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Imperial Metals: Red Chris Block Cave Pre-Feasibility Study Confirms Low Cost, Long Life
VANCOUVER, British Columbia, Oct. 11, 2021 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports the highlights of the Red Chris Blo
About this update from Imperial Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 11, 2021 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports the highlights of the Red Chris Block Cave Pre-Feasibility Study (PFS) which confirms the potential to develop a world class, low cost, long life mine. Newcrest’s recently completed PFS indicates the project has an estimated 17% IRR and CAD$2.3 billion NPV over an initial 31 year mine life at prices of US$3.30 per pound copper and US$1500 per troy ounce gold. Some key results from the PFS are noted below: Production projected to average 80 thousand tonnes of copper and 316,000 ounces of gold per annum for 6 years starting July 2028 Impressive Block Cave Life-of-Mine All-In Sustaining Cost of negative US$144 per ounce of gold Initial Mineral Reserve estimate of 8.1 million ounces gold and 2.2 million tonnes copper Payback of 3.2 years Block Cave First Ore first half of 2026 Further optimization underway to assess opportunities proximate to the mining area, incl. East Ridge Studies are underway to consider “early mining” of high-grade pods to enhance cashflows prior to development of a block cave With the completion of the PFS, Newcrest has approved preparation of a Feasibility Study which is expected to be completed in the first half 2023. Newcrest intends to release a National Instrument 43-101 (NI 43-101) technical report on Red Chris within 45 days of this release. Imperial President, Brian Kynoch, said “The Red Chris Block Cave Pre-Feasibility Study confirms Imperial’s long held view that Red Chris has the potential to be a long life, low cost mine capable of producing both copper and gold at low unit costs. Additionally, with British Columbia’s hydro-generated grid powering the project and the efficient block cave mining to be utilized at Red Chris, we believe the project’s carbon footprint will be low. The exploration results being obtained in the East Ridge and the multiple high-grade pods being defined by additional drilling in the East Zone provide further project upside beyond the scope of this Study. ‘Early mining’ of the high grade pods in the East Zone prior the initiation of a block cave is being evaluated and could help fund the block cave development.” The findings contained in this release with respect to the Red Chris PFS are in 100% terms, Imperial is a 30% Joint venture part...