Trevali Mining Corporation ("Trevali" or the "Company")
(TSX:TV)(OTCQX:TREVF)(LMA:TV)(FRANKFURT:4TI) is pleased to provide
an underground development update as well as the initial grade
comparison results from the Magistral North and Central Deposits at
its Santander Mine in Peru.
UNDERGROUND DEVELOPMENT
Development is progressing well. To date eight levels are in
place in addition to 12 sub-levels in the Magistral North and
Central deposits, four levels - 7 sub-levels and four levels and 5
sub-levels respectively. The ninth level will open the Magistral
South zone for exploitation and is scheduled to be in place by
month end (Figure 1).
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/tv619-F1.pdf.
All three Magistral deposits (North, Central and South) are
accessed by individual production ramps. The North and Central
deposits are connected and break-through from Central to South
deposits is anticipated in Q3. This will allow implementation of
one-way, high-speed, trackless mining system in addition to
enabling greater flexibility for mining planning, scheduling and
extraction purposes. It should also greatly reduce the potential
for underground bottlenecks for Mill feed. Once this is in place,
2013 development will be largely complete and the joint
Trevali-Glencore-JRC mining team will re-focus on long-range mine
planning and commence driving 2014 development.
With substantial development now complete the underground team
is currently implementing a variety of optimization initiatives
focusing on personnel skills, operating procedures, enhanced mining
and mucking procedures and a proactive 'pit-stop'-style fleet
maintenance program.
Santander Mill commissioning continues to progress and the
Company anticipates Zn and Pb-Ag concentrate production soon
followed by initial concentrate shipments.
MAGISTRAL GRADE COMPARISON STUDIES
Initial underground grade comparison studies of mined
development material - to underground channel samples - to the NI
43-101 resource estimate is encouraging - the data is essentially
within natural geological error (Table 1).
This initial comparison considers only the limited areas of
development in mineral from the Magistral North (MN) and Magistral
Central (MC) deposits for which the Company has received
geochemical assays from its on-site laboratory.
------------------------
Metal Content
---------------------------------------------------------
Zn Pb Cu Ag t t t
tonnes % % % Oz/T Zn Pb Cu Oz Ag
----------------------------------------------------------------------------
Channel MN 21,998 4.11 2.80 0.11 2.10 904 615 25 46,155
Samples MC 9,523 5.93 0.82 0.11 1.86 565 78 10 17,693
(i) ---------------------------------------------------------
---------------------------------------------------------
MN+MC
Total: 31,521 4.66 2.20 0.11 2.03 1,469 693 35 63,848
----------------------------------------------------------------------------
NI MN (at 5
43-101 COG) 21,870 4.06 3.07 0.10 2.34 887 672 22 51,283
(ii) MC (at 5
COG) 7,975 6.48 1.33 0.12 3.04 517 106 9 24,212
---------------------------------------------------------
---------------------------------------------------------
MN+MC
Total: 29,845 4.70 2.61 0.10 2.53 1,404 778 31 75,496
----------------------------------------------------------------------------
Surface MN 27,170 3.57 2.61 0.09 1.94 970 710 25 52,598
StockPiles MC 8,128 6.68 0.65 0.11 1.40 543 53 9 11,394
(iii) ---------------------------------------------------------
---------------------------------------------------------
MN+MC
Total: 35,298 4.29 2.16 0.09 1.81 1,513 763 34 63,992
----------------------------------------------------------------------------
Table 1: Comparison of Block Models to Surface Muck Pile samples
(i) Trevali internal block model based on Channel Samples
(ii) NI 43-101 compliant Resource Estimate, by Golder Associates (please
refer to news release dated July 05, 2012)
(iii) Surface Stockpiles estimated by survey and muck samples
The Company cautions that full reconciliation of the tonnes and
grade will only occur once the material has been processed in the
Mill.
Qualified Person and Quality Control/Quality Assurance
EurGeol Dr. Mark D. Cruise, Trevali's President and CEO and M.
Dayle Rusk, P.Geo, Trevali's Director, Geology, are qualified
persons as defined by NI 43-101, have supervised the preparation of
the scientific and technical information that forms the basis for
this news release. Dr. Cruise is not independent of the Company, as
he is an officer, director and shareholder. Ms. Rusk is not
independent of the Company as she is an officer and
shareholder.
ABOUT TREVALI MINING CORPORATION
Trevali is a zinc-focused base metals mining company with
operations in Canada and Peru.
In Peru, the Company has commenced commissioning at its
Santander zinc-lead-silver mine where subsequent ramp up to the
planned 2,000-tonnes-per-day production is anticipated by mid-year
2013.
In Canada, Trevali owns the Caribou mine and mill, Halfmile mine
and Stratmat polymetallic deposit all located in the Bathurst
Mining Camp of northern New Brunswick. Initial trial production
from the Halfmile underground mine was successfully undertaken in
2012 and the Company anticipates commencing operations at its
3,000-tonne-per-day Caribou Mill Complex in 2014.
All of the Company's deposits remain open for expansion.
