SACRE-COEUR MINERALS, LTD. (the “Company”) is pleased to
announce the selection of Tetra Tech to lead its NI 43-101
compliant feasibility study for development of the Company’s
Million Mountain Zone 1 resource located in the Mazaruni Mining
District No. 3 of Guyana, South America. In addition, the Company
has engaged Resource Development Inc. (“RDi”) and Met-Solve
Laboratories Inc. (“Met-Solve”), two highly qualified metallurgical
labs, to assist with metallurgical scoping and trade-off studies as
well as final flow sheet development and process modelling.
Owing to the very positive results of the Company’s detailed
internal scoping and economic analysis, the Company has elected to
move directly to a formal feasibility study being performed by
these pre-eminent consulting groups on the company’s behalf. In
order to expedite delivery, the entire process of scoping and
trade-off studies, feasibility study and report, and final design
for construction have been integrated into a seamless process
utilizing the same team. Delivery of the NI 43-101 compliant
feasibility study is targeted for summer of 2013, followed
immediately by a final development decision (pending positive study
results as expected), completion of development financing, and
commencement of construction. Commissioning of the mine and plant
for production is targeted for 3Q 2014.
The Million Mountain Zone 1 deposit hosts approximately 500,000
tr oz Au as currently tested, including NI 43-101 compliant
“measured” resources of 12.12 million tonnes grading 1.0g/t Au, and
“indicated” resources of 2.18 million tonnes grading 0.9g/t Au.
Since completion of the NI 43-101 resource calculation and report
by Pincock, Allen & Holt (Runge Pincock Minarco), the Company
has completed 40 additional drill holes on the perimeter of the
resource body which have encountered gold mineralization, and are
expected to be additive to the resource. The resource will be
formally updated to NI 43-101 standards to include these additional
holes as a part of the feasibility study and the updated resource
body will be utilized for detailed mine planning.
Feasibility of exploitation of the deposit will be broken into
two phases. The first, which is the subject of the current work,
will be limited to that portion of the deposit which is
saprolitized (chemically weathered to clay-like consistency).
Mining and processing requirements for this regime are considerably
different from those of un-weathered rock in that drilling and
blasting is not required to excavate saprolite, and crushing and
grinding requirements for the heavily weathered material are
substantially less intensive. Feasibility analysis of mining and
processing the un-weathered portion of the deposit will be a
separate undertaking to be commissioned at a later date, once
mining of the saprolite portion of the body is well advanced.
The base case scope for the current feasibility analysis
includes mining and processing at the rate of nominally 100,000
tonnes per month. Mining will be limited to the saprolite portion
of the body and will be prosecuted by conventional open pit methods
down to the contact between the weathered and un-weathered portions
of the body at a depth of approximately 40 meters below the
surface. The process plant is contemplated to be of portable,
modular construction to minimize on-site construction, thus
providing the benefits of economy and improved quality of
shop-built modules and minimizing on-site construction risks. The
basic flow sheet currently contemplated will include a nominal
crushing and grinding circuit followed by gravity concentration.
Gravity tails may be subjected to CN leaching to recover remaining
gold not recoverable by gravity means if demonstrated to be cost
beneficial. Preliminary work suggests that because of the
relatively coarse gold particle size distribution, it may be more
cost effective to enhance the gravity circuit with an intensive
multistage process likely to include some regrinding, and eliminate
the leaching circuit entirely.
The Company is very pleased to have assembled such an
outstanding team with years of on-point experience, including work
on Guyana projects, and specifically including beneficiation of
saprolitic auriferous ores. We look forward to integrating this
world-class experience with the considerable local operating
knowledge of the Company’s technical staff to produce an optimal
project and accurate feasibility analysis thereof.
About Tetra Tech
Tetra Tech, a leading provider of specialized services for more
than 45 years, offers an array of mining, energy, infrastructure
and environmental services to a diverse base of public and private
sector clients. Tetra Tech has more than 14,000 employees located
in more than 350 offices globally. Tetra Tech is a publicly traded
company with revenues exceeding $2.7 Billion in 2012 and has
consistently ranked in the top 10 percent of Engineering News
Record’s Survey of the Leading 500 Design Firms. Tetra Tech’s
Global Mining and Minerals group offers a broad range of integrated
services that enables them to take a mining project from concept
through design and construction and into operations, monitoring,
and closure.
About RDi
Resource Development Inc., a testing and consulting company
provides services to international mining companies in the areas of
process development, plant trouble shooting and preparing
pre-feasibility and bankable feasibility documents. There are more
than ten plants built based on RDi testwork and consulting in the
last decade. RDi has extensive experience working in South America
and has worked on several gold projects in Guyana.
