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Firesteel Resources Inc.
Summary
| Project: | Laiva | |
|---|---|---|
| Deposit: | Laiva | |
| Location: | Finland | |
| Commodities: | Gold | |
| Date: | 6/12/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Mine in Care & Maintenance | |
| Report details: | 12-6-2018: Firesteel Resources Inc. announces a PEA report for its Laiva deposit at the Laiva project. PEA results incl. post-tax NPV of US $68.965M (5%), IRR of 36.5%, and 6yr LOM at project. VANCOUVER, B.C., CANADA, June 12, 2018 – FIRESTEEL RESOURCES I | |
| Resources: | (Resource, M+I): 3.8Mt @ 1.237g/t Au for 165koz Au contained at Laiva | |
| CP/QP: | [Overall Report]: Paul Sarjeant (Internal) | |
| ABSTRACT: | VANCOUVER, B.C., CANADA, June 12, 2018 – FIRESTEEL RESOURCES INC. (TSX-V: FTR) ("Firesteel", “Company”) today announced the results of an economically positive Preliminary Economic Assessment (“PEA”) for the Company’s 100% owned Laiva Gold Mine (“Laiva”), near Raahe in Finland. Laiva is a past producing gold mine that has been on care and maintenance since 2014 and is now 100% owned by Firesteel. The mine is fully built, fully permitted and financed to production via a gold forward sale. Production is scheduled to start in the 4th quarter of 2018. The PEA was conducted by John T. Boyd Company of Denver, Colorado (“Boyd”). The final report will be filed on SEDAR within 45 days of this announcement. The PEA is preliminary in nature and includes Inferred Mineral Resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that PEA results will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. As previously announced, when Firesteel acquired the Laiva Mine, the Company was granted, €131,716,248 in tax loss provisions which may be used to offset future taxes should taxable income be earned in Finland prior to expiration of the tax loss carry forwards. The tax loss provisions expire between 2020 and 2028 (see the Company’s audited financial statements for the year ended January 31, 2018 for detailed disclosure of the expiration schedule). The recognition of the tax loss carry forwards have a material impact on the economic assessment of the Laiva Gold Mine project and are contingent upon the Company achieving taxable net income per Finnish tax laws. | |
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