Dalradian Announces Q2 2015 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/17/15 -- Dalradian Resources Inc. (TSX: DNA)(AIM: DALR) ("Dalradian" or the "Company") announced results for the three and six months ended June 30, 2015, including cash and cash equivalents of $36.1 million at June 30, 2015. (All amounts are in Canadian dollars unless otherwise noted.) The Company is in the midst of a program of work to complete an advanced engineering/economic study and an environmental impact assessment ("EIA") in support of a planning (permitting) application to build a mine at the Curraghinalt gold deposit in Northern Ireland. Originally, the Company planned to release the results of a Pre-feasibility Study ("PFS") in late 2015. The PFS is now being transitioned to a more advanced Feasibility Study ("FS") supported by an expanded infill drilling program and underground exploration (the "Underground Program"). Assuming positive results from the EIA and FS, submission of the planning application is now scheduled for Q3 2016 and the Company is already engaged with the relevant government agencies in preparation for this.
Corporate and operational highlights of Q2 2015 and subsequent period
Financial highlights of Q2 2015 compared with Q2 2014
Outlook
By the end of 2015, the Company expects the following progress on the main deliverables for the work program:
In addition to the above, the company is also engaged in:
Increased spending compared to Q1-Q3 of 2014 is expected to continue through the balance of 2015, as Dalradian continues work on the Underground Program, the infill drill program, the FS and the EIA. Exploration expenditures are expected to increase over the 2014 levels as the Company aims to grow the Curraghinalt deposit along strike at the Alwories discovery, which is located 1.7 kilometres east of Curraghinalt.
The original budget for completion of the PFS and Underground Program (including 20,000 metres of infill drilling) and partial completion of the EIA was GBP 16.9 million ($31 million) and spanned the period from September 2014 to December 2015. The revised budget for completion of the FS, Underground Program (including a minimum of 30,000 metres of infill drilling), EIA and submission of the planning application is GBP 22.6-GBP 25.6 million ($45.2-$51.2 million) spanning the period from July 2015 to December 2016. The Company's ability to fund currently planned exploration, evaluation and development planning activities, maintain operations and meet its existing obligations is conditional on its ability to secure financing when required.
Feasibility Study
In September 2014, Dalradian commenced a PFS with SRK Consulting (Canada) Inc. as the principal consultant. Work on the PFS has included an options analysis looking at alternatives to several aspects of the Preliminary Economic Assessment, including but not limited to dry stack tailings and the addition of a flotation circuit. Subsequent to the end of Q2 2015 management decided to transition to a FS based on the technical results received to date.
The feasibility study will include an economic assessment of the project in a technical report prepared in accordance with NI-43-101 and is proceeding on the basis of:
The FS is being supported by the Underground Program, including expanded infill drilling of at least 30,000 metres. Publication of the FS depends on continued positive results from the infill drilling program.
Subsequent to the end of Q2 2015, the Company added to its surface rights for a potential mill site in proximity to the Curraghinalt gold deposit. Additional land acquisitions are targeted for the remainder of 2015 and will be reported on a quarterly basis if and when they occur. The cost of additional land purchases is not included in the budget because of uncertainties in cost and timing and for competitive reasons.
Supporting Documents
The Q2 2015 Financial Statements (not including notes) can be found below. The full Q2 2015 Management Discussion and Analysis and Financial Statements are available on and also on .
About Dalradian
Dalradian Resources Inc. is a gold exploration and development company that is focused on advancing its high-grade Curraghinalt Gold Project located in Northern Ireland, United Kingdom. The Company is in the midst of a work program in support of a planning (permitting) application for construction of an operating mine at Curraghinalt. Components of the program include a feasibility study, an environmental impact assessment, infill drilling and underground exploration (885 metres of development with two test stopes).
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, test work and confirming results from work performed to date, estimation of mineral resources, completion of the feasibility study, environmental impact assessment and underground program and the realization of the expected economics of Curraghinalt. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions, such as continued political stability in Northern Ireland, that permits required for the Company's operations will be obtained in a timely basis in order to permit the Company to proceed on schedule with its planned development and exploration programs, that skilled personnel and contractors will be available as the Company's operations continue to grow, that the price of gold will be at levels that render the Company's mineral project economic, that the Company will be able to continue raising the necessary capital to finance its operations and realize on mineral resource estimates, and that the assumptions contained in the Company's preliminary economic assessment are accurate and complete.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Contacts:
Dalradian Resources Inc.
Marla Gale, Vice President Communications
+1 416 583 5622
Canaccord Genuity Limited (Nominated Adviser and Broker)
Henry Fitzgerald-O'Connor / Oliver Donaldson
+44 20 7523 8000
Finsbury (UK financial communications)
Charles O'Brien / Richard Webster-Smith
+44 20 7251 3801
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Datum: 17.08.2015 - 06:00 Uhr
Sprache: Deutsch
News-ID 413990
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contact information:
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TORONTO, ONTARIO
Kategorie:
Mining & Metals
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