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Crown Mining Corp. Announces PEA Results for the Moonlight Copper Project
Toronto, Ontario--(Newsfile Corp. - March 2, 2018) - Crown Mining Corp. (TSXV: CWM) ("Crown"...
About this update from Us Copper Corp
[{"type":"text","content":"Crown Mining Corp. Announces PEA Results for the Moonlight Copper ProjectToronto, Ontario--(Newsfile Corp. - March 2, 2018) - Crown Mining Corp. (TSXV: CWM) (\"Crown\" or \"the Company\") is pleased to report strong results of the Preliminary Economic Assessment (PEA) completed by Tetra Tech, regarding the Company's Moonlight Copper Project located in Plumas County, California, USA.Highlights of the PEA Include:Pre-tax Net Present Value (NPV): US$ 237M at 8% discount ratePre-Tax Internal Rate of Return (IRR): 16.4%Pre-tax Payback Period: 4.8 yearsAfter-tax NPV of US$179M and after tax IRR of 14.6% for the base caseInitial Capital Cost: US$513M, including a contingency provision in the amount of US$71MPlant Processing Rate: 60,000 tons per day (STPD)Average Copper Recovery: 86.0%Copper concentrate Production: Averaging 163,000 tons per year (STPY) with an average grade of 28%Mine Life: 17 years, based on the existing Mineral Resource estimateProjected Direct Employment: 332 employees (163 process and G&A; 169 mining)Life of mine copper production of 1.5 billion poundsThe PEA was prepared under National Instrument 43-101 standards by independent consultant, Tetra Tech, and the full technical report will be filed on SEDAR within 45 days of this news release. The Company also engaged Cameron Resource Consulting, LLC (CRC) for the resource modeling.Crown's President & CEO, Stephen Dunn commented: \"The Company is very encouraged with the results of the PEA as they support the concept that the Moonlight Project can be developed as a profitable mining operation at current copper prices.\" \"The current study only focuses on the Moonlight deposit and does not factor in the other two deposits or the several untested exploration targets on our property. Additional exploration success at Moonlight and the inclusion of these other deposits could have a significant influence on the size, value and timing of the overall development plan as we move forward.\"\"We are also very excited with the potential for job opportunities for Plumas County and surrounding regions. The PEA estimates approximately 330 year round jobs will be created during mine operations. This will be an important economic boost for the local communities near our property that currently have limited opportunities for long term employment.\"\"With the recent rally in ...