Company Announcement: Viscaria Base Case NPV Increases to US$97M
Australian resources company Avalon Minerals Limited is pleased to announce the results of a revision of the Base Case open pit mining scenario Net Present Value (‘NPV’) from the Scoping Study completed on the Viscaria Project by Xstract Mining Consultants. The updated Scoping Study revised the Base Case open pit mining scenario using the interim updated Mineral Resources currently defined on the Viscaria Project, which were announced to the ASX on 4 April 2013. The economic assessments used price assumptions of US$3.25/lb copper and US$150/t magnetite concentrate as well as a 60° pit slope.
The Company’s Managing Director, Mr Jeremy Read, said “By recalculating the Base Case open pit mining scenario using the upgraded interim D Zone Mineral Resource announced last week and revised pit slopes, the NPV has increased by US$46 million dollars to US$97 million dollars, which is an excellent achievement. This shows that we are well on the way to delivering on Development Case A from the October 2012 Scoping Study.” “As the D Zone resource extension drill program still has approximately 30% to go to complete the planned program, there is still potential to continue to grow the D Zone Mineral Resource and deliver further value creation through conversion of exploration targets to Mineral Resources, which should further increase the NPV of D Zone” he said.
“Currently, we are assessing various options for underground mining the plunging shoots of +2% CuEq mineralisation at D Zone and we believe there is further value to be created through understanding the full underground mining potential of D Zone” Mr Read said.
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