Wir verwenden Cookies, um Ihnen eine optimale Funktion der Webseite zu ermöglichen. Wenn Sie weitersurfen, stimmen Sie der Cookie-Nutzung zu. Mehr erfahren
In Ihrem Webbrowser ist JavaScript deaktiviert. Um alle Funktionen dieser Website nutzen zu können, muss JavaScript aktiviert sein.
RohstoffWelt - Die ganze Welt der Rohstoffe HomeKontaktRSS
Powered by: Powered by GoldSeiten.de
 
[ Druckversion ]

REPEAT/Temas Announces Positive Preliminary Economic Assessment for Piskanja Boron Project

28.06.2022 | 13:30 Uhr | Business Wire

US$524.9 Million NPV10 (post-tax), 78.7% IRR (post-tax), 12-Month Capex Payback

Boron is critical for decarbonization as a high-impact, cross-cutting super material.

Boron demand is expected to outpace supply with each step toward Net Zero.

Temas Resources Corp. ("Temas" or the "Company") (CSE: TMAS) and their partner Erin Ventures Inc. (TSXV: EV) are pleased to report positive results of an Independent Technical Report and Preliminary Economic Assessment ("PEA") for the Piskanja boron project located in Serbia.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220627005820/en/

Location of Serbia and the Piskanja boron project (Graphic: Business Wire)

PEA HIGHLIGHTS

Post-tax Net Present Value (NPV10%)

$524.9 million

Post-tax IRR

78.7%

Initial capital cost (Capex) (including 30% contingency)

$79.9 million

Capex payback from commercial production

12 months

Life of Mine ("LOM")

16 years

Gross Project Revenue

$2.02 billion

Net Project Cash Flow (post-tax)

$1.21 billion

Average Annual Gross Revenue

$126.0 million

LOM average annual EBITDA

$91.3 million

Net operating margin

72.4%

Post-tax Operating Cost per t of product

$167.45

Weighted average revenue per t of product

$514.02

LOM Sustaining Capital (including 30% contingency)

$50.8 million

LOM average gross production

305,304 tonnes

Profitability Index (NPV/Capex)

6.57X (post-tax)

LOM Capital Intensity Index (Initial Capex/ROM tonnage)

$16.36

LOM average C1 (cash operating) cost (run-of-mine production)

$91.95/t

Average annual production (sales grade) colemanite

258,272 t

Average annual production of boric acid

25,000 tonnes

LOM average C1 cost (colemanite) post-tax

$154.50/t

LOM average C1 cost (boric acid) post-tax

$340.70/t

LOM mining production

4.88 million tonnes

LOM average grade B2O3

34.57 %

Good potential for resource expansion

Note:
All values in this news release are reported in U.S. dollars unless otherwise noted
Assumed price/t (colemanite 40% B2O3) for LOM: US$500
Assumed price/t (boric acid, technical grade) for LOM: US$700
Units expressed in metric tonnes

MINERAL RESOURCES

The basis for the PEA is the Mineral Resource Estimate prepared by Prof. Miodrag Banješevi? PhD. P.Geo, EurGeol.

The updated Mineral Resource Statement generated for the Piskanja Project is as followings:

Resource Category

Geological Resource

(tonne)

B2O3 %

Contained B2O3 (tonne)

Measured

1,391,574

35.59

495,251

Indicated

5,478,986

34.05

1,865,677

Measured + Indicated

6,870,560

34.36

2,360,928

Inferred

284,771

39.59

112,732

Reported at a cut-off grade of 12 percent B2O3, at a minimum mining thickness of 1.2 m, considering reasonable underground mining, processing and selling technical parameters and costs benchmark against similar borate projects and a selling price of US$700/tonne (boric acid) and US$500/tonne (colemanite 40% B2O3). All figures are rounded to reflect the relative accuracy of the estimates. Mineral Resources are not Mineral Reserves and do not have a demonstrated economic viability. The contained B2O3 represents estimated contained metal in the ground and has not been adjusted for metallurgical recovery, and may have discrepancies due to rounding.

