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CopperBank Commences Optimization Plan for Contact Project
VANCOUVER, BC / ACCESSWIRE / December 5, 2017 / CopperBank Resources Corp. (" CopperBank " o...
About this update from Faraday Copper Corp
[{"type":"text","content":"CopperBank Commences Optimization Plan for Contact ProjectVANCOUVER, BC / ACCESSWIRE / December 5, 2017 / CopperBank Resources Corp. (\"CopperBank\" or the \"Company\") (CSE: CBK) (OTC PINK: CPPKF) is pleased to report that it has initiated a strategic review for its 100%-owned Contact Copper Oxide Project (the \"Contact Project\") located in Elko County, Nevada. The Company is interviewing consultants with expertise in heap leach copper, and specifically, mine plan optimization. This internal review will be based on assumptions from previous technical reports, including the October 2013 pre-feasibility study (\"PFS\") conducted by Hard Rock Consulting LLC. Subject to the outcome of this review, the Company would contemplate a cost-effective work program, which could include shallow in-fill and metallurgical drill holes to assist in greater confidence with the Company's optimization plans. It is anticipated that the completion of these optimization studies would be complete by the end of the first quarter of 2018. A copy of the 2013 PFS can be found on the Company's website www.copperbankcorp.com.\nThe Company is also pleased to report that it is reviewing options to unlock shareholder value, including a partnering with third parties who have expressed interest in the Contact Project and who have experience in the development and operation of solvent extraction and electrowinning (\"SX-EW\") copper cathode projects.\nSelected parameters of the proposed Contact Project mine plan optimization review currently being considered include:\n\n Conducting a detailed review of the geological block model for project optimization;\n Reviewing the potential for a two-phase development plan with the initial phase targeting the higher-grade core of the project, which could allow for improved economics of the second-phase development of lower-grade reserves;\n Reviewing capital versus operating budget items such as owner-operated mine fleet versus contract mining, especially in the context of lower initial throughput;\n Assessing the value of attributing a 1%, 1.5%, and 2% gross revenue royalty to areas of the Contact Project that are entirely situated on private property owned by the Company and do not bear any royalties at present; and\n Creating updated sensitivity schedules to include corporate tax rates ranging from 20% to 35%, discount r...