AQM Copper Inc. (TSX VENTURE:AQM)(BVL:AQM) ("AQM" or the "Company") is pleased
to announce the completion of a positive, independent Updated Preliminary
Economic Assessment ("PEA Update ") of the Company's Zafranal Project
("Project") located in the Southern Peru Porphyry Copper Belt. This PEA Update
follows the PEA issued on January 18, 2013 ("January 2013 PEA") that was based
on concentrator throughput of 80,000 tonnes per day (t/d), producing an average
of 93,907 tonnes per annum (t/a) of copper in concentrate and a heap leach and
electrowinning process expected to yield an average of 9,276 t/a of high quality
copper cathode from oxide and secondary sulphide material.
The PEA Update was commissioned to examine opportunities to develop a smaller,
less capital-intensive project that would incorporate an alternative water
source to desalinated seawater, while using the same long-term forecasted copper
(Cu) and gold (Au) prices as those used in the January 2013 PEA, US$3.00/lb and
US$1,274/oz, respectively.
The PEA Update was completed by Tetra Tech, and contains production parameters,
capital costs, operating costs, pre-tax and post-tax financial projections for
an open pit mine processing 44,000 t/d of mill feed, producing an average of
54,556 t/a of copper in concentrate and a heap leach and electrowinning process
expected to yield an average of 5,949 t/a of copper cathode. The Project is
projected to yield the following financial results:
Summary of Financial Results(1)
----------------------------------------------------------------------------
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Description Pre-tax Post-tax(2)
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Initial Capital Cost (US$ million) 1,122 1,122
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Net Cash Flow (US$ million) 3,592 2,068
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Net Present Value at 5% discount rate (US$
million) 1,855 988
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Net Present Value at 8% discount rate (US$
million) 1,261 616
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Net Present Value at 10% discount rate (US$
million) 971 435
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Payback (years)(3) 2.6 3.2
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Internal Rate of Return (%) 25.4 18.2
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Notes:
(1) Valuation based on 100% Project and 100% Equity. The Zafranal Project is
owned through a 50/50 corporate joint venture between Teck Resources Limited
and the Company's operating subsidiary, Minera AQM Copper Peru S.A.C.
("MAQM"). MAQM is owned 60% by the Company and 40% by Mitsubishi Materials
Corporation. As such, the Company has a 30% beneficial ownership interest in
the Zafranal Project.
(2) Includes mining royalty, special mining tax, corporate income tax and
workers' profit sharing
(3) From the start of mill operations
Tetra Tech prepared the PEA Update including a new resource estimate based on a
revised geological model of the Zafranal Main and Victoria Zones, which
incorporates 39 additional drill holes. The resource estimate included in the
PEA Update pertains to the Main and Victoria Zones, whereas the January 2013 PEA
also included resources from the Sicera Norte and Sicera Sur Zones. Sicera Norte
and Sicera Sur Zones were excluded from the updated resource estimation, as
these deposits were deemed uneconomical given their tonnage and grade of
mineralization and distance from the proposed process facilities. A summary of
the mineral resource for the PEA Update at a 0.2% and a 0.3% copper cut-off
grade appears in the following tables:
Zafranal Main and Victoria Zones Kriged Resource at 0.2% Copper Cut-
off
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Cu Au
DESCRIPTION TONNAGE (%) (g/t)
---------------------------------------------------------------------
---------------------------------------------------------------------
Zafranal Main Measured 185,431,844 0.45 0.09
Victoria Measured 27,303,116 0.29 0.04
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Total Measured 212,734,960 0.43 0.09
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Zafranal Main Indicated 340,207,216 0.35 0.08
Victoria Indicated 68,000,158 0.26 0.03
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Total Indicated 408,207,374 0.34 0.07
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---------------------------------------------------------------------
---------------------------------------------------------------------
Total Measured & Indicated 620,942,335 0.37 0.08
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---------------------------------------------------------------------
Zafranal Main Inferred 36,692,919 0.27 0.11
Victoria Inferred 12,539,388 0.26 0.04
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Total Inferred 49,232,307 0.26 0.09
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Zafranal Main and Victoria Zones Kriged Resource at 0.3% Copper Cut-
off
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---------------------------------------------------------------------
Cu Au
DESCRIPTION TONNAGE (%) (g/t)
---------------------------------------------------------------------
---------------------------------------------------------------------
Zafranal Main Measured 114,076,693 0.57 0.10
Victoria Measured 8,960,982 0.39 0.05
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Total Measured 123,037,675 0.56 0.10
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Zafranal Main Indicated 139,911,533 0.51 0.09
Victoria Indicated 13,344,577 0.35 0.05
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Total Indicated 153,256,110 0.50 0.09
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Total Measured & Indicated 276,293,785 0.52 0.09
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Zafranal Main Inferred 6,997,829 0.41 0.22
Victoria Inferred 2,075,345 0.36 0.05
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Total Inferred 9,073,174 0.40 0.18
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---------------------------------------------------------------------
The reader should be aware that this economic assessment is preliminary in
nature, and includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them
that would enable them to be categorized as mineral reserves. Mineral resources
that are not mineral reserves do not have demonstrated economic viability. The
valuation is based on 100% of the Project and 100% Equity. The reader should
also be aware that there is no certainty that the results projected in the
preliminary economic assessment of the Project will be realized.
