Business
Positive Scoping / Pre-Feasib
Positive Scoping / Pre-Feasib.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n RNS Number : 2314H Metals Exploration PLC 03 November 2008 \n \n3 November 2008\n\nMetals Exploration PLC\nRunruno Gold-Molybdenum Project\nPositive Scoping / Pre-Feasibility Study Results\n183,000 ozs gold, 1.7m lbs moly per annum at US$285 /oz gold net\n\nMetals Exploration PLC ('Metals Ex' or 'the Company'), the natural resources exploration and development company with assets in the Pacific Rim region, is pleased to announce the results of its Scoping / Pre-Feasibility Study into the economic viability of its 100% controlled Runruno gold-molybdenum (Au-Mo) project located in the Philippines. \n\n\nScoping / Pre-Feasibility Study Highlights\n\n\n183,000 ozs gold and 1.7m lbs moly production per annum\n\n\nCapital cost US$208m (including moly circuit)\n\n\nAverage annual cash operating costs of US$285 per oz Au (net of moly credits at US$20/lb) are in the lowest quartile of the cost curve\n\n\nLife of mine strip ratio 5.9:1\n\n\nPotential to extend minelife and improve economics through addition of resources both within the proposed pit and to the north-east\n\n\n\nConclusions\nThe study was based on an open pit mining operation and biological leaching using the proven BIOX® process combined with conventional carbon in leach treatment to recover gold to doré bullion and molybdenum to a saleable molybdenum product. \nThe project's location and ease of access, combined with available power and road infrastructure, contribute significantly to the positive outcome of the study; these aspects set Runruno apart from many greenfield projects.\n\nThe project as defined in the study is based on a nine year mine operation which in full production would produce:\n\n\nAn average of 183,000 ozs of gold and 1.7 million lbs of molybdenum per annum;\n\n\nfrom a 3.0 million tonne per annum mine and processing operation, \n\n\nat a cash operating cost of US$285/oz net of projected molybdenum credits. \n\n\nA summary of the key project fundamentals is presented below:\n\n\n\n\n\nScoping Study Years 1-9\n\n\n\n\n\n\n\nUnit\n\n\nGold Only Project\n\n\nGold & Moly Project \n\n\n\n\nAnnual milling rate\n\n\nmill...