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Norsemont Mining Awards the Definitive Feasibility Study for the Constancia Cu-Mo-Ag Porphyry Project, Southern Peru
Shares Issued and Outstanding: 38,477,878 TSX: NOM BVL: NOM
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\nShares Issued and Outstanding: 38,477,878\n\n\nTSX: NOM\n\n\nBVL: NOM\n\n\nVANCOUVER and LIMA, PERU, Dec. 20 /CNW/ - Norsemont Mining Inc. ("the\nCompany") (TSX: NOM, BVL: NOM) today announced that following the successful\nconclusion of the NI 43-101 compliant independent preliminary economic\nassessment for the Constancia copper-molybdenum-silver porphyry project in\nsouthern Peru, the Company is initiating an independent Definitive Feasibility\nStudy (DFS) and has selected GRD Minproc and Knight Piesold to conduct the\nDFS. Selection of the DFS team was based on technical, project management and\neconomic merits.\n\n\nMr. Bob Baxter, President and COO of Norsemont Mining said: "The Company\nhas selected strong, internationally recognized engineering consultants who\nwill provide solid local and international support. The DFS team has\nconsiderable experience in Peru, which adds to our confidence."\n\n\nThe recently completed Constancia scoping study focused on three\noperating scenarios: a 30,000 tonne per day (t/d) stand-alone case (SA), a\n30,000 t/d expandable to 55,000 t/d case (EX), and a 55,000 t/d stand-alone\ncase. Based on the current resource, the corresponding life of mine (LOM) for\nthe 30,000 t/d and 55,000 t/d stand alone cases are 20 and 12 years,\nrespectively.\n\n\nEstimated production for the 55,000 t/d case is approximately\n112,218 tonnes per year of copper recovered over the first five years, with a\nLOM annual average production of 90,411 tonnes. For the 30,000 t/d case\nestimated production is 72,814 tonnes per year of copper recovered during the\nfirst five years, with a LOM annual average of 53,598 tonnes.\n\n\nCash operating costs net of credits are estimated at $0.74 per lb over\nthe 20-year project life for the 30,000 t/d case and $0.67 per lb over the\n12-year project life for the 55,000 t/d case. Capital expenditure estimates\n(inclusive of a 25 percent contingency) for the three operating scenarios are\nUS$605.6M, US$617.3M and US$739.7M, respectively.\n\n\nBased on a discount rate of 8 percent, the Constancia project's Internal\nRate of Return (IRR), Net Present Value (NPV) and corresponding payback for\nthe three operating scenarios are as follows:\n\n\n-------------------------------------------------------------------------\nDescription 30,000 t/d SA 30,000 t/d EX...