PEA UPDATE HIGHLIGHTS
-- The portion of the reported resource within an economic pit shell ("in-
pit mineral resource") suitable as feed to a concentrator totals 352.6
Mt grading 0.41%Cu and 0.08 g/t Au, and it is expected to produce 2.77
billion pounds of copper and 427,000 ounces of gold over the life of the
Project.
-- The in-pit mineral resource suitable as feed to a leach facility totals
61.1 Mt grading 0.34% Cu, and it is expected to produce 275.4 million
pounds of copper over the life of the Project.
-- Conventional open pit operation with mine life of approximately 25 years
(including two years of pre-stripping and two years of stockpiled feed
processing) with a strip ratio of 0.70: 1
-- Conventional porphyry copper concentrator rated at a nominal 44,000 t/d
throughput producing an average of 54,556 t/a of copper in concentrate
over a 23-year period.
-- Thickened tailings disposal in a natural basin approximately 1.6
kilometers (km) downhill from the plant site.
-- A 3.7 km tunnel will feed material from the pit to the mill.
-- Permanent heap leach pad and solvent extraction and electrowinning (SX-
EW) plant designed to produce an average of 5,949 t/a of high quality
copper cathode from oxide and secondary sulphide material over a 21-year
period.
-- MAQM has ongoing dialogue with regional and local authorities and the
representatives of organizations of water users to assess various
options for sourcing water for the Project. For this PEA Update, the
fresh water supply for the Project is assumed to come from the Majes
River basin during the wet season, when river flow is in flood
conditions, typically exceeding 32 m3/s. The water intake on the Majes
River would be situated approximately 35 km from the proposed plant
site. The water would be stored on site in a section of the Tailings
Management Facility (TMF) and reclaimed for use as process water all
year round.
-- The Zafranal Property lies outside areas of agricultural activity and
there are no communities located on the Property.
-- MAQM has an ongoing extensive stakeholder relations program implemented
in an effort to ensure that the Company fully engages with the local
communities and regional authorities, informs on project activities,
addresses concerns and reduces or mitigates the potential impacts of the
Project.
-- Additional exploration targets have been identified on the property and
drilling is planned for early 2014.
Bruce Turner, President and Chief Executive Officer of AQM states, "We are very
pleased with the results of the PEA Update as it provides the Company with an
attractive alternative project development to that considered in the January
2013 PEA on the basis of water supply, site layout, and capital and operating
costs. As a result of our engagement with the regional and local authorities and
representatives of organizations of water users, we believe the Majes River will
provide a viable water supply alternative to the previously proposed
desalination plant and we will continue to discuss this option with communities
located in the Majes River Basin. In addition, changes to the layout and mine
plan, which now include a 3.7 km tunnel to feed material from the pit to the
mill coupled with the reduced production requirements has significantly reduced
our capital and operating cost estimates. We believe the revised plan to be an
attractive option and the proposed production levels provide an opportunity to
optimize feed grade throughout the life of the mine. We are now in a position to
decide on an appropriate development scenario for the project and take it to the
next level of engineering."
PEA SUMMARY
LOCATION:
-- The Zafranal Project is located in southern Peru about 150 km by road
(90 km straight-line distance) northwest of the city of Arequipa, 80 km
from tidewater and approximately 150 km by road from the Port of
Matarani.
-- The regional climate is arid, with average temperatures ranging between
12 degrees C in winter and 28 degrees C in summer. The elevation of the
proposed open pits ranges from 2,775 to 2,295 meters above sea level.
Precipitation is scarce and agriculture is generally possible only in
river valleys where there is irrigation.
