Business
Farallon announces details of evaluation of other deposits at Campo Morado
Farallon announces details of evaluation of other deposits at Campo Morado
About this update from First Atlantic Nickel & Cobalt Corp.
[{"type":"text","content":"\n\n\n\n Jul. 6, 2010 (Canada NewsWire Group) -- Contractors to be selected by September 1, 2010\n\n Farallon Mining Ltd. ("Farallon" or the "Company") (TSX:FAN) announces that the Company has established the framework and timeline for the review of the original four deposits at Campo Morado. The objective of the review is to evaluate the economic viability of building a second mine at Campo Morado.\nThis study will investigate a number of development alternatives including construction of a new stand-alone mill, expanding the current mill at G-9, blending with ore from G-9, or utilizing campaign milling to extend the life of G-9. The primary focus of the study will be to address the options for maximizing the recovery of precious metals in the Reforma, El Rey, El Largo and Naranjo deposits, since the resource at Campo Morado is estimated to include just under 1 million ounces of gold and 60 million ounces of silver(1) (see June 29, 2010 news release for resource table.)\n\nThe scope of work will include:\n\n\n >\n\n\nDr. David Stone, P.Eng., of Hunter Dickinson Services Inc. and a consultant to Farallon, will be the project manager for this study, reporting directly to Farallon's President Mr. Dick Whittington. The project schedule targets the awarding of contracts for the study work by September 1, 2010, with the final study scheduled for completion by July 1, 2011.\nDick Whittington said: "I am very excited to be moving forward with this study. The unlocking of value from the original four deposits is now a significant component of our ability to grow the company organically. The objective of this initiative is to have a second mine at Campo Morado by July 1, 2013."\nFarallon operates the G-9 zinc mine on its Campo Morado Property in Guerrero State, Mexico. G-9 is a 1,500 tonnes per day, underground, zinc mine with important by-product credits of copper, gold, and silver, and with operating costs in the lowest 10% of zinc producers worldwide. The Company is targeting to produce at an annualized production rate of 120 million pounds of zinc and 15 million pounds of copper per year.\n\n\n >\n\n\nForward Looking Information\n\nThis news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical fa...