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Opawica Explorations Inc. announces filing of Atikwa Lake project preliminary scoping study
Opawica Explorations Inc. announces filing of Atikwa Lake project preliminary scoping study
About this update from Opawica Explorations Inc.
[{"type":"text","content":"\n\n\n\n Aug. 24, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nVANCOUVER, Aug. 24 /CNW/ - Opawica Explorations Inc. (TSX.V: OPW / OTC: OPWEF / Frankfurt: OE5A) ("Opawica" / the "Company") announces that it has completed and filed on SEDAR a Preliminary Scoping Study (the "Study") regarding the Company's Atikwa Lake gold and copper project located near Kenora, Ontario.\nThe Study has been limited to a model of 1000 tpd projected to be mined from a 2,974,200 tonne surface and higher grade portion of the current NI 43-101 compliant 7,366,000 tonne Indicated resource of the Maybrun open pit Main Zone of 0.64 g/t Au and 0.41% Cu. The head grade for the above 2,974,200 tonnes of open pit material is 0.911 g/t Au and 0.574% Cu for a gold equivalent of 1.896 g/t Au. An open pit stripping ratio of 1.5 to 1 has been used to a depth of 40m that would commence from an existing open pit bench cut of the Maybrun Main Zone.\nThe preliminary economic analysis from the Study indicates positive preliminary economic considerations for an initial 1000 tpd operation consisting of Capital Costs of $9,850,000, sustaining capital of $6,000,000, overall pre-tax cash flow of $26,592,000, all over a minimum of an eight year period. A preliminary Internal Rate of Return (IRR) of 30% is evident over the initial eight year period put forth in the Study.\nThe Study has utilized a contract mining scenario that would include using existing tailings ponds, new surface infrastructure and some refurbished mill components used in past production (1973) on site. A flow sheet consistent with past milling consisting of two ball mills, floatation circuit and concentrator has been proposed. Overall recoveries of 92.6% has been used for gold and an 85% recovery in concentrate has been used for copper.\nThe Preliminary Scoping Study and economic analysis has been purposefully limited to 1000 tpd. The objective is to determine if the past footpri...