GEOLOGY:
-- The occurrence of mineralized porphyries is structurally controlled by a
northwest trending series of strike-slip faults belonging to the
Incapuquio fault system, and regional east-west trending structures. The
intersections of these two fault systems appear to be the main
mineralization control on the Property.
-- Additional exploration targets have been explored along both main
structural trends, with new geophysical and geochemical anomalies found
on several of them. Two of these anomalies, Ganchos and Campanero are
programmed for exploration in 2014.
MINERAL RESOURCE:
-- The Mineral Resource was calculated using ordinary kriging on 62,025
samples from 114,922 m of drilling that resulted from 335 diamond and
reverse circulation drill holes.
-- The resource considered mineralized material greater than 0.2% Cu from
two deposits on the Property: Main Zone and Victoria Zone.
-- Measured and Indicated Resource at a 0.2% Cu cut-off is 620.9 Mt grading
0.37% Cu and 0.08 g/t Au.
-- Inferred Resource is 49.2 million tonnes grading 0.26% Cu and 0.09 g/t
Au.
-- The Measured and Indicated Resource for the Main Zone and Victoria Zone
at a 0.3% Cu cut-off is 276.3 Mt grading 0.52% Cu and 0.09 g/t Au.
MINING:
-- An in-pit mineral resource suitable as feed to a concentrator was
identified in the Main Zone and Victoria Zone porphyries totalling 352.6
Mt grading 0.41% Cu and 0.08 g/t Au, and this resource is expected to
produce 2.77 billion pounds of copper and 427,000 ounces of gold in
copper concentrate over the life of the Project.
-- An in-pit mineral resource suitable as feed to a leach facility was
identified in the Main Zone and Victoria Zone porphyries totalling 61.1
Mt grading 0.34% Cu and this resource is expected to produce 275.4
million pounds of copper cathode over the life of the Project.
-- The in-pit mineral resources identified are amenable to open pit mining,
generating two contiguous pits with a combined strike length of 3.1 km,
a maximum width of 780 m, and a maximum depth of 420 m.
-- Strip ratio (including pre-production tonnage) is equal to 0.70 t of
waste to 1.0 t of mineralized material.
-- Pre-production stripping of 44 Mt will be required prior to the start up
of the leach facility. Total material movement of 76 Mt will be required
prior to the start up of the concentrator.
-- Conventional open pit with mine life of approximately 25 years starting
with approximately 2 years of pre-stripping, followed by 21 years of
mining and 2 years of low-grade stockpile re-handling.
-- Revised pit slope design determined steeper overall slope angles ranging
from 40 degrees to 45 degrees, as compared to a range of 38 degrees
to 43 degrees in the previous design that was used for the January 2013
PEA.
-- Peak daily movement of 141,000 t of material occurs in production year
3.
MILLING:
-- The proposed flotation feed does not present any significant technical
difficulties for beneficiation and the Zafranal mill facility will
resemble other concentrators processing typical copper porphyry
mineralization.
-- Average copper and gold recoveries to concentrate are estimated to be
87.7% and 49.0%, respectively.
-- Copper concentrate grade is expected to average 28% Cu and contain an
average of 3 g/t of gold. A total of 4.48 million dmt of concentrate
will be produced over the life of the Project.
-- No deleterious elements in any significant concentration were found in
the copper concentrate produced from the test work, and all the impurity
elements were found to be below smelter penalty limits.
LEACHING:
-- A permanent heap leach pad and SX-EW plant have been designed to produce
a nominal 10,000 t/a of high quality copper cathode from oxide and
secondary sulphide material grading in the range of 0.15 to 0.5% Cu,
with an average grade of 0.34% total copper.
-- The overall copper recovery is based on 60% of total contained copper.
SITE ACCESS:
-- The main access to the site will be via an upgraded and partially new 50
km paved road from the plant site to Pedregal de Majes on the Pan
American Highway.
-- Product will be transported approximately 150 km from the plant site to
the Port of Matarani via truck. An alternative truck/rail system for
transporting concentrate will be studied in the next phase of
engineering design.
-- A new 37 km gravel topped access road will also be constructed from
Corire to the plant site for transporting personnel and supplies.
FRESH WATER SUPPLY AND DISTRIBUTION:
-- MAQM has ongoing dialogue with regional and local authorities and
representatives of organizations of water users to investigate the
alternative of extracting water from the Majes River during the five
months of wet season when river flows are in flood condition and
typically exceed 32m3/s. Such an arrangement could see the Company
providing benefits to the local water users along the Majes River in the
form of infrastructure projects such as construction and maintenance of
river defenses and water intakes. The PEA Update has considered the use
of Majes River as the Project's water supply on the basis that a full
year's water requirement would be extracted only during the wet season
when the river flow exceeds an agreed-to-minimum. The water would be
stored on site in a section of the Tailings Management Facility and
reclaimed for use as process water all year round.
