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Canamex Receives Preliminary Economic Assessment Report for Bruner Gold Project, Nevada
VANCOUVER, BC / ACCESSWIRE / April 6, 2016 / Canamex Resources Corp. (TSXV: CSQ ) (OTCQX: ...
About this update from Canamex Gold Corp
[{"type":"text","content":"Canamex Receives Preliminary Economic Assessment Report for Bruner Gold Project, NevadaVANCOUVER, BC / ACCESSWIRE / April 6, 2016 / Canamex Resources Corp. (TSXV: CSQ) (OTCQX: CNMXF) (FSE: CX6) (\"Canamex\") is pleased to announce that it filed yesterday on SEDAR (www.sedar.com) the Preliminary Economic Assessment Report (\"PEA\") for the Bruner Gold Project in Nye County, Nevada. \nThe PEA was prepared by Welsh-Hagen Associates (\"WHA\") of Reno, Nevada in accordance with the requirements of Canadian National Instrument 43-101 \"Standards of Disclosure for Mineral Projects\" (\"NI 43-101\"), and based upon the maiden NI43-101 resource for the project released in March 2015. The initial NI43-101 resources remain open in multiple directions and are amenable to expansion with additional drilling.\nThe Bruner Gold Project is currently a 70/30 joint venture between Canamex Resources Corporation and Patriot Gold Corporation with Canamex as the majority owner and manager of the joint venture. All dollar references are in US dollars. The current exchange rate is Cdn$1.31 = US$1.00.\nAs announced in Canamex's news release dated March 3, 2016, the following is a summary of the results of the PEA on a 100% ownership basis for the Bruner Gold Project in Nevada. The key outcomes of the study include:\n- Pre-tax net present value at 5% discount rate (NPV5) of $61 million;\n- Low initial capital of $33.4 million;\n- Pre-tax IRR of 42.1% at $1250 gold price;\n- Attractive after-tax IRR of 39.0% and NPV5% of $54.9 million;\n- Average annual gold production of 46,500 ounces and 44,600 ounces of silver;\n- Average cash cost of $550/oz. of gold produced for the first two years of operation and $818/oz. thereafter, over a 6-year mine life with a two-year tail of gold and silver recovery after mining. The average cash cost is $796/oz gold;\n- Pay-back period of nominally 1.25 years at $1,250/oz gold;\n- Contract mining with room for significant improvement on mining costs with owner operated mining;\n- Facility siting and first two years of production entirely on patented claims to allow for a streamlined permitting process;\n- Oxide heap leach processing with 90% recovery of gold on single stage crushed material and 75% recovery of gold on run of mine (ROM) material.\nLife-of-mine (LOM) production of crushed material of 14.5 million tonnes at a gol...