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Sierra Metals Inc.
Summary
| Project: | Cusi | |
|---|---|---|
| Deposit: | Cusi | |
| Location: | Mexico | |
| Commodities: | Silver-Gold-Lead-Zinc | |
| Date: | 6/18/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Active Mining & Production | |
| Report details: | 18-6-2018: Sierra Metals Inc. announces a PEA report for its Cusi deposit at the Cusi project. PEA results incl. post-tax NPV of US $92.2M (8%), IRR of 75%, 9yr LOM at the project. Toronto, ON – June 18, 2018 – Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NY | |
| Resources: | ||
| CP/QP: | [Overall Report]: Gordon Babcock, Americo Zuzunaga (Internal) | |
| ABSTRACT: | Toronto, ON – June 18, 2018 – Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) is pleased to report the results of a Preliminary Economic Assessment (“PEA”) regarding the Company’s Cusi Mine, located in Chihuahua State, Mexico. The PEA is based on technical inputs from various independent consulting groups, including; SRK, Redco, Anddes, Kappes Cassiday and Flopac. Based on the technical work from the various independent consultants, the PEA was compiled under National Instrument 43-101 standards by Mining Plus Peru SAC. The full technical report will be filed on SEDAR within 45 days of this news release. Igor Gonzales, President and CEO of Sierra Metals commented: “The Company is very encouraged by the results of this PEA as they support the plan to profitably develop and grow the Cusi Mine in sustainable and staged steps from 650 TPD currently, to 1,200 TPD by Q1 2019, and further, to 2,700 TPD in 2021 based on consensus metal pricing. Cusi will move to declare Mineral Reserves at the Mine, and this PEA represents the first step in that process. The Company is incorporating an aggressive Capex program into the PEA of US$11.5 million over the life of the mine, which includes exploration drilling to increase the mineral resources at Cusi as well as convert the existing resources to reserves. Additionally, the PEA reflects an aggressive development program designed to open a mineable reserve at depth and on strike. The Opex reflects yearly production development, definition drilling programs, and other operational costs. The current study focuses on the current Mineral Resource reported in the 43-101 Technical Report filed on February 12, 2018 and does not include any drilling completed after August 31, 2017. The Company is continuing with its successful brownfield exploration programs and expects to continue to grow the mineral resources at the Cusi Mine this year. We believe that this expansion not only provides additional value to the company, as the PEA quantifies, but could also leverage the value of future resource additions. New silver ounce discoveries would be incorporated into production plans earlier than if the Company maintained current capacity levels.” | |
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