DJ NQ Minerals PLC Publication of CPR on the Hellyer Gold Project
RNS Number : 6604X
NQ Minerals PLC
28 November 2017
28 November 2017
NQ Minerals Plc
Publication of Competent Persons Report on the Hellyer Gold Project, Tasmania
NQ Minerals Plc (The "Company" or "NQ Minerals"; NEX: NQMI; OTCQB: NQMLF), an Australia-based exploration and mining company, is pleased to announce that it has received a Competent Person Report ("CPR") undertaken by CSA Global Pty Ltd (CSA Global), covering the Hellyer Tailings Retreatment Project.
The full report can be viewed on the Company's website: www.nqminerals.com
The principal objective of the CPR was to report on the Ore Reserve Estimate compiled for NQ Minerals in relation to the Hellyer Tailings Retreatment Project located in Tasmania, Australia. The CPR also reviews: Mine Design, Environment, Permitting, Metallurgy and Economics. It is emphased that a final CPR is intended to be published in relation to the proposed Admission to AIM.
The CPR reports the following:
-- A project net present value (NPV) of US$113.2m (US$128.4 excluding acquisition cost), based on the ore reserve and using a discount rate of 10%
-- A corresponding internal rate of return (IRR) of 90.94% (197% excluding acquisition cost)
-- Metallurgical sampling and testing has been carried out to forecast processing performance and provide recommendations for plant modifications
-- Engineering studies and assessments have been completed to estimate project capital costs and operating costs. These figures are considered appropriate and valid
-- The processing facilities are currently under a maintenance and refurbishment programme, which includes preparation of the plant for the new project to retreat the Hellyer tailings in order to produce the lead, zinc, precious metal/ pyrite concentrates
-- The potential to commence operations in 2018
Commenting, Brian Stockbridge, Non-Executive Chairman of NQ Minerals said:
"We are pleased that the CPR demonstrates the compelling economics and upside potential of our tailings retreatment project in Tasmania. This report validates the extensive work undertaken over the last year by our management and our first class mining and metallurgical consultants. Subject to completion of financing, the company is now well set to move into production in 2018 and we look forward to providing further updates in due course".
Competent Persons statement:
The information that relates to Mineral Resources is based on information on compiled by Mr David Williams, a Competent Person, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Williams is employed by CSA Global Pty Ltd, an independent consulting company. Mr Williams has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Williams consents to the inclusion of the matters relating to Mineral Resources, based on his information in the form and context in which it appears.
The information that relates to Ore Reserves is based on information received and reviewed by Mr Peter Cranfield, a Competent Person, who is a Member of the Institute of Materials, Minerals and Mining. Mr Cranfield is an Associate of CSA Global Pty Ltd, an independent consulting company. Mr Cranfield has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Cranfield consents to the inclusion of the matters relating to Ore Reserves, based on his information in the form and context in which it appears.
For further information, please contact:
NQ Minerals Plc Brian Stockbridge, Non - Executive Chairman + 44 (0) 7876 888011 Kris Kottmeier, VP Corporate + 44 (0) 20 3637 Development 6522 (UK) + 1 (604) 506 6502 (North America) Beaumont Cornish Limited Roland Cornish, Chairman +44 (0) 20 7628 3396 James Biddle www.beaumontcornish.com Daniel Stewart & Company Plc + 44 (0) 20 7776 Richard Potts 6596 + 44 (0) 20 7776 Nikhil Varghese 6571 Yellow Jersey PR Julia Kalcheva + 44 (0) 7880318276 Harriet Jackson + 44 (0) 7544275882 Henry Wilkinson + 44 (0) 7951402336
About NQ Minerals
NQ Minerals Plc (NEX:NQMI) (OTCQB: NQMLF) is building a leading gold and base metal production, development and exploration company. The Company's flagship project is its wholly owned Hellyer Gold Mine, a world-class, company maker project, located in Tasmania Australia., with a near-term production development route and the potential to generate revenues exceeding AU$1.3 billion over its current 10 year life of mine.
The Company's primary focus is on bringing the Hellyer Gold Mine into production during 2018, which has the potential to transform NQ Minerals into a revenue generating mining company within a short time period. Development work during 2017/2018 will involve the refurbishment of the existing operating facilities in order to extract and treat the large high-grade tailings deposit on site and produce three marketable concentrates (lead, zinc, gold/silver/pyrite).
In addition NQ Minerals has two gold and silver projects in the prospective mining districts of Ukalunda and Square Post, both in North Queensland.
This information is provided by RNS
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November 28, 2017 02:01 ET (07:01 GMT)