SUMMARY OF PRELIMINARY ECONOMIC ASSESSMENT

The PEA was prepared independently under the supervision of Prof. Miodrag Banješevi? PhD. P.Geo, EurGeol, with contributions from Prof. Saša Stojadinovi? PhD. (mining engineer). The PEA was prepared in accordance with the requirements of National Instrument 43-101 and is based on the Mineral Resource Estimate for Piskanja with an effective date of June 24, 2022 (see "Mineral Resource" above).

ECONOMICS

Project economics were estimated assuming a constant price of US$500/t for sales-grade colemanite (40% purity) and US$700/t for boric acid. The PEA will present a complete list of assumptions. Capital and operating cost estimates were prepared based on current and expected long-term pricing assumptions and to a PEA level +/- 35% level of accuracy.

In summary, the Project has a post-tax LOM net project cashflow (pre-finance) of some US$1.21 billion which returns a post-tax NPV (10%) of US$524.9 million and an IRR of 78.7%. The following table presents the summary LOM cash flow resulting from the Technical Economic Model.

Project Cashflow

US$ Millions

Gross Revenue

2,016.8

Deductions

106.7

Net Revenue

1,910.1

Operating Costs

449.2

Project Capital

79.9

Sustaining Capital

50.8

Closure Cost

15.0

Project Cashflow

1,315.1

Working Capital

0

Corporation Tax

101.1

Net Project Cashflow (post-tax)

1,214.0

SENSITIVITIES

Discount Rate

The following table shows the pre- and post-tax NPVs at varying discount rates. (USD'000). The base case discount rate of 10% returns a NPV of US$553.9M pre-tax and US$524.9M post-tax.

Discount Rate

Pre-Tax NPV (USD'000)

Post-Tax NPV (USD'000)

5%

831,083

777,955

8%

647,789

610,987

10% (base case)

553,917

524,893

12%

476,926

453,909

15%

385,467

369,049

The following table shows the effect on the post-tax NPV10 at varying revenue, opex, capex, and material price levels (from -50% to +50%):

Sensitivities: Post Tax NPV at 10% discount rate

(USD'000,000)

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

Revenue

121

201

282

363

444

525

606

687

767

848

929

Opex

616

598

580

561

543

525

507

488

470

452

434

Capital

562

555

547

540

532

525

517

510

503

495

488

Colemanite Price

148

223

299

374

450

525

600

676

751

826

902

BA Price

497

503

508

514

519

525

530

536

541

547

552

The following table illustrates the projected Post-tax Net Present Value ("NPV") sensitivity of the Piskanja project to Operating Cost and Capital Cost variations.

NPV (USD'000)

OPEX

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

CAPEX

-50%

653,233

634,994

616,754

598,515

580,276

562,036

543,797

525,557

507,318

489,079

470,839

-40%

645,805

627,565

609,326

591,086

572,847

554,608

536,368

518,129

499,889

481,650

463,411

-30%

638,376

620,136

601,897

583,658

565,418

547,179

528,940

510,700

492,461

474,221

455,982

-20%

630,947

612,708

594,468

576,229

557,990

539,750

521,511

503,271

485,032

466,793

448,553

-10%

623,519

605,279

587,040

568,800

550,561

532,322

514,082

495,843

477,603

459,364

441,125

0%

616,090

597,851

579,611

561,372

543,132

524,893

506,654

488,414

470,175

451,935

433,696

10%

608,661

590,422

572,183

553,943

535,704

517,464

499,225

480,986

462,746

444,507

426,267

20%

601,233

582,993

564,754

546,514

528,275

510,036

491,796

473,557

455,318

437,078

418,839

30%

593,804

575,565

557,325

539,086

520,846

502,607

484,368

466,128

447,889

429,649

411,410

40%

586,375

568,136

549,897

531,657

513,418

495,178

476,939

458,700

440,460

422,221

403,981

50%

578,947

560,707

542,468

524,229

505,989

487,750

469,510

451,271

433,032

414,792

396,553

The table below illustrates the Post-tax NPV variability with changing Operating Cost and Revenue estimates.

