Business
Norsemont Mining Updates Constancia Feasibility Study
Feasibility Study on track for completion in April 2009 Share Issued and Outstanding: 53,829,578 ...
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\n Feasibility Study on track for completion in April 2009\n\nShare Issued and Outstanding: 53,829,578\nTSX: NOM\nBVL: NOM\n\n\nTORONTO and LIMA, Peru, Oct. 23 /CNW/ - Norsemont Mining Inc. ("the\nCompany") (TSX: NOM, BVL: NOM) today provided an update on the Definitive\nFeasibility Study for the Constancia copper-molybdenum-silver project in\nsouthern Peru. The feasibility study is currently on track for completion in\nApril 2009.\n\n\nCommenting, Norsemont CEO Patrick Evans said: "The Constancia Project is\nwidely regarded as the leading independent copper-molybdenum-silver project in\nPeru. Despite the recent weakness in the copper market, Constancia remains an\nexceptionally robust project and I'm very pleased with the excellent progress\nof the feasibility study. From the commencement of the feasibility study,\nNorsemont has used a long-term copper price assumption of $1.80 per pound. A\nrecently completed scoping study (discussed below) indicates the project has a\nnet present value of $530 million and an internal rate of return of\n25.3 percent under this copper price assumption."\n\n\nFeasibility Study activities in the areas of process plant design,\nengineering drawings, power and roads have been carried out to meet the\nschedule for completion in April 2009. In addition, progress with the\nmetallurgical drilling for the molybdenum optimisation and completion of the\ninfill drilling has been exceptional due to excellent drilling productivity.\nDrilling is scheduled to be completed by the end of November, 2008.\n\n\nHighlights from the Definitive Feasibility Study are:\n\n- Major infrastructure locations (plant, mine waste dumps and tailing\n storage facility) have been identified and sterilised;\n- Information on HAZCHEM classifications, dangerous goods codes and\n storage has been reviewed;\n- Power demand of 102MW will be supplied via a 220kv high-tension line\n from the national power grid. Design is scheduled for completion by\n the end of November 2008;\n- Access road study and engineering design from the town of Espinar to\n the project site has been completed;\n- Phase I waste characterisation report has been completed;\n- Preliminary water balance study has been completed;\n- Seismic risk evaluation is in progress and nearing completion;\n- 2,300 metres of geotechnical drilling has bee...