Crown Mining Corp. Files Technical Report and Preliminary Economic Assessment for Moonlight-Superior Project on Sedar
TSX VENTURE: CWM
Toronto, Ontario--(Newsfile Corp. - April 12, 2018) - Crown Mining Corp. (TSXV: CWM) ("Crown" or "the Company") is pleased to announce that it has filed a National Instrument 43-101 technical report for its 100% owned Moonlight-Superior Project titled "Technical Report and Preliminary Economic Assessment for the Moonlight Deposit, Moonlight-Superior Copper Project, California, USA" with an effective date of March 2, 2018 and a release date of April 12, 2018. The Preliminary Economic Assessment Study ("PEA") was prepared by Tetra Tech of Vancouver, Canada and describes the potential technical and economic viability of establishing a conventional open-pit copper-silver mine-and-mill complex for a 60,000 ton-per-day operation. The Company also engaged Cameron Resource Consulting, LLC ("CRC") to complete a mineral resource estimate on the Moonlight deposit with an effective date of December 15, 2017. There are no material changes to the PEA results which were originally announced on March 2, 2018.
Highlights of the PEA Include:
- Pre-tax Net Present Value (NPV): US$ 237M at a 8% discount rate and a $3.15 copper price.
- Pre-Tax Internal Rate of Return (IRR): 16.4%
- Pre-tax Payback Period: 4.8 years
- After-tax NPV of US$179M and after tax IRR of 14.6% for the base case
- Initial Capital Cost: US$513M, including a contingency provision in the amount of US$71M
- Plant Processing Rate: 60,000 tons per day (STPD)
- Average Copper Recovery: 86.0%
- Copper concentrate Production: Averaging 163,000 tons per year (STPY) with an average grade of 28%.
- Mine Life: 17 years, based on the existing Mineral Resource estimate
- Projected Direct Employment: 332 employees (163 process and G&A; 169 mining)
- Life of mine copper production of 1.5 billion pounds
Please note the PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Furthermore, there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Readers are encouraged to read the technical report when it is filed.
About Crown Mining Corp.
Crown controls approximately 15 square miles of patented and unpatented federal mining claims in the Light's Creek Copper District in Plumas County, NE California; essentially, the entire District. The District contains substantial copper (silver) sulfide and copper oxide resources in three deposits — Moonlight, Superior and Engels, as well as several partially tested and untested exploration targets.
The Superior and Engels Mines operated from about 1915-1930 producing over 161 million pounds of copper from over 4 million tons of rock containing 2.2% copper with silver and gold credits. The Moonlight Deposit was discovered and drilled by Placer Amex during the 1960's.
Further details of the resources on Crown's property and the parameters used to calculate them can be found in the above mentioned Technical Report on the Moonlight Project dated April 12, 2018 now filed on Sedar.com.
Mr. George Cole is the Qualified Person pursuant to NI 43-101 responsible for the technical information contained in this news release, and he has reviewed and approved this news release.
For more information please see Crown's website at www.crownminingcorp.com.
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This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "anticipates", "expected to", "plans", "planned" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.
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