost basis assigned to the 120 Zone material) and reduced cash and total production costs, to be realized during the first half of 2016.
About Us Scorpio Mining Corp. is a silver producer operating in Mexico with significant base metal by-product credits. The 100% owned Nuestra Señora Mine located in the Cosalá District of the state of Sinaloa, has flexible mining methods and diversified metal production. It has a fully mechanized underground operation and a 1,600 tpd processing facility with permitted capacity for expansion to 4,000 tpd. The plant produces zinc, copper and lead concentrates, with a significant payable silver component in the copper and lead concentrates. In addition, the Company has numerous exploration targets in the vicinity of its current operations as well as the advanced El Cajón and San Rafael development projects. The Company's strategy for near-term growth is currently focused on mine development of the fully-permitted El Cajón deposit. Scorpio Mining's President and CEO, Mr. Pierre Lacombe, Eng. (OIQ, PEO), is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the content of this release. ON BEHALF OF SCORPIO MINING CORPORATION Pierre Lacombe, Eng. President & CEO This news release includes certain statements that may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the Company's operations, exploration and development plans, expansion plans, estimates, expectations, forecasts, objectives, predictions and projections of the future. Generally, these forward-looking statements can be identified by the forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "projects", "intends", "anticipates", or "does not anticipate", or "believes", or "variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might", or "will" be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Scorpio Mining Corp. to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and development and operation of the Company's projects in Mexico, risks related to international operations, construction delays and cost overruns, the actual results of current exploration, development and construction activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of silver, zinc, copper, lead and gold, risks relating to completing acquisition transactions as well as those factors discussed in the sections relating to risk factors of our business filed in Scorpio Mining Corp.'s required securities filings on SEDAR, including its Annual Information Form dated March 14, 2013. Although Scorpio Mining Corp. has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements will prove accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Scorpio Mining Corp. does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. Contact Scorpio Mining Corp. Victoria Vargas, Vice President Investor Relations and Corporate Communications +1 416-585-2200 Email: vvargas@scorpiomining.com Website: www.scorpiomining.com Unternehmen dieses Artikels: Caledonia Mining Corporation plc, Dieser Artikel stammt von Rohstoff-Welt.de
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