Chesapeake Gold Corp.: New Positive Scoping Changes Delays Metates Pre-Feasibility Study Into Q3
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/25/12 -- Chesapeake Gold Corp. ("Chesapeake") (TSX VENTURE: CKG) wishes to report on the current status of the pre-feasibility study ("PFS") of its 100% owned Metates project located in Durango State, Mexico. One of the largest undeveloped gold-silver projects in the Americas, Metates contains a NI43-101 measured and indicated resource of 1.18 billion tonnes at a grade of 0.50 g/t gold and 13.7 g/t silver containing 19.0 million ounces gold and 519 million ounces silver together with 4.2 billion pounds of zinc (see NR2-2012 dated February 16, 2012).
Subsequent to the updated preliminary economic assessment study ("PEA") (see NR1-2011 dated March 7, 2011) and the recent new resource estimate on Metates (see NR2-2012), Chesapeake and its team of prominent industry consultants have during the past few months made a number of important process and scoping changes that will positively impact the PFS in respect to the capital and operating economics, zinc production, water conservation, energy costs, environmental impact and mine closure.
Most of the key tasks integral to the PFS such as the mining plan, comminution, flotation and pressure oxidation circuits, gold and silver recovery facilities, pipelines, road construction and geotechnical studies are substantially complete. To complete and integrate the engineering and costing for the optimization work still underway, the Company's independent consultants are targeting mid third quarter for the PFS results to be available. Some of the principal changes which will impact the PFS include:
Mr. Randy Reifel, President of Chesapeake said, "The delay in issuing the PFS is unfortunate but the optimization studies using international best practices have added considerable value to the project. Compared to the PEA, we anticipate that the PFS will report significantly more gold, silver and zinc production through a longer mine life while reducing the overall environmental impacts at both the Metates and Ranchito sites. We believe that the results of the PFS will confirm that this project has the potential to be a low cash cost, long lived precious metal producer with excellent project economics."
Currently, Chesapeake has over $41 million in working capital. Chesapeake is continuing to work toward a full feasibility study during the PFS period. Management also believes the proposed waste management practice and mine closure plan will be very positive for permitting the project's development and construction.
Gary Parkison, CPG, Chesapeake Vice President Development and a Qualified Person as defined by NI43-101, has reviewed the technical information presented in this release in regards to the Metates project.
CHESAPEAKE GOLD CORP.
P. Randy Reifel, President
FORWARD LOOKING STATEMENTS
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that address future events and conditions that describe the Company's future plans, objectives or goals which are subject to various risks and uncertainties in relation to the Company. The assumptions used in the preparation of such statements although considered reasonable at the time of preparation may prove to be imprecise and as such, actual results in each case could differ materially from those currently anticipated in such statements. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Chesapeake Gold Corp.
Investor Relations
604 731 1094
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Datum: 25.05.2012 - 13:18 Uhr
Sprache: Deutsch
News-ID 150223
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Mining & Metals
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