About Met-Solve
Met-Solve Laboratories Inc. provides testing services for
mineral beneficiation and extractive metallurgy and has
successfully worked on the development of many effective processing
flowsheets and optimization of existing circuits. In particular,
Met-Solve is a world leader in the testing of enhanced gravity
concentration technologies and has developed proven mathematical
modeling techniques that accurately predict performance of gravity
concentration devices within grinding circuits. It is well equipped
to conduct standard metallurgical testing as well as tackling
complicated and difficult metallurgical problems. Additionally it
has established expertise in mineral dressing scrubbers, frac sand,
and hydrometallurgy.
About Sacre-Coeur
The Company is engaged in the acquisition, exploration,
development, and production of properties for gold, metals and
diamonds in South America, initially focussing on exploration and
production of gold from its properties in Guyana. The Company
presently holds 100% interest in approximately 860 sq. km of
mineral properties in Guyana, including the Million Mountain
Property which hosts an NI 43-101 compliant hard-rock resource of
12,119,285 tonnes grading 1.0 g/t Au Measured, and 2,175,278 tonnes
grading 0.9 g/t Au Indicated for a total 451,000 tr oz Au combined.
The Company has offices in Vancouver, Canada and Georgetown,
Guyana. More information about the Company is available at .
ON BEHALF OF THE BOARD OF DIRECTORS OFSACRE-COEUR
MINERALS, LTD.
“Gregory B. Sparks”Gregory B.
Sparks, P. Eng.
President & CEO
For further information,
contact:
Gregory Sparks, President and CEO
Jennifer Todhunter, CFO
Email: greg@scminerals.com
Email: jen@scminerals.com
Phone: 604-899-0100 Phone: 604-899-0100 Fax: 604-899-0200 Fax:
604-899-0200
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release may contain “forward-looking statements”
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 or “forward-looking information”
within the meaning of applicable Canadian securities laws, which we
will refer to as “forward-looking information”. Often, but not
always, forward-looking information can be identified by the use of
words such as “plans”, “expects”, “targets”, “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates” or “believes” or the negatives thereof or variations
of such words and phrases or statements that certain actions,
events or results “may”, “could”, “would”, “might” or “will” be
taken, occur or be achieved. Forward-looking information includes,
but is not limited to, statements pertaining to gold production,
development activities, commissioning of environmental studies,
application for necessary permits for production operations,
metallurgical studies, commissioning of a third party feasibility
study, arrangement of financing for development, formal production
decisions, business combinations.
We can give no assurance that the forward-looking information
will prove to be accurate. Forward-looking information by its
nature is based on assumptions and involves known and unknown
risks, uncertainties and other factors, including those discussed
in the Company’s quarterly and annual management discussion and
analysis, which are available at www.sedar.com under the Company’s
profile, any of which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. The forward-looking information
is based on a number of assumptions that management believes are
reasonable, including but not limited to assumptions about: the
price of gold; the financial condition of the Company; anticipated
costs and expenditures; estimated production; mineral resources or
reserves; and metallurgical recoveries; general business
conditions; and the ability to achieve our goals. The
forward-looking information is also subject to certain risks,
uncertainties and other factors associated with our business,
including but not limited to: gold price volatility; risks of not
meeting production and cost targets; discrepancies between actual
and estimated production; mineral reserves and resources and
metallurgical recoveries; mining operational and development risk;
litigation risks; regulatory restrictions, including environmental
regulatory restrictions and liability; risks of sovereign
investment and operating in foreign countries; currency
fluctuations; speculative nature of gold exploration; global
economic climate; dilution; share price volatility; competition;
loss of key employees; additional funding requirements; and
defective title to mineral claims or property, as well as those
factors discussed in the Company’s quarterly and annual management
discussion and analysis. Should underlying assumptions prove
incorrect, or should one or more of the risks, uncertainties or
other factors materialize, actual results may vary materially from
those expressed or implied in the forward-looking information.
Forward-looking information is designed to help you understand
management’s current views of our near and longer term prospects,
and it may not be appropriate for other purposes. Forward-looking
information is based on the reasonable beliefs, estimates and
opinions of management at the date the statements are made and is
subject to change without notice. These factors should be carefully
considered and viewers are cautioned not to place undue reliance on
forward-looking information, which speaks only as of the date of
this news release. We will not necessarily update this information
unless we are required to by applicable securities laws.
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