Coral Gold Resources Receives Positive Preliminary Economic Assessment for Open Pits and Heap Leaching Operation at Its 100% Owned Robertson Gold Project in Nevada
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/18/12 -- Coral Gold Resources Ltd. (TSX VENTURE: CLH)(OTCBB: CLHRF)(BERLIN: GV8)(FRANKFURT: GV8) ("Coral" or the "Company") commissioned Beacon Hill Consultants (1988) Ltd. ("Beacon Hill") to complete a Preliminary Economic Assessment ("PEA") that would meet the NI 43-101 standard on three of its gold deposits located on the Robertson Property located 60 miles south west of Elko, Nevada, USA.
In completing the study Beacon Hill used the services of Knight Piesold Ltd., SRK Consulting (U.S.) Inc., Kaehne Consulting Ltd., Kirkham Geosystems Ltd., R. McCusker, P.Geo., and F. Wright Consulting Inc. There are a number of deposits located on the Robertson property; however, Altenburg Hill, Porphyry and Gold Pan are advanced development zones and are the subject of this PEA and based upon a combination of open pit mining methods and cyanide heap leach.
The results of the evaluation are as follows:
ECONOMICS
Two alternatives were reviewed, owner operated and contractor operated. The results shown are after tax. Taxes are considered indicative only.
The report indicates that the Robertson Property is one of merit that warrants further development. The first phase of this development is recommended to be exploration drilling, metallurgical test work, environmental studies and permitting and completion of a prefeasibility study. The cost of this work is estimated to be US$7.9 million as shown below.
Exploration and definition drilling consists of the following:
The Phase I should consist of drilling 40 HQ diameter diamond core holes and 42 RC holes having an average depth of 400-500 ft and totaling about 40,000 ft in the:
The proposed metallurgical test work consists of variability testing will be performed on samples obtained both spatially and at depth for the oxide and transition to sulfide ore zones. This work will encompass:
David Wolfin, President and CEO of Coral, commented, "The Robertson PEA study has defined a plan for further development of the project. The Base Case gives a reasonable positive return on the project while sensitivities at higher gold prices provides for a very attractive scenario. Coral's management will be working hard over the next few years to expand resources, increase leach recovery and reduce the development schedule. All these are expected to further increase project viability."
Note also that the PEA concerns only the relatively shallow portions of these three deposits: Gold Pan, Porphyry and Altenburg Hill. Other deposits such as Distal, 39A, Triplet Gulch and a zone to the east of Gold Pan were not part of this study. However, all deposits form part of the 2011 calculation of the resources by Beacon Hill using a base case of US$1,350 per ounce (inferred mineral resource of 191 million tonnes (at) 0.0143 oz Au/ton containing a total of 2.741 million ounces). It should be noted the resources are reported with consideration for their reasonable expectation of economic extraction as defined using an optimized pit shell.
The Environmental Assessment process has been advancing over the past year and we expect to submit the overall report in June 2012.
The PEA also shows the logistical advantages of the Robertson Property, namely:
The Robertson Property is an advanced-stage gold exploration project located in eastern Lander County, Nevada, 60 miles southwest of Elko. Coral Resources, Inc., a subsidiary of Coral Gold Resources Limited of Vancouver, B.C., acquired control of the Robertson Property in 1986.
Corporate Update
Coral also announces the appointment of Mr. Malcolm Davidson as Chief Financial Officer of the Company. Mr. Davidson will be taking over from Ms. Lisa Sharp who will continue to assist the Company with regard to securities and other corporate regulatory reporting matters. Mr. Davidson recently completed the Chartered Accountant School of Business and will be applying for his Chartered Accountant designation in the coming months. Mr. Davidson graduated from the British Columbia Institute of Technology and received his diploma in Financial Management. For the past 8 years Mr. Davidson articled with a Vancouver based Chartered Accountant firm and specialized in Audit, Corporate Taxation, and Business Advisory engagements.
For more information on the Robertson Property and Coral's other Nevada projects, visit the Company's website at .
ON BEHALF OF THE BOARD
David Wolfin, President & Chief Executive Officer
This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Coral Gold Resources Ltd.
David Wolfin
President & Chief Executive Officer
604-682-3701
604-682-3600 (FAX)
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Datum: 18.01.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 105262
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