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Atalaya Mining Plc
Summary
| Project: | Proyecto Touro | |
|---|---|---|
| Deposit: | Proyecto Touro | |
| Location: | Spain | |
| Commodities: | Copper | |
| Date: | 4/23/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Environmental Approval | |
| Report details: | 23-4-2018: Atalaya Mining Plc announces a Resource Estimation report for its Proyecto Touro deposit at the Proyecto Touro project. PFS results incl. post-tax NPV of US $180M (8%), IRR of 20.5%, 12yr LOM at project. Atalaya Mining plc (AIM:ATYM, TSX:AYM) i | |
| Resources: | (Reserve, P+P): 90906Kt @ 0.43% Cu | |
| CP/QP: | [Resources]: Alan C. Noble (Ore Reserves Engineering) | |
| ABSTRACT: | Atalaya Mining plc (AIM:ATYM, TSX:AYM) is pleased to announce the completion of a pre-feasibility study ("PFS") for a proposed copper open pit mine and concentrator at its Proyecto Touro in north west Spain. Overview and Proyecto Touro is a brownfield copper project located in the A Coruña province of the Galicia region, in north west Spain. The pre-feasibility study report was prepared using the headings of, and guidance set out in NI43-101. The Project consists of a number of deposits of which four have partially been mined in the past (Arinteiro, Vieiro, Bama and Brandelos), and two which have not been previously mined (Monte de las Minas and Arca). The Project site is spread over approximately 800 ha within mineral rights over approximately 15,300 ha of contiguous exploration rights. Mineral resources identified to date, and subject to the current PFS, are located exclusively in the San Rafael Mining Concession. As previously reported, Atalaya entered into a purchase option agreement to acquire a majority interest in the Project. The option agreement gave Atalaya an exclusive option to purchase up to an 80% interest in the Project. The Company has already exercised the acquisition of the initial 10%. As previously announced, when permits for the Project are granted, the Company will pay €2 million to earn-in an additional 30% interest in the project and will escalate to 70% ownership once development capital is in place and construction is underway by paying an additional €5 million. Once production is declared, the Company will purchase an additional 10% interest in return for a 0.75% net smelter royalty taking the Company's total interest in the Project to 80%. Historically, the Project was explored and operated between 1970 and 1986 by Rio Tinto Patiño (RTP). During the mine's operations, 21Mt of ore at an average grade of 0.61% Cu were extracted. | |
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