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NorthIsle Copper and Gold Inc. Announces Positive PEA for North Island Copper-Gold Project
VANCOUVER, British Columbia, Sept. 13, 2017 (GLOBE NEWSWIRE) -- NorthIsle Copper and Gold Inc. (TSX-V:NCX) (“NorthIsle” or the “Company”) is pleased to announce
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"VANCOUVER, British Columbia, Sept. 13, 2017 (GLOBE NEWSWIRE) -- NorthIsle Copper and Gold Inc. (TSX-V:NCX) (“NorthIsle” or the “Company”) is pleased to announce the results of its Preliminary Economic Assessment (“PEA”), prepared by M3 Engineering & Technology Corp., for its 100% owned North Island Copper and Gold Project located in northern Vancouver Island British Columbia (“Project”). The results of the PEA demonstrate the potential technical and economic viability of the Project constructed as an open-pit mine, with a concentrator processing nominally 75,000 tonnes per day. PEA HIGHLIGHTS: After tax NPV 8% of CAD $550.4 million, 14.3% IRR, 22-year mine life Life of Mine (LOM) metal production of 1.8 billion pounds of copper, 1.7 million ounces of gold and 55 million pounds of molybdenum Annual production of 82 million pounds of copper, 79 thousand ounces of gold and 3 million pounds of molybdenum Initial capital costs of CAD $1.34 billion plus sustaining capital of $139 million Direct cash cost of production per pound of copper net of gold, molybdenum and pyrite concentrate is CAD $1.17 “We are very pleased with the results of our maiden PEA,” said Jack McClintock, President of NorthIsle. “This PEA shows the Project can be built and operated with excellent returns based on conservative metal prices. There are a number of areas of potential improvements that could improve the Project further including advanced metallurgical studies to improve metal recoveries, evaluating higher production rates, evaluating the use of the Island Copper pit for tailings disposal and evaluating the potential for rhenium credits in the molybdenum concentrate. There remains excellent potential to add tonnes to our resource base. Drilling this summer demonstrated that our Hushamu deposit remains open for a significant expansion of its resource. In addition, there are several partially explored copper – gold exploration targets, any one of which could contribute significantly to the resource base of the Project.” PEA BASE CASE ECONOMIC RESULTS Parameter Unit Base Case Capital Cost CAD$ $1,344 million Sustaining Capital CAD$ $139 million NSR CAD$/ore tonne $17.61 Average Op Cost/tonne CAD$ $8.66 After tax Net Revenue CAD$ $2,349 million After tax NPV 8% CAD$ $550 million After tax IRR and pa...