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Getty Copper Announces NI 43-101 Pre Feasibility Engineering Study Update Completion
Getty Copper Announces NI 43-101 Pre Feasibility Engineering Study Update Completion
About this update from Getty Copper Inc.
[{"type":"text","content":"\n\n\n\n May 21, 2010 (Canada NewsWire Group) -- Trading Symbol TSX V: GTC\n\n Getty Copper Inc. is pleased to announce that the previous 43-101 Pre Feasibility Study dated June 9, 2009 has now been amended and restated by West Coast Environmental and Engineering, as a result of a review by technical staff of the British Columbia Securities Commission. The following statements summarize and reconcile the amendments made to the Pre Feasibility Report dated June 9, 2009 and are included in the final technical report dated May 3, 2010 that will be filed on www.sedar.com. The Report is a pre-feasibility report and readers are reminded that its conclusions are broad in nature and remain subject to the requirements for detailed engineering in a (final) feasibility report prepared in accordance with industry and regulatory requirements.\nIndicated and Inferred Mineral Resources were originally bounded within the original pit boundaries. The updated May 3, 2010 Pre-Feasibility Study has now updated the indicated and inferred resource to include all mineralization that had reasonable prospects for economic extraction under favourable economic conditions, thus resulting in an increase in both the Indicated and Inferred Mineral Resources. The Indicated Resource blocks within the preliminary pit design were designated as the Probable Mineral Reserves. The revised table below illustrates this (the original June 9, 2009 resource is in parenthesis):\n\n\n >\n\n\nThere were no changes to the reserves estimated in the June 9, 2009 Pre Feasibility Study. These are shown in Table 2.\n\n\n >\n\n\nFurther, there have been substantial recent swings in copper and molybdenum prices. The June 9, 2009 report used 60% of the 3 year trailing average and 40% of the 2 year forward average to project the copper metal price (US$3.29), and a deescalating molybdenum price based on a long term projected molybdenum prices (US$29.33 deescalating to US$14.75).\nDue to the precipitous drop and subsequent gain in metal prices during late 2009 and early 2010, metal prices used were reviewed and changed using the original parameters. Accordingly, in the May 3, 2010 updated Pre-Feasibility Study, the long term copper price was dropped to US$2.99. Molybdenum pricing was reviewed and updated to an escalating future price using a price starting at US$18.00 escalating to US$...