NPV (USD'000)

Revenue

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

OPEX

-50%

211,797

292,656

373,514

454,373

535,231

616,090

696,948

777,807

858,665

939,524

1,020,382

-40%

193,558

274,417

355,275

436,134

516,992

597,851

678,709

759,568

840,426

921,285

1,002,143

-30%

175,319

256,177

337,036

417,894

498,753

579,611

660,470

741,328

822,187

903,045

983,904

-20%

157,079

237,938

318,796

399,655

480,513

561,372

642,230

723,089

803,947

884,806

965,664

-10%

138,840

219,698

300,557

381,415

462,274

543,132

623,991

704,849

785,708

866,566

947,425

0%

120,600

201,459

282,317

363,176

444,034

524,893

605,751

686,610

767,468

848,327

929,185

10%

102,361

183,220

264,078

344,937

425,795

506,654

587,512

668,371

749,229

830,088

910,946

20%

84,081

164,980

245,839

326,697

407,556

488,414

569,273

650,131

730,990

811,848

892,707

30%

65,780

146,741

227,599

308,458

389,316

470,175

551,033

631,892

712,750

793,609

874,467

40%

47,480

128,490

209,360

290,218

371,077

451,935

532,794

613,652

694,511

775,369

856,228

50%

29,324

110,201

191,120

271,979

352,837

433,696

514,555

595,413

676,272

757,130

837,989

A more complete set of sensitivity tables are available within the PEA.

Tim Daniels, President of Erin Ventures commented on the PEA results: "The robust results in the Piskanja PEA confirm what we have always believed - that Piskanja has the potential to be amongst the most impressive boron properties globally. Piskanja joins a very small group of study-backed, development stage boron assets in the world. Piskanja has several attributes that make it attractive for development including stout economics, strong value metrics and the potential for rapid returns with low capital investment. Additionally, Piskanja's projected low operating cost enhances the likelihood of profitability even in the weakest of boron market scenarios. The results of the PEA, combined with the potential for resource expansion, excellent existing local infrastructure, and a favourable mineral mix, make it a truly outstanding and unique project.

MINING

The geometry and depth of the mineralisation identified at Piskanja lends itself to an underground mining method. It is envisaged that mining will be by cut and fill method and that the key underground infrastructure will comprise:

  • twin access declines from surface to the deposit: i) Main Haulage Decline ("MHD") from surface to the floor of Mineralized Zone 1 and ii) Main Ventilation Decline ("MVD") from surface to the roof of Mineralized Zone 3;
  • an underground spiral ramp connecting MHD and MVD and enabling access to all levels;
  • a shaft connecting MHD and MVD to serve as an ore pass and temporary stockpile (if needed);
  • footwall drives located below seam horizons of Mineralized Zone 1, Mineralized Zone 2 and Mineralized Zone 3;
  • level drives and ventilation connections between three footwall drives.

The PEA envisages a Run of Mine (ROM) average annual tonnage of 307,956 tonnes to produce some 261,821 tonnes of sale grade colemanite and 25,000 tonnes of boric acid for a period of 17 years.

Excavation is currently proposed by mechanical cutting using Continuous Miners ("CM"). The rationale of the application of mechanical cutting, as opposed to drill and blast operations, is the need to minimize ground vibrations which may affect the residential structures and cause annoyance to the residents of the nearby village, Korlace. Similarly, the application of any caving mining methods or any mining methods which could cause ground subsidence is, at present moment, excluded from further considerations.

Material mined by the CMs would be hauled by shuttles or battery haulers to the nearest ore pass/ore bin and fed to the panel conveyor at the main haulage horizon. The panel conveyor would then haul the mined material to the main ore pass/ore bunker. The main ore pass has two functions: i) to reduce the mined material tonnes to the Main Haulage Decline and feed it to the Main belt conveyor and ii) to serve as a temporary ore storage/stockpile. Once fed to the main belt conveyor, the material is conveyed to the surface and fed to the ore processing system.

