VANCOUVER, Nov. 28, 2017 /CNW/ - Lupaka Gold Corp. ("Lupaka Gold" or the "Company") (TSXV:LPK, FRA:LQP) is pleased to report that the Company has engaged SRK Consulting Canada Inc. ("SRK") as the lead contractor to prepare a Preliminary Economic Assessment ("PEA") on its 100%-owned Invicta Gold Development Project ("Invicta" or the "Project"), an advanced stage gold-copper polymetallic underground Deposit located approximately 120 kilometres by road north of Lima.
Will Ansley, President and CEO of Lupaka, said, "We believe that moving ahead with a PEA is the next step towards demonstrating the economic potential of Invicta, affirming what we believe is a robust Project based on our internal mining studies and the extensive due diligence conducted by our lender, PLI Huaura Holdings LP (Pandion Mine Finance). We selected SRK based on their expertise and extensive experience with similar-type deposits as Invicta. In addition, SRK provides a seamless continuity of project knowledge as the project's 2012 resources estimate was prepared by SRK and Lupaka's own internal mining studies of Invicta were prepared with assistance from SVS Ingenieros of Lima, Peru, a subsidiary of the SRK Consulting Group. The Company anticipates the completion of the PEA technical report in the first quarter of 2018."
While the approved EIA allows for mine production of 1,000 tonnes per day ("tpd"), the PEA will focus on an initial mining rate of 350 tpd, and will update the existing mineral resource to conform with the current metal price environment. Transmin Metallurgical Consultants, a leading metallurgical consulting firm in South America, will be responsible for reviewing metallurgy, processing and recoveries. It is anticipated the PEA will be completed in Q1, 2018, with the results being used as a basis to validate and potentially enhance existing internal studies.
