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Cradle Arc Plc
Summary
| Project: | Mowana | |
|---|---|---|
| Deposit: | Mowana | |
| Location: | Botswana | |
| Commodities: | Copper-Arsenic-Silver-Gold | |
| Date: | 5/31/2018 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Active Mining & Production | |
| Report details: | 31-5-2018: Cradle Arc Plc announces a Feasibility Study report for its Mowana deposit at the Mowana project. Feasibility Study results incl. post-tax NPV of US $272.8M (8%), and Initial ore reserve for project. Cradle Arc (AIM: CRA), the African focused b | |
| Resources: | (Reserve, P+P): 31.809Mt @ 1.17% Cu for 370.8Kt Cu contained | |
| CP/QP: | [Resources]: Not stated (Wardell Armstrong International Ltd) | |
| ABSTRACT: | Cradle Arc (AIM: CRA), the African focused base and precious metals exploration and production company, is pleased to announce a maiden JORC (2012) ore reserve (the "Ore Reserve Estimate") for its 60% owned open pit Mowana copper mine located in northeast Botswana ("Mowana"). On 3 April 2018, the Company announced, inter alia, its maiden mineral resource estimate (the "Mineral Resource Estimate") for Mowana, completed by Wardell Armstrong International Ltd. ("WAI"), and that it had commissioned WAI to produce a maiden JORC (2012) Ore Reserve, drawing together the technical data from the various positive work streams completed in respect of the planned implementation of the Dense Media Separation ("DMS") pre-processing technology. The Mineral Resource Estimate previously announced has now been further updated following WAI's work on the Ore Reserve Estimate, with a portion of the Inferred Resources being transferred into the higher confidence Indicated Resource category. Kevin van Wouw, Cradle Arc's CEO, commented: "The successful completion of the Ore Reserve Estimate and upgrade of the Mineral Resource Estimate underpins the significant scale and long term commercial value potential of Mowana. WAI's independent assessment further supports our recently implemented accelerated development plan announced in April 2018, which we anticipate enabling us to reach steady state production and positive cash flows more rapidly, in addition to enabling management to make the final decision regarding the implementation of the DMS upgrades as we seek to ramp-up production and ultimately strengthen the value fundamentals of Mowana. "Mining operations at Mowana have been ramping-up over the last six weeks and we currently have two mining units operating full time in the open pit. These works will support a doubling of tonnage to the existing processing plant and the planned integration of DMS will then enable the plant to produce an average of approximately 21,000 tonnes of copper per annum, and up to 27,000 tonnes of copper in year 3, over a newly extended 14-year life of mine." | |
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