In order to achieve an overall planned mining recovery of 75% and ensure the stability of excavated spaces, it will be necessary to apply solidifying material for backfill and further geotechnical assessment including an assessment of the geometry, rock strength, and backfill characteristics will be required.

PROCESSING

All ROM production is to be fed to the Colemanite Plant for colemanite production with the aim of upgrading mined materials to desired concentrate levels of B2O3. A constant product grade of 40% B2O3 and a tails grade of 7.5% B2O3 is planned.

The operating plan calls for the production of both colemanite concentrate and boric acid, the latter at a rate of 25 ktpa, and the former at a rate of approximately 250 ktpa. This production scenario has been modelled according to the process route shown in block form. It should be noted that further metallurgical test work is required to finalize the process flowsheet. However, the process flowsheet for B2O3 mineralized material beneficiation is well documented, shows that the process utilizes "off the shelf" technology, and is in fact commonly deployed in Turkish boron mines.

According to available data from Turkey, the concentration of colemanite mineralization is carried out by crushing and grinding, washing and classification in the size fractions. For larger size fractions, colemanite concentrate is produced through attrition tumbling and hand sorting, while for finer size fractions (-6 mm), attrition scrubbing and classification are carried out. At Emet Mine in Turkey, a colemanite concentration plant with a capacity of 600,000 tons per year processes colemanite ore of 27% B2O3 to produce 300,000 tons of concentrate averaging 43% B2O3 using the above described method.

The production of boric acid is also a well-documented process with readily available technology used by several producers globally.

CAPITAL and OPERATING COSTS

A breakdown of the capital and operating costs used in the economic analysis is presented in the tables below.

Project Capital Costs [expended over a 24 month development period]

Project Capital (USD'000)

Base Cost

Contingency

Total

Mining

39,400

11,820

51,220

Processing - Colemanite

2,000

600

2,600

Processing - Boric Acid

-

-

-

Infrastructure

16,250

4,875

21,225

Tailings

3,814

1,144

4,957

Total

61,464

18,439

79,903

Unit Operating Costs (USD/t)

Colemanite

Boric Acid

Mining

70.8

-

Processing - Colemanite

3.6

6.4

Processing - BA Plant

1.7

205.8

Tailings/Waste Disposal

0.1

0.5

Infrastructure

4.3

6.4

G&A

23.5

34.6

Royalty

25.0

35.0

Sales/Marketing

1.5

1.5

Tax

23.9

50.4

Unit Costs per tonne of production

154.5

340.7

Michael Dehn, CEO of Temas Resources, partner with Erin Ventures on the Piskanja Project added: "These positive economics demonstrate that the Piskanja project should be a favourable source of borates for the European markets. Turkey currently provides 98% of the EU's supply of borate. Many companies have been really challenged on the sourcing of raw materials and it is beginning to change their thinking in how they set their sourcing policy going forward. This builds towards reduced environmental impact as we look to aid in the creation of a greener economy through the strategic development of critical metals. The project's free-cash flow of $1.3 billion really demonstrates the great potential that I first saw when looking at this project several years ago. The PEA will provide the guidance we are looking for to advance the project to the next steps. It will also form the basis for the submittal as we complete the required "Elaborate" document to the Serbian government.

Tim Daniels of Erin Ventures continues: "Piskanja is well positioned to benefit from, and contribute to, global decarbonization efforts and the evolving global economy, where reducing environmental impacts and contributions to preventing climate change are increasingly important. Boron is considered a critical, irreplaceable, and expanding strategic driver of decarbonization through reduction of emissions, enabling clean power, helping secure the food supply chain, and providing nutrients in diets for healthy living.

The PEA is the culmination of years of hard work by the team at Erin Ventures, our partners, and our stakeholders. I personally thank all involved for their efforts and support. While the PEA is a significant milestone for us, we are looking forward to the next developments. We have commenced the permitting process, with the data from the PEA forming the backbone of a submission to "certify the Piskanja resource" as an important step in a mine license application process."

