COOKS BROOK, NOVA SCOTIA--(Marketwired - Oct. 20, 2017) - ScoZinc Mining Ltd. (TSX VENTURE:SZM) ("ScoZinc" or the "Company") is pleased to announce an update on corporate activities and plans.
As detailed in the September 12, 2017 news release the Company has received a ten-year renewal of the Industrial Approval, a critical milestone in the restart of the ScoZinc mine.
Following receipt of this key permit the company has been focused on updating the 2013 PEA which is expected to be completed by the end of November and will include up to date capital, mining, milling and operating costs. More specifically;
- Management and its consultants have completed an optimized mine plan along with a detailed month-to-month schedule for the first two years of operation and quarterly thereafter. This plan has been the basis for a comprehensive request for quote (RFQ) package which has been tendered to three local experienced contractors. The bid packages are due the second week of November.
- A separate RFQ package is out for drill and blast contracting.
- The bids will be used to compare the capital and operating cost estimates with a company-owned fleet of equipment which is contemplated in the current PEA. Contracting has the potential to lower the capital requirements while accelerating startup of operations.
- Labor and supplies cost estimates will be updated.
- Mill capital and operating costs will be updated with bids for all major equipment and current reagent costs.
- Up to date smelting (TC/RCs) and transportation cost will be incorporated. Based on current market conditions and recently concluded contracts, management anticipates that better terms can be achieved than was envisaged in the 2013 PEA.
The Company is currently evaluating various financing alternatives and an updated PEA will be fundamental to obtaining attractive financing terms. The Company is focused on restarting operations in mid-2018 and maximizing shareholder value.
About ScoZinc Mining Ltd.
ScoZinc is an established Canadian-based zinc and lead exploration and development company that owns the ScoZinc Mine near Halifax, Nova Scotia. The Company has a strong working capital position and no debt. The Company has 3,941,045 common shares outstanding which are traded on the TSX Venture Exchange under the symbol "SZM".