POWER SUPPLY AND DISTRIBUTION:
-- The power delivery and site power distribution systems are based on a
total installed power requirement of 89 MW and the peak demand of 84 MW.
-- Power supply for production is scheduled to be available from the New
Socabaya Substation that will be located close to Arequipa. This will
require the installation of an approximately 120 km long transmission
line to a proposed 220 kV substation that will be located adjacent to
the concentrator.
SOCIAL AND ENVIRONMENT:
-- Environmental and social baseline studies for the Project have been
conducted to compile a Semi-Detailed Environmental Impact Assessment
(EIAsd) in order to obtain environmental certifications and permits for
the exploration programs of the Project. A second modification to the
EIAsd has been approved for the 2013/2014 exploration program on the
Property.
-- Formal baseline studies for the Project will commence in the next phase
of engineering and these will form the basis of the Environmental Impact
Assessment (EIA) for the Project.
INITIAL CAPITAL COSTS:
-- The initial capital cost for the Project is estimated at US$1,122
million with an expected accuracy range of +/-35%.
-- The capital cost summary and its distribution by area in US Dollars is
shown below:
---------------------------------------------------------------------------
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Total
Labour Total Total
Cost Material Construction
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Direct Costs
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Open Pit Mining 25,673,219 55,115,966 235,945
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Process Plant 11,783,276 52,537,187 8,511,875
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Leach Area 2,067,575 13,948,439 3,876,163
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Tailings and Water
Management 183,463 38,899,961 58,990
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Infrastructure 7,895,296 51,725,458 53,615,800
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Fresh Water Supply 10,450,263 24,960,829 10,591,656
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Power Supply and
Distribution 59,136 38,468,760 39,000
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Indirect Costs
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Project Indirects 3,483,280 202,890,245 -
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Owner's Costs
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Owner's Costs 3,456 82,766,363 -
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Project Contingency
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Contingencies - 138,821,208 -
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Total 61,598,964 700,134,416 76,929,429
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Total
Equipment Total US$
----------------------------------------------------------
----------------------------------------------------------
Direct Costs
----------------------------------------------------------
Open Pit Mining 105,535,529 186,560,659
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Process Plant 105,035,430 177,867,768
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Leach Area 28,273,886 48,166,063
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Tailings and Water
Management 4,087,967 43,230,381
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Infrastructure 18,164,726 131,401,280
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Fresh Water Supply 22,310,245 68,312,993
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Power Supply and
Distribution - 38,566,896
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Indirect Costs
----------------------------------------------------------
Project Indirects - 206,373,525
----------------------------------------------------------
Owner's Costs
----------------------------------------------------------
Owner's Costs - 82,769,819
----------------------------------------------------------
Project Contingency
----------------------------------------------------------
Contingencies - 138,821,208
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Total 283,407,783 1,122,070,592
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PRODUCTION QUANTITIES:
-- The average life of project material tonnages, grades and metal
production are shown below:
---------------------------------------------------------
---------------------------------------------------------
Description Value
---------------------------------------------------------
---------------------------------------------------------
Mine Life (Years) 25(4)
---------------------------------------------------------
Material Milled/Leached
---------------------------------------------------------
Total Tonnes to Mill ('000) 352,637
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Average Annual Tonnes to Mill ('000) 15,332
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Total Tonnes to Leaching ('000) 61,096
---------------------------------------------------------
Average Annual Tonnes to Leaching ('000) 2,909(5)
---------------------------------------------------------
Average Grade
---------------------------------------------------------
Copper (%) - Mill 0.409
---------------------------------------------------------
Gold (g/t) - Mill 0.077
---------------------------------------------------------
Copper (%) - Leaching 0.341
---------------------------------------------------------
---------------------------------------------------------
Total Production
---------------------------------------------------------
Copper ('000 lb) - Mill 2,766,346
---------------------------------------------------------
Gold ('000 oz) - Mill 427
---------------------------------------------------------
Copper ('000 lb) - Leaching 275,439
---------------------------------------------------------
Average Annual Production
---------------------------------------------------------
Copper ('000 lb) - Mill 120,276
---------------------------------------------------------
Gold ('000 oz) - Mill 19
---------------------------------------------------------
Copper ('000 lb) - Leaching 13,116(5)
---------------------------------------------------------
---------------------------------------------------------
Note: (4) Concentrator active for 23 years, leaching active for 21 years.