KEY CONCLUSIONS

Exploration activities undertaken by Erin to date, in conjunction with the results of previous exploratory works, have outlined a significant boron minerals deposit which, in the opinion of the PEA Author, justifies further activities. Future activities should be undertaken in order to assess the potential of project development and, ultimately, mine construction.

The PEA reports a Mineral Resource estimate for the Project which includes a combined Measured and Indicated Mineral Resource of 6.87 Mt with a mean grade of 34.36% B2O3 and an Inferred Mineral Resource of 0.28 Mt with a mean grade of 39.59% B2O3.

The report shows the potential of the project by demonstrating a post-tax NPV for the Project at a 10% discount rate of USD524 M and an IRR of 79%. If the economic assessment was based solely on Measured and Indicated Mineral Resources, the NPV10 would have decreased to USD488M. However, if 8% is used as a discount rate for NPV calculation the NPV would increase to USD610M. In spite of the fact that the Inferred Mineral Resources do not have a significant impact on NPV presented in the PEA, it should be noted that Inferred Mineral Resources are considered speculative geologically.

It should be noted that there is a significant amount of future work to be undertaken in order to mitigate the risks before entering the mine construction phase. The authors of this PEA recommended appropriate actions and activities needed to properly assess and address these associated risks.

A future work program will be discussed with Erin in order to define the necessary steps towards the PFS stage, FS stage and ultimately, the mine construction phase in accordance with Serbian regulatory requirements and international standards, but also to define a set of decision-making milestones to assist in determining that the advancement of the project continues to be warranted.

RECOMMENDATIONS

Recommendations for work that may potentially lead to further improvements to the Project include:

  • Expansion and improvement of the existing Piskanja Mineral Resource Estimate through further exploration and close-spaced drilling in the two unbounded directions
  • Improvement and refinement of metallurgical recoveries and processes through further metallurgical test work
  • Continued evaluation of different project operating scales ("right sizing") and optimization of mine plans
  • Evaluation and incorporation of existing technologies to improve sustainability and reduce environmental impact
  • Additional test work to define geotechnical parameters of the rock mass
  • Additional modelling or model refining (geotechnical, structural, resource, economical) as an aid to appropriate mine design
  • A comprehensive environmental impact assessment
  • A demonstration of mitigation measures

CAUTIONARY NOTE

The PEA summarized in this news release is considered preliminary in nature, contains numerous assumptions 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. There is no certainty that the results of the PEA will be realized. No Mineral Reserves have been estimated for Piskanja. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are that part of the Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geologic evidence and sampling, which is sufficient to imply but not verify grade or quality continuity. Inferred Mineral Resources may not be converted to mineral reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Mineral Resources are captured within an optimized mine plan (within the constraints of a PEA) and meet the test of reasonable prospects for economic extraction.

The effective date of the PEA is June 24, 2022, and a technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") in support of the PEA will be filed on SEDAR within 45 days of this news release.

QUALIFIED PERSONS

James E Wallis, M.Sc. (Eng), P. Eng., a director of Erin Ventures, and Nenad Rakic, EurGeol, a consultant to Erin Ventures, are qualified persons as defined by NI 43-101, have reviewed the technical information that forms the basis for this news release and have approved the disclosure herein.

Rory Kutluoglu, P.Geo and Robert W. Schafer, P.Geo, are Qualified Persons as defined by NI 43-101 and have reviewed and approved the technical information contained within this press release.

Prof. Miodrag Banješevi? PhD. P.Geo, EurGeol, is the qualified person as defined by NI 43-101 for the Preliminary Economic Assessment and for the Mineral Resource Estimate, and is independent of the Company. He has reviewed the technical information that forms the basis for this news release and has approved the disclosure herein.

The PEA will be available at the Company's filed documents at www.sedar.com within 45 days of the date of this release.

