Business
Preliminary Economic Assessment in progress
Preliminary Economic Assessment in progress.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \n Anglesey Mining plc\n 01 October 2020 LSE:AYM\n Parys Mountain Preliminary Economic Assessment in progress\n Anglesey Mining plc is pleased to report that it has appointed Micon International Limited (“Micon”) to carry out a Preliminary Economic Assessment (“PEA”) on its Parys Mountain copper, zinc, lead, gold and silver project, located on the island of Anglesey in North Wales.\n Micon is an experienced minerals industry consultant that has reviewed mining projects across all continents. Micon has long experience with Parys Mountain commencing in 2006 and including preparation of the JORC compliant resource estimate in 2012 and the Scoping Study in 2017. This background will enable Micon to move swiftly and knowledgeably to completion of this important PEA.\n The PEA is the next step in the development of Parys Mountain on the road to production and follows from the optimisation studies recently completed by QME Mining Technical Services (“QME”). The QME work highlighted up to 10 million tonnes of potentially mineable material available at Parys Mountain which is significantly larger than the 2.1 million tonnes of indicated resource that was utilised in Micon’s positive 2017 Scoping Study.\n QME also identified that it should be possible to utilise a lower cut-off grade for mine planning purposes than used in the Micon 2017 study. QME based this on their review of the expected operating costs at Parys Mountain based on their long and detailed experience in underground mine operations in Ireland and elsewhere.\n As a result of the QME work it is expected that the planned production rate of 1,000 tonnes per day utilised in 2017 will be expanded, and that the projected mine life of just 8 years will be significantly extended.\n In preparing the PEA, Micon will review all the QME work including capital and operating cost estimates, ore-body modelling and mine production planning. It is intended that Micon will evaluate several separate development scenarios based on the various ore zones available for mining and on differing production rates to best optimise the assets at Parys Mountain. Micon will incorporate the results into detailed production and financial models to produce comprehensive and compliant reports that will be in a form that can be publicly released. It is expect...