(5) Based on a 21 year life
OPERATING COSTS
-- Average life of mine operating cost is estimated to be $1.09/lb Cu
produced from plant feed material processed, including mining, re-
handling, milling, flotation and leaching as shown below:
---------------------------------------------------------------
---------------------------------------------------------------
Unit Cost
Cost Item Unit (US$)
---------------------------------------------------------------
---------------------------------------------------------------
Mining $/t mined 1.57(6)
---------------------------------------------------------------
Mining $/t milled 2.94
---------------------------------------------------------------
Milling $/t milled 4.54
---------------------------------------------------------------
Tailings Management $/t milled 0.10
---------------------------------------------------------------
G&A $/t milled 0.86
---------------------------------------------------------------
Concentrator $/t milled 8.44
---------------------------------------------------------------
Leaching $/t leached 5.47
---------------------------------------------------------------
---------------------------------------------------------------
Concentrator $/lb Cu produced 1.08
---------------------------------------------------------------
Leaching $/lb Cu produced 1.21
---------------------------------------------------------------
Concentrator & Leaching $/lb Cu produced 1.09
---------------------------------------------------------------
---------------------------------------------------------------
Note: (6) Excluding two-year pre-stripping
-- The average C1 cash cost is estimated at $ 1.31 per payable (7) pound of
copper, for the life of mine, (as defined by Wood Mackenzie).
(7) Produced pounds of copper net of transport losses and smelter
deductions.
FINANCIAL SENSITIVITIES:
-- In addition to the Base Case post-tax evaluation using a copper price of
$3.00/lb, Initial Capital Cost of US$1,122 million and a discount rate
of 8%, three alternate case scenarios were developed as a function of
varying copper price. The following sensitivity table provides net
present value, internal rate of return and payback period reported from
the start of mill operations for the post-tax base case and the post-tax
alternate case scenarios:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Base Alternate Alternate Alternate
Item Description Case Case 1 Case 2 Case 3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Copper Price (US$/lb) 3.00 2.50 2.70 3.30
----------------------------------------------------------------------------
Gold Price (US$/oz) 1,274 1,274 1,274 1,274
----------------------------------------------------------------------------
Net Present Value (US$
million) 616 228 385 844
----------------------------------------------------------------------------
Internal Rate of Return (%) 18.2 12.2 14.7 21.4
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Payback (years) 3.2 4.1 3.6 2.8
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----------------------------------------------------------------------------
-- The PEA Update was compared with the January 2013 PEA and summarized in
the following table:
----------------------------------------------------------------------------
UPDATED PEA JAN 2013 PEA
UNIT OF 44 KTPD 80 KTPD
ITEM DESCRIPTION MEASURE CONCENTRATOR CONCENTRATOR
----------------------------------------------------------------------------
Concentrator Feed '000 t 352,637 425,310
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Copper Grade % 0.41 0.38
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Gold Grade g/t 0.08 0.07
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Leach Feed '000 t 61,096 87,256
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Copper Grade % 0.34 0.23
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Waste '000 t 291,363 543,931
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Total Open Pit '000 t 705,096 1,056,495
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Strip Ratio 0.70 1.06
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Concentrator Operation years 23 15
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----------------------------------------------------------------------------
Recoverable Cu from Concentrate '000 lbs 2,766,342 3,105,452
----------------------------------------------------------------------------
Recoverable Au from Concentrate '000 oz 426,995 478,841
----------------------------------------------------------------------------
Recoverable Cu from Cathode '000 lbs 275,438 265,863
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Initial Capital Expenditure '000 US$ 1,122,071 1,519,673
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Sustaining Capital Expenditure '000 US$ 234,615 191,458
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After Tax Total Cash Flow '000 US$ 2,067,732 1,813,801
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After Tax NPV @ 8% Discount
Rate '000 US$ 616,063 588,170
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After Tax IRR % 18.2 17.4
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After Tax PayBack years 3.2 2.6
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Qualified Persons
The NI 43-101 Technical Report has been prepared by an integrated engineering
team led by Tetra Tech in Vancouver, British Columbia, Canada. The Technical
Report will be filed on SEDAR within 45 days of the Press Release date. Further
information regarding geology, sampling methods, data verification, QA/QC and
assay lab is provided in the NI 43-101 Technical Report dated May 7, 2012, and
the Technical Report and Preliminary Assessment of the Zafranal Project dated
January 16, 2013,filed on SEDAR at www.sedar.com and can be found on the
Company's website at www.aqmcopper.com.
