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Retransmission - Canamex Resources Announces Positive Preliminary Economic Assessment for Bruner Gold Project, Nevada
VANCOUVER, BC / ACCESSWIRE / March 4, 2016 / Canamex Resources Corp. (TSXV: CSQ ) (OTCQX: ...
About this update from Canamex Gold Corp
[{"type":"text","content":"Retransmission - Canamex Resources Announces Positive Preliminary Economic Assessment for Bruner Gold Project, NevadaVANCOUVER, BC / ACCESSWIRE / March 4, 2016 / Canamex Resources Corp. (TSXV: CSQ) (OTCQX: CNMXF) (FSE: CX6.F) (\"Canamex\") is pleased to announce the positive results of the Preliminary Economic Assessment (\"PEA\") on the Bruner Gold Project in Nye County, Nevada. The 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$1.34 = US$1.00.\nThe Company is pleased to announce 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; and\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.\nThe PEA was prepared by Welsh-Hagen Associates 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.\n\"Completion of this Preliminary Economic Assessment is an important milestone. I believe we will be able to move the Bruner Gold Project forward into permitting and development on the strength of this positive PEA. The project includes the fundamental elements we consider important to investors when building a mine: low capital and operating costs, and a reasonable rate of return in the current price environment. We can now move ahead with permitting and engineering the project for development,\" said Mark Billings, Chairman and Chief Executive Officer of Canamex Resources.\nHighlights of the Preliminary Economic Ass...