On behalf of the Board of Directors,
Michael Dehn, President & CEO

About Temas Resources

Temas Resources Corp. (CSE: TMAS) (OTCQB: TMASF) is focused on the advancement of mineral independence and processes by which mineral products (nickel, iron, copper, gold, ilmenite and other sulphide and oxide mineral ores and concentrates) are processed and recovered using sustainable hydrometallurgical technologies. The Company invests in and works to apply its green technologies across its mining portfolio to reduce the environmental impact and carbon footprint of metal extraction through advanced processing and patented leaching technologies. The Company is advancing Iron-Titanium-Vanadium projects in Quebec and soon expects to be active at its boron project in Serbia.

Pursuant to the Option Agreement, Temas Resources may earn a 50% interest in the Piskanja Project by (a) issuing to Erin Ventures 250,000 common shares (completed) and 250,000 Temas warrants (completed) (each exercisable to acquire a common share for a period of 48 months from issuance, at an exercise price equal to the market price of the common shares less the maximum allowable discount pursuant to stock exchange policies) within five business days after the effective date of the Option Agreement, and (b) incurring an aggregate of €10,500,000 in expenditures on the Piskanja Project. The Option Agreement may be terminated in certain circumstances, including by Erin Ventures if certain milestones are not met in accordance with specified timelines. Upon exercise of the option by Temas Resources, a joint venture will be formed and Erin Ventures and Temas Resources will become associated as joint venturers to further advance the Piskanja Project.

All public filings for the Company can be found on the SEDAR website www.sedar.com. For more information about the Company, please visit www.temasresources.com.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, the results of the PEA, including the projected Capex, the estimated after-tax NPV and IRR, the estimated LOM and estimated concentrate grades, the potential production from and viability of Piskanja, the risks and opportunities outlined in the PEA, the potential tonnage, grades and content of deposits, the extent of mineral resource estimates, anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future activities of the Company are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will receive all necessary approvals required to develop Piskanja as outlined in the PEA, that the assumptions in the PEA are reasonably accurate, market fundamentals will result in sustained boron demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of Piskanja in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company's projects and its ability to comply with environmental, health and safety laws.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, requirements for additional capital, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Piskanja project, the estimation or realization of mineral reserves and mineral resources, and there is no guarantee that such interests, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of boron, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including of the TSX Venture Exchange), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the company's continuous disclosure documents. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

Cautionary Note to United States Investors

Temas Resource Corp. prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended ("CIM Standards"). The U.S. Securities and Exchange Commission (the "SEC") has adopted amendments effective February 25, 2019 (the "SEC Modernization Rules") to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934.

As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be substantially similar to the corresponding CIM Standards.

U.S. investors are cautioned that while the foregoing terms are "substantially similar" to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any mineral resources that Temas may report as "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had Temas Resource Corp. prepared the resource estimates under the standards adopted under the SEC Modernization Rules.

In accordance with Canadian securities laws, estimates of "inferred mineral resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.

NEITHER THE CSE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.



Contact

For further information or investor relations inquiries:
Michael Dehn
President and CEO
E-mail: michael@temasresources.com
Tel: 647-477-2382
or
Dave Burwell
Vice President
The Howard Group Inc.
Email: dave@howardgroupinc.com
Tel: 403-410-7907
Toll Free: 1-888-221-0915

 
Bookmarken bei Mister Wong Furl YiGG Wikio del.icio.us Webnews
A A A Schriftgröße
 
Unternehmen dieses Artikels
Unternehmen Land WKN Symbol Profil News Forum Details
Temas Resources Corp.   Kanada A2QMLE TMAS.CSE Nachrichten, englisch zu diesem Unternehmen

 
 
© 2007 - 2022 Rohstoff-Welt.de ist ein Mitglied der GoldSeiten Mediengruppe
Es wird keinerlei Haftung für die Richtigkeit der Angaben übernommen! Alle Angaben ohne Gewähr!
Kursdaten: Data Supplied by BSB-Software.de (mind. 15 min zeitverzögert)

Werbung | Mediadaten | Kontakt | AGB | Impressum | Datenschutz