Philex Gold Completes Pre-Feasibility Study on Boyongan Cu/Au Deposit
November 14 2008 - 3:33PM
Marketwired
Philex Gold Inc. (TSX VENTURE: PGI) ("Philex" or "Company") is
pleased to announce that the Pre-Feasibility Study (the "PFS") on
the Boyongan Cu/Au Porphyry Deposit ("Deposit" or "Project") has
been completed. The study, completed by Independent Resource
Estimations ("IRES") of South Africa, concluded that the Project is
economically viable.
In June 2008, the Company engaged the services of IRES of South
Africa, to complete the PFS using appropriate parameters and
assumptions of a mining company operating within the Philippines.
As the initial part of this PFS, IRES had completed a new Mineral
Resource estimate using drill hole data up to Dec 31st, 2007.
The Company is pleased to announce that this study, using
long-term metal prices of $2.75/lb for Cu and $700/oz for Au for
the base case, shows a positive NPV of US$150M and a payback of 3.5
years. The life of mine ("LOM") production schedule includes 2
years of pre-stripping to allow a mine life of 14 years at a
constant millfeed rate of 5M tonnes of ore per year. In addition,
the PFS has highlighted an opportunity of accessing additional
mineralized ground in the northwest portion of the orebody via the
future in-pit ramp. This additional mineralized material has not
been included in the Mineral Resource nor the Mineral Reserve
statements and, as such, is currently classified as Inferred
Mineral Resources.
The PFS has determined a Proven Mineral Reserve of 65.8Mt at
0.87%Cu and 1.39g/t Au, and a Probable Mineral Reserve of 1.9Mt at
0.85%Cu and 0.52g/t Au; for a total Proven and Probable Mineral
Reserve of 67.8Mt at 0.87%Cu and 1.37g/t Au; at 0.60%Cu and 0.80g/t
Au cut-offs.
These current Mineral Resource and Reserve figures are reported
in accordance to NI43-101 guidelines and conform to CIM Standards.
The full PFS will be published in the Company's website and in
SEDAR.
Cautionary Note Concerning Resource Estimates
The mineral resource figures referred to in this press release
are estimates and no assurances can be given that the indicated
levels of copper or gold will be produced. Such estimates are
expressions of judgment based on knowledge, mining experience,
analysis of drilling results and industry practices. Valid
estimates made at a given time may significantly change when new
information becomes available. While the Company believes that the
resource estimates included in this press release are well
established, by their nature resource estimates are imprecise and
depend, to a certain extent, upon statistical inferences which may
ultimately prove unreliable. If such estimates are inaccurate or
are reduced in the future, this could have a material adverse
impact on the Company.
The Resource and Reserve Estimates and the PFS were prepared by
Dexter S. Ferreira of IRES. Mr. Ferreira is a senior
geostatistician with over 18 years experience in project evaluation
internationally, including extensive involvement with mineral
projects throughout Canada, South America and Africa; he is a
member of the South African Council for Natural Scientific
Professions, and qualifies as a 'Qualified Person' and 'Competent
Person' as defined in National Instrument 43-101, the JORC
Code.
Mr. Ferreira has given his consent to the release of this press
statement, the contents of which he has reviewed and has found to
be consistent with the above technical reports and compliant with
the rules and guidelines as set forth in NI 43-101.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Philex Gold Inc. Rogelio G. Laraya President (632)
746-8756 (632) 631-9498 (FAX) Email: rglaraya@yahoo.com Website:
www.philexgold.com
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