Plains Creek Provides Update for the Development of the Farim Phosphate Project, Guinea Bissau, West Africa
August 26 2012 - 6:25AM
PR Newswire (Canada)
VANCOUVER, Aug. 28, 2012 /CNW/ - Plains Creek Phosphate Corporation
("Plains Creek" or the "Company") (TSX‐V: PCP) is pleased to
provide an update on the development of its Farim Phosphate Project
located in Guinea Bissau, West Africa. Preliminary Economic
Assessment - Direct Shipping Option The previously announced
Preliminary Economic Assessment ("PEA") for the Direct Shipping
Option ("DSO") Project will be filed on SEDAR on or before 15(th)
September 2012. A presentation has been compiled on the 500,000
tonnes per annum phosphate rock DSO Project and is available on the
Company's website - www.plainscreek.com. Off take Agreements and
Strategic Partners The Company has been active in discussions with
potential off-takers for the DSO phosphate rock and the phosphate
rock concentrate product. There is a greater preference for the
phosphate rock concentrate product from off-takers because of the
higher P(2)O(5) content and lower impurity levels (particularly
iron and alumina oxides) that result from the beneficiation of the
phosphate rock. In addition the phosphate rock would be subject to
price discounts due to the lower P(2)O(5) content and impurities
compared to the phosphate rock concentrate product. Plains Creek
has also been engaged in discussions with strategic investors who
would be prepared to contribute towards the corporate funding of
the Company and the project level funding necessary to develop the
Farim Phosphate Project. One Million tonne per Annum Phosphate Rock
Concentrate Feasibility Study Based on the positive results from
the PEA DSO and the better off-take demand and prices for the
beneficiated phosphate rock concentrate product, the Company has
decided to prepare a Feasibility Study for a one million tonne per
annum phosphate rock concentrate project. This project combines the
advantages of the DSO - namely lower capital investment, time to
production, contract mining, higher grade run of mine phosphate,
lower stripping ratios and the use of river barges to transport the
phosphate rock concentrate product to the Rio Cacheu estuary for
transshipment onto ocean going vessels and the better product
specifications and prices obtained from beneficiation. This
Feasibility Study is slated for completion by 30(th) September
2012. Two Million tonne per Annum Phosphate Rock Concentrate
Bankable Feasibility Study The Stage 2 beneficiated two million
tonne per annum phosphate rock concentrate project slated to
process the balance of the existing phosphate resource will be
delayed to allow completion of the above one million tonne per
annum phosphate rock concentrate project. This two million tonne
per year phosphate rock concentrate project will be completed by
31(st) October 2012. Summary The three alternative production
scenarios, namely: (1) the DSO product, (2) the 1 million tonne per
annum, and (3) the 2 million tonne per annum phosphate rock
concentrate product, which have been investigated above will
provide the Company with three alternatives for the progressive
development of the Farim Phosphate Project, depending on the
phosphate market conditions, the economic and political climate in
Guinea Bissau and the availability of capital and skilled manpower
to develop the Farim Phosphate project. About Plains Creek
Phosphate Corporation: Plains Creek Phosphate Corporation is a
Canadian mining and exploration company focused on advancing the
Farim Phosphate Project located in Guinea‐Bissau, West Africa. The
Farim Project currently comprises a high grade phosphate deposit
consisting of one continuous flat lying phosphate bed with a NI
43‐101 compliant Mineral Resource estimate that defines a Measured
Resource of 64.6 Mt at an average grade of 29.11% P(2)O(5), an
Indicated Resource of 28.1 Mt at an average grade of
27.68 % P(2)O(5) and an Inferred Resource of 18.3 Mt at
an average grade of 28.66 % P(2)O(5). A two-phased
development is planned for the Farim Phosphate Project as an open
pit mining operation. Phase One consists of either a Direct
Shipping Option Project with an annual phosphate production of 0.5
Mt per annum or a 1 Mt per annum phosphate rock concentrate project
and Phase Two which consists of the production of 2 Mt per annum of
phosphate rock concentrate and includes a beneficiation plant and
associated infrastructure, pipeline and port. The Company's shares
are listed on the TSX Venture Exchange under the trading symbol
"PCP". For additional information, please visit us at
www.plainscreek.com. ON BEHALF OF THE BOARD (Signed) "Carson
Phillips" Carson Phillips Vice‐President, Corporate Development and
Director Forward-Looking Statements Statements in this news release
may be viewed as forward-looking statements. Such statements
involve risks and uncertainties that could cause actual results to
differ materially from those projected. There are no assurances the
Company can fulfill such forward-statements and the Company
undertakes no obligation to update statements. Such forward looking
statements are only predictions; actual events or results may
differ materially as a result of risks facing the Company, some of
which are beyond the Company's control. In addition, pursuant to
National Instrument 43-101, the Company cautions that mineral
resources that are not mineral reserves do not have demonstrated
economic viability. Factors that contribute to risk include, among
others, delay or failure to receive regulatory, shareholder or
other required approvals to complete the Farim Phosphate Project,
timing and ability to raise capital on acceptable terms, not
realizing the potential benefits of the Farim Phosphate Project,
risks related to the actual results of exploration activities,
conclusions of economic evaluations, risks associated with mining
and mineral exploration activities, uncertainty in the estimation
of mineral resources, including, without limitation, the
assumptions on which such estimates are based, changes in project
parameters as plans continue to be refined, future prices of
metals, economic and political stability in Guinea Bissau,
environmental risks and hazards, increased infrastructure and/or
operating costs, availability of future financing, labour and
employment matters, and government regulation. There is no
guarantee that any drill targets or economic mineral deposits will
be found on the Plains Creek's properties. For a more detailed
discussion of such risks and other factors, refer to the most
recent Management Discussion and Analysis of the Company filed with
Canadian securities regulators available on www.sedar.com. NEITHER
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. Plains Creek Phosphate Corp. CONTACT: Carson PhillipsVice
President, Corporate Development and DirectorTelephone: (604) 569
0721 E mail: cphillips@plainscreek.com
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