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TriAusMin Moves Forward With $3 Million Program at Woodlawn and Lewis Ponds Projects in Australia
Feb. 22, 2011 (Filing Services Canada) -- TriAusMin Limited  (TOR - TSX), is pleased ...
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[{"type":"text","content":"\nTriAusMin Moves Forward With $3 Million Program at Woodlawn and Lewis Ponds Projects in Australia\n\n\n Feb. 22, 2011 (Filing Services Canada) -- TriAusMin Limited  (TOR - TSX), is pleased to announce that it has initiated a $3.0 million work program to advance its Woodlawn Tailings Re-treatment development and its Woodlawn and Lewis Ponds exploration projects located in the Lachlan Fold Belt approximately 250 km southwest of Sydney, Australia. CEO Bob Valliant said, \"2011 will be an active year for TriAusMin as it advances its mine development and exploration projects, with the goal of becoming a producing mining company in the near term and making new exploration discoveries to allow for continued growth in the years ahead.\"  The work program is in progress and is expected to be completed by June 30, 2011. This work is comprised of three important initiatives:Woodlawn Tailings ProjectThe Woodlawn property has mineral reserves1(a) of 11.2 million tonnes of tailings at an average grade of 2.2% zinc, 0.5% copper, 1.3% lead, 31.1g/t silver, and 0.28g/t gold. A feasibility study completed in 2008 and a 43-101 compliant report prepared by Scott Wilson Roscoe Postle Associates Inc in December 2009 indicated that the Tailings Re-treatment project is economically viable at metal prices materially below current levels.  At metal prices of $1.00 per lb Zinc, $3.25 per lb Copper, $1.00 per lb Lead, $1250 per ounce Gold and $26 per ounce Silver the project has a NPV of $125 million at a 5% discount rate (equal to $0.79 per share pre-tax) and an IRR of 45% based upon a foreign exchange rate of $1.00AUS = $0.90 US.The development of the project for production will involve the construction of a 4300 tonne per day processing facility and related infrastructure at a cost estimated at US$60-70 million. The mining will be carried out using hydraulic high pressure water monitors with the ore being transported to the mill by slurry pipeline. The mill will produce copper, zinc and lead concentrates for sale to customers. Mine life is expected to be approximately 8 years; expected to commence in 2013 with capital payback being approximately 3.5 years. Power, roads, water, services and manpower are all either available at the site or in the immediate area of the deposit. A budget of $1.4 million has been set to finali...