Peru Copper announces updated technical report on its Toromocho Project
2006年3月28日 - 11:30PM
PRニュース・ワイアー (英語)
VANCOUVER, March 28 /PRNewswire-FirstCall/ -- Peru Copper Inc.
(TSX:PCR / AMEX:CUP / BVL:CUP) ("Peru Copper" or the "Company")
announced today that Independent Mining Consultants, Inc. ("IMC")
of Tucson, Arizona has completed an updated Technical Report based
on the results of the recent pre-feasibility study for the
Company's Toromocho Project previously announced on February 9,
2006. The Technical Report is available at http://www.sedar.com/.
Changes incorporated in the Technical Report, which are described
below, result in an increase in the estimated Net Present Value
("NPV") of the Company's Toromocho project from US$814 million to
US$922 million and increase in the estimated Internal Rate of
Return ("IRR") from 16.0% to 16.7% (both on an after tax basis)
when compared to the NPV and IRR reflected in the pre- feasibility
study. J. David Lowell, the Company's Executive Chairman, said "we
are pleased to see the positive impact on the pre-feasibility study
of both new drilling information and further reserve and resource
analysis reflected in the Technical Report. An additional US$108
million in the estimated NPV is an important improvement and we
expect to see others as we continue to optimize the project." The
pre-feasibility study was completed by SNC-Lavalin, Chile, S.A.
("SNC") with input from a number of contractors including IMC,
Mineral Advisory Group ("MAG"), and Montgomery Watson Harza
("MWH"). The data verification, block model, mine plan, mine
capital and mine operating costs, and the mineral reserve and
resource estimates discussed in the pre- feasibility study were the
responsibility of IMC. The concentrator, infrastructure and
pre-feasibility assembly were the responsibility of SNC. The
Technical Report is based on findings outlined in the
pre-feasibility study; however certain information noted in the
pre-feasibility study has been further updated by IMC in the
Technical Report. The updates to information contained in the
pre-feasibility study are summarized below: 1. Updates to the
pre-feasibility study include drilling completed by the Company
through October 2005, a January 2006 IMC block model and a February
2006 IMC mine plan. The primary change resulting from the new mine
plan was to increase mill ore tonnage by about 4% and slightly
reduce the strip ratio when compared to the pre-feasibility mine
plan. The pre-feasibility study was based on an August 2005 drill
hole database, a September 2005 IMC block model and a December 2005
IMC mine plan. 2. Additional smelter charges of US$1.05 and US$1.08
per tonne of concentrate were added to the smelter charges for
years 1 and 2, reflecting possible arsenic penalties. The
calculation was completed by IMC based on the same criteria for
smelter charges as was used in the mine development plan. 3. Heap
leach recovery by year was modified by IMC to reflect inventory in
pad and residual leach. Overall recovery matched that estimated by
MAG in the pre-feasibility study. Run of mine heap leach solvent
extraction / electrowinning costs were reduced from US$2.01 per
tonne in the pre-feasibility study to US$1.82 per tonne in the
Technical Study to adjust rehandling costs. All other unit costs
reflected in the Technical Report are identical to those used in
the pre-feasibility study. The use of the updated IMC reserve
estimate, block model and mine plan in the Technical Report result
in an increase in the estimated Net Present Value ("NPV") of the
Toromocho project from US$814 million to US$922 million and
increase in the estimated Internal Rate of Return ("IRR") from
16.0% to 16.7% (both on an after tax basis) when compared to the
NPV and IRR reflected in the pre-feasibility study. Base economic
assumptions used in the pre-feasibility study remain unchanged in
the Technical Report and include a copper price of US$1.10/lb.; a
molybdenum price of US$10.00/lb.; a silver price of US$6.50/oz.; a
discount rate of 8%; capital costs of $1.524 billion; and a daily
production rate of 150,000 tonnes per day of mill ore to the
primary crushers. Table 1-2 details the updated resource and
reserve estimates used in the Technical Study.
http://www.perucopper.com/i/misc/March-28-200-1.gif On March 6,
2006 the Company issued a press release announcing new mineral
reserve and resource calculations for its Toromocho project. During
the preparation of the Technical Report by IMC, minor modifications
were made to the statement of mineral reserves and resources. The
primary difference between the results stated in the March 6, 2006
press release and the Technical Report is the transfer of the low
grade leach stockpile from a mineral resource category to mineral
reserve category. The amount of this material changed as a result
of an update of the block model, however the pre-feasibility study
did incorporate this material into the heap leach process by
rehandling it at a variable rate per year. Other minor changes made
to the mineral reserve and resource estimate were primarily
rounding differences in grade and the use of a consistent copper
equivalent calculation in both the mineral reserve and resource
estimates. Different equations of equivalent copper had been used
for mineral reserves versus mineral resources within the press
release. Table 1-3 summarizes the differences between the Technical
Report and the reserve and resource estimate announced by the
Company on March 6, 2006.
http://www.perucopper.com/i/misc/March-28-200-2.gif Mr. John Marek,
Professional Engineer, of IMC is the independent "qualified
person", within the meaning of National Instrument 43-101, that
prepared the updated mineral reserve and resource estimate in the
Technical Report and he has reviewed and approved the content of
this press release. Mr. J.W. Gulyas, Professional Engineer, of SNC
is the independent "qualified person", within the meaning of
National Instrument 43-101, that reviewed the engineering report on
the process plant in the Technical Report and he has reviewed and
approved the content of this press release. Dr. Martin C. Kuhn,
Professional Engineer of MAG is the independent "qualified person"
within the meaning of National Instrument 43-101 that prepared the
report of metallurgical investigations and has reviewed and
approved the disclosures of applicable metallurgical data. For
further information please contact Patrick De Witt, Director of
Investor Relations at (604) 689-0234 or . Cautionary Note to U.S.
Investors-The United States Securities and Exchange Commission
permits U.S. mining companies, in their filings with the SEC, to
disclose only those mineral deposits that a company can
economically and legally extract or produce. We use certain terms
in this press release, such as "mineral deposit", that the SEC
guidelines strictly prohibit U.S. registered companies from
including in their filings with the SEC. U.S. Investors are urged
to consider closely the disclosure in our Form F-1 Registration
Statement, File No. 333-121527, which may be secured from us, or
from the SEC's website at http://www.sec.gov/edgar.shtml.
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS This news
release contains "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements with respect
to the future price of copper and molybdenum, the timing of
exploration activities, the mine life of the Toromocho Project, the
economic viability and estimated internal rate of return of the
Toromocho Project, the estimation of mineral reserves and mineral
resources, the results of drilling, estimated future capital and
operating costs, future stripping ratios, projected mineral
recovery rates and Peru Copper's commitment to, and plans for
developing, the Toromocho Project. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "can", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Peru Copper to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks
related to the exploration and potential development of the
Toromocho Project, risks related to international operations, the
actual results of current exploration activities, conclusions of
economic evaluations, changes in project parameters as plans
continue to be refined, future prices of copper, silver, molybdenum
and gold, as well as those factors discussed in the section
entitled "Risk Factors" in the Form F-1 as on file with the
Securities and Exchange Commission in Washington, D.C. and in the
section entitled "Narrative Description of the Business - Risks of
the Business" in the Annual Information Form of the Company dated
March 24, 2005. Although Peru Copper has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward- looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such 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. Peru Copper does not
undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with
applicable securities laws. DATASOURCE: Peru Copper Inc. CONTACT:
Patrick De Witt, Director of Investor Relations at (604) 689-0234
or
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