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Phoenix Global Mining Ltd.
Summary
| Project: | Empire Copper Mine | |
|---|---|---|
| Deposit: | Empire Copper Mine | |
| Location: | United States | |
| Commodities: | Copper-Gold-Silver-Zinc | |
| Date: | 4/19/2018 | |
| Report Code: | (no Code) | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 19-4-2018: Phoenix Global Mining Ltd. announces a PEA report for its Empire Copper Mine deposit at the Empire Copper Mine project. PEA results incl. post-tax NPV of US $70.5M (5%), IRR of 23.5%, and 8yr LOM at project. Phoenix Global Mining Ltd (LSE AIM: | |
| Resources: | (Resource, M+I): 11.485Mt @ 0.52% Cu, 0.14% Zn, 0.007oz/t Au, 0.31oz/t Ag at project | |
| CP/QP: | [Resources]: Zachary Black, Jeffery Choquette (Hardrock Mining Consulting LLC) | |
| ABSTRACT: | Phoenix Global Mining Ltd (LSE AIM: PGM), the AIM quoted, North American-focused base and precious metals exploration and development company, is pleased to announce the results of the Preliminary Economic Assessment (PEA) for its Empire Mine project in Custer County, Idaho, USA. Dennis Thomas, the Company's CEO, said : "I am pleased to report on the successful completion of our PEA on the Empire Mine open pit oxide deposit. This is a significant milestone for the Company and brings us an important step closer to copper production. The PEA shows an average copper cathode production rate of 8,124 tonnes a year from a 2 million tonne a year mine at a cash cost of production of US$1.85 per pound of copper, an increase of 16% in annual copper production from our original projections. The project has robust economics and the 2018/2019 work programme will provide the opportunity to not only grow the existing Empire copper oxide resource but also to address the potential economic benefits of the gold, silver and zinc that were reported in the updated November 2017 resources following the 2017 drilling programme. The PEA does not consider production of these potential by-products. We are also confident that the project economics will continue to improve as the operating and capital costs are further examined and refined through the course of the BFS and we look forward to updating shareholders as we progress through the BFS process. A Bankable Feasibility Study (BFS) work programme has been developed that will commence in Q3 this year and will build from the current PEA. The BFS will provide the necessary information to begin construction in 2019 with the goal of production by early 2021." | |
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