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Fortune Minerals Announces Preliminary Economic Assessment Report for the Revenue Silver Mine in Colorado
Issued Capital: 190,244,847 First concentrate delivered to Teck's Trail Smelter in Briti...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\nIssued Capital: 190,244,847\n\nFirst concentrate delivered to Teck's Trail Smelter in British Columbia for processing while mine & mill commissioning progress toward 400 ton per day ramp up \n\nAs a result of a review by staff of the Ontario Securities Commission, we are issuing the following news release regarding our disclosure on the Revenue Silver Mine property. \n\n\n\nLONDON, ON, July 24, 2014 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (\"Fortune\" or the \"Company\") (www.fortuneminerals.com) announces the results of a Preliminary Economic Assessment (\"PEA\") report for the Revenue Silver Mine in southwest Colorado, U.S.A. The PEA prepared by SRK Consulting (\"SRK\") demonstrates an attractive 73.2% After Tax Internal Rate of Return (\"IRR\") and US$ 58.8 million 6% discounted After Tax Net Present Value (\"NPV\") for the project. A Technical Report with respect to the PEA ('the SRK Technical Report\") will be filed on the SEDAR website (www.sedar.com) and the Company's website today. Fortune can acquire a 100% interest in the Revenue Silver Mine pursuant to an agreement with staged acquisition terms. The Company has already completed the purchase of a minimum 12% interest and is Operator of the mine. The purchase of the Revenue Silver Mine accomplishes Fortune's goal to become a producer, while also positioning the Company for further growth in the prolific Sneffels Silver Mining District of Colorado.\n\nHighlights of the PEA:\n\n\n\nFully permitted and constructed mine, mill and surface facilities in the commissioning for a ramp up to 400 tons per day \nPre Tax IRR of 76.4% and After Tax IRR of 73.2% \nPre Tax 6% discounted NPV of US$ 69.6 million and After Tax NPV of US$ 58.8 million \nResources of 215,300 tons classified as Measured, 586,300 tons as Indicated and 684,200 tons as Inferred, containing 16.3 million ounces of silver in the Measured and Indicated Resources and 10.1 million ounces of silver in the Inferred Resources \nMine Plan Resource of 888,283 tons (diluted) with an average grade of 14.6 ounces of silver per ton, 0.02 ounces of gold per ton, 2.26 percent lead, and 0.90 percent zinc used as a basis for the economic analysis \nLife of mine (\"LOM\") average annual mined production of 1.86 million ounces of silver \nCash cost of US$ 6.62 per ounce of silver net of by-produ...