AQM Copper Inc.: Joint Venture Partners Approve Start of Zafranal Pre-Feasibility Study
July 02 2014 - 5:30AM
Marketwired
AQM Copper Inc.: Joint Venture Partners Approve Start of Zafranal
Pre-Feasibility Study
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 2, 2014) - AQM
Copper Inc. (TSX-VENTURE:AQM)(BVL:AQM) ("AQM" or the "Company") is
pleased to announce that Minera AQM Copper Peru ("MAQM") and Teck
Resources Limited ("Teck"), collectively the Joint Venture Partners
of CompaƱia Minera Zafranal ("CMZ"), have approved a US$30 Million
budget to complete a Pre-Feasibility Study ("PFS") on the Zafranal
copper - gold project ("the Project") located in southern Peru. The
Zafranal PFS will comply with National Instrument 43-101 Canadian
Guidelines for a PFS and include the results of a program of
in-fill, geotechnical, water exploration and condemnation drilling.
In addition, the Company will carry out a formal Environmental and
Social Baseline Study and other engineering and environmental
studies that will be required for the eventual preparation of an
Environmental Impact Assessment for the Project. The PFS is
expected to take approximately 18 months to complete with an
associated peak workforce of approximately 240 employees and
contractors.
AQM CEO, Bruce Turner stated, "We are very pleased to have CMZ
Board approval for this important step in the ongoing development
of the Zafranal Project. As a result of our transaction with
Mitsubishi Materials Corporation in August 2013, AQM's share of the
Zafranal PFS is fully funded. Ed Tota, most recently Project
Director for Marcobre S.A.C., has been hired as the Project
Director for the Zafranal Project. His extensive project experience
will help to ensure a high quality PFS for an economically
attractive mining asset like Zafranal."
On Behalf of the Board
Bruce L. Turner
President and Chief Executive Officer
About AQM Copper
AQM Copper Inc. is a Canadian based mineral exploration company
exploring and developing copper deposits in South America. The
Company's management and directors have extensive experience
working for the world's largest mining copper producers and
financial institutions.
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 (the "Zafranal Project").
MAQM is the operator of a 50/50 joint venture with Teck Resources
Limited through a sole purpose Peruvian company, CompaƱia Minera
Zafranal.
MAQM is owned 60% by AQM, and 40% by Mitsubishi Materials
Corporation, pursuant to a transaction outlined in the Company's
news releases of July 2 and August 15, 2013. As such, the Company
has a 30% beneficial ownership interest in the Zafranal
Project.
On September 12, 2013, the Company published an updated
preliminary economic assessment ("PEA") on the Zafranal Project
outlining financial projections for an open pit mine processing
44,000 t/d of mill feed. The PEA showed an after-tax net present
value, at an 8% discount rate, of US$616 million on a 100%
basis.
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.
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, the
Company undertakes 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
contact:Spyros P. KarellasPinnacle Capital Markets LTD.(416)
433-5696 / (416) 800-8921spyros@pinnaclecapitalmarkets.ca
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