ScoZinc Mining Provides Progress Report on Updated PEA for ScoZinc Mine
TSX VENTURE: SZM
COOKS BROOK, NOVA SCOTIA--(Marketwired - Dec. 11, 2017) - ScoZinc Mining Ltd. (TSX VENTURE:SZM) ("ScoZinc" or the "Company") is pleased to announce that its updated Preliminary Economic Assessment (PEA) on its wholly-owned ScoZinc Mine in Nova Scotia is in the final stages of review by an independent engineering firm and the results will be issued shortly.
The updated assessment includes a more detailed mine plan than was prepared for the 2013 NI 43-101 report which was filed on SEDAR on June 12, 2013. All costs are updated and all other inputs have been reviewed and updated. Compared to the 2013 report, the most significant change in the updated PEA was replacing Company operated mining with contract mining.
The 2013 NI 43-101 report indicated robust economics and the updated report reflects cost inflation since 2013 and the current significantly improved zinc market.
Further to its announcement on October 25, 2017, the Company will not proceed with the private placement at this time due to the imminent and material disclosure of the updated PEA results. Further announcements will be made on any new proposed financings in the near future.
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 3,951,045 common shares outstanding which are traded on the TSX Venture Exchange under the symbol "SZM".