The following Qualified Persons have reviewed and approved the technical
disclosure contained in this press release:
-- Gregory Z. Mosher, P.Geo., a Tetra Tech employee, regarding geological
setting, deposit types, exploration, drilling data verification and
mineral resource estimates
-- Anoush Ebrahimi, P.Eng., a Tetra Tech employee at the time of completion
of the PEA Update, regarding mining methods
-- Marinus Andre De Ruijter, P.Eng., a Tetra Tech employee, regarding
mineral processing and metallurgical testing, recovery methods and
process capital and operating costs
-- Hassan Ghaffari, P.Eng., a Tetra Tech employee, regarding
infrastructure, tailings and water management and capital and operating
cost estimate
-- Sabry Abdel Hafez, Ph.D., P.Eng., a Tetra Tech employee, regarding
mining capital and operating costs and the economic analysis
-- Monica Danon-Schaffer, Ph.D., P.Eng., a Tetra Tech employee at the time
of completion of the PEA Update, regarding environmental studies and
permitting
On Behalf of the Board
AQM COPPER INC.
Bruce L. Turner, President and Chief Executive Officer
About AQM Copper
AQM Copper Inc. is a Canadian mineral exploration company exploring and
developing copper deposits in South America. Through its Peruvian subsidiary,
Minera AQM Copper Peru S.A.C. (MAQM), the Company is developing the Zafranal
Copper-Gold Porphyry Project located in Southern Peru. MAQM is the operator of a
50/50 Joint Venture with Teck Resources Limited through a sole purpose Peruvian
company, Compania Minera Zafranal. MAQM is owned 60% by AQM Copper Inc. and 40%
by Mitsubishi Materials Corporation pursuant to a transaction as outlined in the
Company's press release of July 2, 2013.
The Company published a favourable independent Preliminary Economic Assessment
("PEA") in January 2013 which reported a NI 43-101 compliant Measured and
Indicated Resource of 557.2 Mt grading 0.36% Cu and 0.07 g/t Au. The PEA was
completed by Tetra Tech WEI Inc., ("Tetra Tech"), and contains production
parameters, capital costs, operating costs, pre-tax and post-tax financial
projections for an open pit mine processing 80,000 t/d of mill feed and a leach
operation based on the treatment of approximately 20,000 t/d of oxide and
secondary sulphide material. Using long-term forecasted copper and gold prices
of US$3.00/lb and US$1,274/oz respectively; and an initial capital cost of US$
1,520 million, the Project is projected to yield a post-tax Net Present Value at
8% discount rate, of US$ 588 million and an internal rate of return (IRR) of
17.4%. The valuation is based on 100% of the Project and 100% Equity. The reader
should be aware that the preliminary economic assessment is preliminary in
nature, and includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them
that would enable them to be categorized as mineral reserves. The reader should
also be aware that there is no certainty that the results forecast in the
preliminary economic assessment will be realized. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
The Company's management and directors have extensive experience working for the
world's largest mining copper producers and investment banking backgrounds.
Please refer to the Company's website at www.aqmcopper.com, for further
information regarding the Company and the Zafranal Project.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to AQM Copper Inc., certain
information contained herein constitutes "forward-looking statements".
Forward-looking statements include statements that are predictive in nature,
depend upon or refer to future events or conditions, or include words such as
"expects", "anticipates", "plans", "believes", "considers", "intends",
"targets", or negative versions thereof and other similar expressions, or future
or conditional verbs such as "may", "will", "should", "would" and "could". We
provide forward-looking statements for the purpose of conveying information
about our current expectations and plans relating to the future and readers are
cautioned that such statements may not be appropriate for other purposes. By its
nature, this information is subject to inherent risks and uncertainties that may
be general or specific and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove to be
accurate, that assumptions may not be correct and that objectives, strategic
goals and priorities will not be achieved. These risks and uncertainties include
but are not limited to those identified and reported in AQM Copper Inc's public
filings, which may be accessed at www.sedar.com. Other than as specifically
required by law, we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on which such
statement is made, or to reflect the occurrence of unanticipated events, whether
as a result of new information, future events, results or otherwise.
To speak with an Investor Relations representative, please see the contact
information below.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pinnacle Capital Markets LTD.
Spyros P. Karellas
(416) 443-5696 / (416) 800-8921
spyros@pinnaclecapitalmarkets.ca
AQM Copper Inc. (TSXV:AQM)
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