Business
New Mexico Copper Project
New Mexico Copper Project.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n New Mexico Copper Project\n \n \n\n \n Mercator Gold Plc\n \n \n\n \n \n \n MERCATOR GOLD plc(“Mercator Gold”, “Mercator” or “the \n Company”)\n \n \n Mercator Acquires Exclusive Optionover New Mexico Copper \n Project\n \n \n Mercator Gold plc is pleased to announce that further to its release of \n 27 July 2009 the Company has acquired an exclusive option over the \n Copper Flat porphyry copper-molybdenum-gold-silver project in the Las \n Animas mining district in south central New Mexico, United States, by \n making a payment of US$150,000 as consideration for the grant of the \n option.\n \n \n Mercator continues to carry out due diligence on the Copper Flat \n project, which is a former producing mine. Key areas of focus for the \n development plans will include the evaluation of the economics of a \n return of the project to production; assessment of the potential for \n expansion of existing reserves and resources; and an assessment of the \n likely time required to secure all necessary permits for the \n recommencement of production.\n \n \n About the Copper Flat Project\n \n \n \n The Copper Flat deposit has historical reserves of 45.5 million metric \n tons grading 0.45% Cu, 0.015% Mo, 0.15g/t Au and 2.25g/t Ag (cut-off \n grade 0.23% Cu), equivalent to 50.2 million short tons @ 0.45% Cu, \n 0.015% Mo, 0.14g/t Au and 2.04g/t Ag (cut-off grade 0.23% Cu).\n \n \n An open pit mining operation treating up to 6 million short tons per \n annum to produce up to 20,000 metric tons (30-45 million lb) of copper \n per annum at Copper Flat will be the basis for planning. Extensive \n feasibility studies on the restart of production at the project were \n carried out during the 1980s by highly reputable technical \n consultants. The most recent Pincock, Allen & Holt plan for a \n resumption of production at Copper Flat envisaged the mining of 5.8 \n million short tons of ore and 4 million short tons of waste annually \n for 11.6 years. In order to restart production, a suitable processing \n plant, either new or second hand, would need to be procured and \n commissioned.\n \n \n Important infrastructure from previous mining operations remains in \n place at Copper Flat. A full pre-strip of the ore body has been \n completed, which along with the infrastructure in place represents a \n substantial proportion of th...