Nordic Mines updates the Mineral Resources for the Laiva mine (A translation from Swedish)
(Thomson Reuters ONE) -
The Mineral Resources have been updated after two years of operations at the
Laiva mine in Finland and a preliminary economic assessment has been prepared.
As a part of the corporate reorganization work with establishing a future
profitable business plan and finding a strategic partner or new financing,
Nordic Mines has reached a first stage of reestimating the mineral resources at
the Laiva deposit in Finland. This work has been completed with the assistance
of the independent consultancy firm SRK Consulting (UK) Limited ("SRK").
The updated Mineral Resources estimates prepared by SRK are accordingly:
MINERAL RESOURCES AT LAIVA, NOV 2013
In-situ Tonnes of ore Gold g/tonne Kg gold
Indicated Mineral
Resources (cut-off 0.6 15 422 000 1,49 21 000
g/tonne)
Inferred Mineral
Resources (cut-off 0.6 3 156 000 2,28 6 550
g/tonne)
Note: as compared to CSA's 2012 statement of Mineral Resources, the new 2013
statement is constrained within an economic pit shell at a gold price of
1 300?/ounce. This complies with the JORC code requirement to show the
Resources have "reasonable prospects of eventual economic extraction".
The technical report can be seen at http://www.nordicmines.com/en/technical-
reports
Due to restrained time available within the corporate reorganization period, the
Company has chosen to share the updated Mineral Resource information despite
SRK's full report not yet being completed.
The next stage is to reestimate the Ore Reserve. This work is still in progress.
However, SRK has prepared a mining Preliminary Economic Assessment (PEA) using
the reporting guidelines of the JORC Code for the mine optimisation and
planning. SRK is using the above Resource model with a cut-off grade of 0.6 gram
gold per tonne and on the basis of a maximum plant production of 2 Million
tonnes per year (Mtpa) after an initial ramp-up from 1.6 Mtpa of production when
mining restarts in 2014. This results in a remaining life of mine of 5 years,
producing approximately 10.6 million tonnes (Mt) ore at a head grade of 1.3 gram
gold per tonne. Further engineering and planning work is on-going in this
regard, which is expected to result in a formal statement of Ore Reserves.
The previously reported Ore Reserve estimate, updated by CSA Global Ltd ("CSA")
in November 2012, had a cut-off grade 0.5 gram per tonne and 15.2 Mt of ore with
1.6 gram gold per tonne.
The reasons the updated PEA is reporting lower tonnage and grade of ore is that
the new Resource model is using wider and more diluted mineralization zones,
which means a lower planned head grade with a lower waste/ore stripping ratio.
This means that a smaller amount of waste needs to be mined for the equivalent
amount of ore. The PEA is also based on updated mining and processing costs that
with the lower head grades in the ore zones, impact the amount of available ore
to be mined.
In combination with the mining PEA for the Laiva project and additional various
assumptions, Nordic Mines has prepared a preliminary business plan that
demonstrates a total positive cash flow for the future life of mine. However, a
restart of the mining operations is depending on additional external financing,
which the Company is currently seeking.
For further information, please contact:
Thomas Cederborg, CEO, +46 708 480 521
Susanne Andersson, CFO, +46 730 668 904
For further information regarding Nordic Mines, please connect to
www.nordicmines.com
The information above has been made public in accordance with the Securities
Market Act and/or Financial Instruments Trading Act. The information was
published at 07.30 (CET) on November 27, 2013.
Nordic Mines is a Nordic mining and exploration company whose vision is to be
one of the leading gold producers in the Nordics and Europe and a role model in
respecting the environment. The company started mining gold in the Laiva mine in
Finland in summer 2011. These gold deposits are among the largest in the Nordic
region. Exploration is in progress in Finland and in Sweden. Nordic Mines was
established 2005 and have more the 100 employees with head office in Uppsala,
Sweden, The Nordic Mines share is traded on the Nasdaq OMX Small Cap list in
Stockholm.
131127:
http://hugin.info/138647/R/1746030/587699.pdf
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Source: Nordic Mines AB via GlobeNewswire
[HUG#1746030]
Unternehmensinformation / Kurzprofil:
Datum: 27.11.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 320667
Anzahl Zeichen: 5501
contact information:
Town:
Uppsala
Kategorie:
Business News
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