Business
M3 Metals Corp Provides Update on the Block 103 Project
Vancouver, British Columbia--(Newsfile Corp. - August 2, 2019) - M3 Metals Corp. (TSXV: MT) (FSE: X0VP) ("M3 Metals" or the "Company") is pleased to announce it
About this update from M3 Metals Corp.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - August 2, 2019) - M3 Metals Corp. (TSXV: MT) (FSE: X0VP) (\"M3 Metals\" or the \"Company\") is pleased to announce it has engaged Hatch to complete a re-scope and economic analysis on its wholly owned Block 103 iron ore project located in the heart of the Labrador Trough in Newfoundland and Labrador, Canada. Hatch is a highly experienced global multidisciplinary management, engineering and development consultancy with extensive experience and expertise in the global iron ore industry and specifically in the Labrador Trough, Canada. Kosta Tsoutsis, CEO of M3 Metals comments, \"We are extremely pleased to be moving forward on the Block 103 project with such an experienced group. By electing to work with Hatch we gain access to their extensive knowledge and experience taking projects from a conceptual stage into production right here in our backyard.\" To date the Company has spent over 38 million advancing the project to a PEA stage (Preliminary Economic Assessment). The new report will allow the Company to take the initial step in advancing the Project past the PEA stage while allowing the scope of the project to be optimized reducing overall costs. The engagement of Hatch is a strategic step that the Company believes will play an integral part in moving the project forward. The Block 103 Iron Ore Project Objective M3 Metals is focused on optimizing the economics and reduce the capital requirements for the development and operation of the Block 103 project. Current objectives are highlighted below: Significantly reduce the overall cost estimates from the historic 2013 Preliminary Economic Assessment (PEA) Implement phased-capacity-increase-approach to increase economic viability Utilize organic growth to achieve completion of full-scale operation Highlight the robust nature of the project long term Calculate key project metrics (ex. Capital Cost, Operating Cost, IRR, NPV) Use new report towards completion of Pre-Feasibility Study (PFS) as next step The newly commissioned report will be completed to meet the AACE International (American Association of Cost Engineering) classification standards at a Class 4 estimate level. This report can be used towards a Pre-Feasibility Study (PFS) or Bankable Feasibility Study (BFS) and will encompass the initial re-scoping of the project developmen...