Business
Results of Concept Study
Results of Concept Study.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n Metals Exploration PLC\n15 April 2008\n\n Metals Exploration PLC\n\n\n Runruno Concept Study Completed\n Ausenco appointed as Engineering Contractor\n\n\n\n15 April 2008\n\n\n\nMetals Exploration PLC ('Metals Ex' or 'the Company') (AIM: MTL), the natural\nresources exploration and development company with assets in the Pacific Rim\nregion, is pleased to announce the results of its Concept Study into the\neconomic viability of its 100% controlled Runruno gold-molybdenum (Au-Mo)\nproject located in the Philippines.\n\n\nThe Company is also pleased to report the appointment of Ausenco, an Australian\nbased engineering and project management company, to the Scoping Study team.\n\n\nHighlights:\n\n\n\n • 190,000 - 210,000 ozs/year gold production planned\n • Additional 1.8m - 2.1m lbs/year by-product Mo production targeted\n • Project is robust on a stand alone gold development basis\n • Capital cost of US$160m - US$210m (includes Mo circuit)\n • Gross average annual cash costs of US$350 - US$400 per oz Au (falling to\n US$190 - US$320 per oz Au net of Mo credits at US$15/lb)\n • Internationally renowned engineering firm Ausenco appointed to assist in\n completion of Scoping Study by mid-2008\n\n\n\n\n\nThe Company recently completed Stage 1, or Concept Study stage, of the Runruno\ndetailed Scoping Study.\n\n\n\nThe Concept Study has been prepared by the Company using its own resources but\nwith input from a number of external consultants; and has been undertaken by\ncontrasting and comparing the sub-elements of a number of similar mine and\nprocessing operations to design a conceptual development and operations model\nfor Runruno. To refine this model further, many of the elements have been\nchecked against the local Philippine operating environment and the model\nadjusted accordingly.\n\n\n\nBy its nature the output of the Concept Study can only be considered as a guide\nto a possible development at Runruno. However, it provides an important\nframework on which the Company can base the full Scoping Study, which is being\nundertaken to a greater level of detail and using external consultants and which\nwill provide the basis for the Company to commit the Project to a full\nfeasibility study.\n\n\n\nThe Scoping Study, involving a technical and economic assessment of the\nviability of developing a mining and processing ...