The common shares of Trevali are listed on the TSX (symbol TV),
the OTCQX (symbol TREVF) and on the Lima Stock Exchange (symbol
TV). Certain warrants to purchase common shares of Trevali are
listed on the TSX (symbol TV.WT). For further details on Trevali,
readers are referred to the Company's web site (www.trevali.com)
and to Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of TREVALI MINING
CORPORATION
Mark D. Cruise, President
This news release contains "forward-looking statements" within
the meaning of the United States private securities litigation
reform act of 1995 and "forward-looking information" within the
meaning of applicable Canadian securities legislation. Statements
containing forward-looking information express, as at the date of
this news release, the Company's plans, estimates, forecasts,
projections, expectations, or beliefs as to future events or
results and the company does not intend, and does not assume any
obligation to, update such statements containing the
forward-looking information. Such forward-looking statements and
information include, but are not limited to statements as to: the
accuracy of estimated mineral reserves and resources, anticipated
results of future exploration, and forecast future metal prices,
anticipated results of future electrical sales and expectations
that environmental, permitting, legal, title, taxation,
socio-economic, political, marketing or other issues will not
materially affect estimates of mineral reserves. These statements
reflect the Company's current views with respect to future events
and are necessarily based upon a number of assumptions and
estimates that, while considered reasonable by the Company, are
inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies.
These statements reflect the Company's current views with
respect to future events and are necessarily based upon a number of
assumptions and estimates that, while considered reasonable by the
company, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies.
Many factors, both known and unknown, could cause actual results,
performance or achievements to be materially different from the
results, performance or achievements that are or may be expressed
or implied by such forward-looking statements contained in this
news release and the company has made assumptions and estimates
based on or related to many of these factors. Such factors include,
without limitation: fluctuations in spot and forward markets for
silver, zinc, base metals and certain other commodities (such as
natural gas, fuel oil and electricity); fluctuations in currency
markets (such as the Peruvian sol versus the U.S. dollar); risks
related to the technological and operational nature of the
Company's business; changes in national and local government,
legislation, taxation, controls or regulations and political or
economic developments in Canada, the United States, Peru or other
countries where the Company may carry on business in the future;
risks and hazards associated with the business of mineral
exploration, development and mining (including environmental
hazards, industrial accidents, unusual or unexpected geological or
structural formations, pressures, cave-ins and flooding); risks
relating to the credit worthiness or financial condition of
suppliers, refiners and other parties with whom the Company does
business; inadequate insurance, or inability to obtain insurance,
to cover these risks and hazards; employee relations; relationships
with and claims by local communities and indigenous populations;
availability and increasing costs associated with mining inputs and
labour; the speculative nature of mineral exploration and
development, including the risks of obtaining necessary licenses
and permits and the presence of laws and regulations that may
impose restrictions on mining,; diminishing quantities or grades of
mineral reserves as properties are mined; global financial
conditions; business opportunities that may be presented to, or
pursued by, the Company; the Company's ability to complete and
successfully integrate acquisitions and to mitigate other business
combination risks; challenges to, or difficulty in maintaining, the
Company's title to properties and continued ownership thereof; the
actual results of current exploration activities, conclusions of
economic evaluations, and changes in project parameters to deal
with unanticipated economic or other factors; increased competition
in the mining industry for properties, equipment, qualified
personnel, and their costs.
Investors are cautioned against attributing undue certainty or
reliance on forward-looking statements. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated, described or intended.
The Company does not intend, and does not assume any obligation, to
update these forward-looking statements or information to reflect
changes in assumptions or changes in circumstances or any other
events affecting such statements or information, other than as
required by applicable law.
Trevali's production plans at Caribou-Halfmile-Stratmat and
Santander are based only on Indicated and Inferred Mineral
Resources and not Mineral Reserves and do not have demonstrated
economic viability. Inferred Mineral Resources are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as Mineral
Reserves, and there is therefore no certainty that the conclusions
of the production plans and Preliminary Economic Assessment (PEA)
will be realized. Additionally where Trevali discusses
exploration/expansion potential, any potential quantity and grade
is conceptual in nature and there has been insufficient exploration
to define a mineral resource and it is uncertain if further
exploration will result in the target being delineated as a mineral
resource.
We advise US investors that while the terms "measured
resources", "indicated resources" and "inferred resources" are
recognized and required by Canadian regulations, the US Securities
and Exchange Commission does not recognize these terms. US
investors are cautioned not to assume that any part or all of the
material in these categories will ever be converted into
reserves.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities described herein have not been and will not
be registered under the United States Securities Act of 1933, as
amended, or the securities laws of any state and may not be offered
or sold within the United States, absent such registration or an
applicable exemption from such registration requirements.
The TSX has not approved or disapproved of the contents of this
news release.
Contacts: Trevali Mining Corporation Steve Stakiw, Vice
President, Investor Relations and Corporate Communications (604)
488-1661 or Direct: (604) 638-5623 (604) 408-7499
(FAX)sstakiw@trevali.com www.trevali.com
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