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Aguia Resources Ltd.
Summary
| Project: | Tres Estradas | |
|---|---|---|
| Deposit: | Tres Estradas | |
| Location: | Brazil | |
| Commodities: | Phosphate | |
| Date: | 7/15/2016 | |
| Report Code: | JORC | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 15-7-2016: Aguia Resources Ltd. announces a PEA report for its Tres Estradas deposit at the Tres Estradas project. Withdrawal of PEAs announced on 19th August 2015 and 12 July 2016. Aguia Resources Limited (ASX: AGR) (“Aguia” or “Company”) refers to the r | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Aguia Resources Limited (ASX: AGR) (“Aguia” or “Company”) refers to the results of each of the Preliminary Economic Assessments for the Três Estradas Phosphate Project (the “Project”) announced to the ASX on 19 August 2015 and 12 July 2016 respectively (the “PEAs”). The purpose of the PEAs was to assess the potential viability of and optimal development options for a phosphate mining and processing operation located in Rio Grande do Sul state in southern Brazil. Each of the PEAs were undertaken by experienced third-party independent geological and engineering consultants. The first PEA was undertaken by SRK Consulting and the second PEA by Millcreek Mining Group. Each PEA presented economic and production forecasts for future project development. Investors are advised that the results of the PEAs do not establish the economic viability or definite value of the Project. Investors should note that for the Company to establish economic viability of its Project, the Company will need to establish sufficient Measured and Indicated Mineral Resources to support its development plan. Owing to this fact, some of the economic assumptions used in the PEAs may never be realised. In discussions with the Company subsequent to the release of the Announcement on 12 July 2016, ASX have expressed concern that certain statements made in that Announcement and the Announcement on 19 August 2015, indicate or amount to the reporting of a production target or forecast that is too reliant on a high proportion of Inferred Mineral Resources and are therefore not made in accordance with the ASX Listing Rules. The Company wishes to clarify that this was not its intention and, in an effort to avoid any potential confusion or further conjecture, it has decided to withdraw both Announcements. Further the Company cautions investors against using any statements made in either Announcement which indicate or amount to the reporting of a production target or forecast financial information, as a basis for making any investment decisions about shares in the Company. | |
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