Trevali Provides Underground Development Update of Santander Mine in Peru
June 19 2013 - 8:37AM
Marketwired Canada
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
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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