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Vancouver, B.C.: CMC Metals Ltd. (the "Company") is pleased to provide an update for the Radcliff Mine property which the Company has an agreement to acquire a 50% interest in. Pruett Ballarat Inc. (PBI) is the operator of the project and has provided a development plan for the remainder of the year. Over the next few months the main haulage drift 5510 will be extended 200 feet on strike, towards drill hole7A that was drilled by Compass Minerals Ltd. in 1996. Drill hole7A intersected the mineralized structure over a 20 foot width. Ore passes and load-out ore pockets will be constructed every 25 feet off the main haulage drift to provide multiple ore draw points. Also an additional sub-level drift at the 5560 foot elevation will be developed over initial 250 foot stope length to provide additional mining faces. The plan will initially provide a mine production of 50 tons per day and once the sub-level drift has been completed, additional stopes can increase the daily production to the 100 tons per day target. All production will be processed at the Bishop Mill facilities that the Company will be commissioning over the next few months once the Plan of Operations has been accepted. A feasibility study has not been completed and there is no certainty that the proposed operations will be economically viable.
Furthermore, the Company has been informed that the Plan of Operation, submitted to the Bishop California office of the Bureau of Land Management (BLM) is going through the final stages of their review. It has been forwarded to the BLM specialist to review the closure reclamation bond calculation. This is the last portion of the review process prior to the acceptance of the amended Plan of Operation. The Company is finalizing and confirming contractors to construct and install the liners for the tailings impoundment and the mill upgrades.
In compliance with NI 43-101, Don Wedman, P.Eng., President and Chief Executive Officer of the Company, is the Qualified Person who prepared or supervised the preparation of the technical information presented in this news release.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
On behalf of the Board:
Donald W. Wedman, P.Eng.
CMC METALS LTD.
For further information on the Company, please contact Mr. Gord Zelko, VP Business Relations at MineralStocks Consulting. Telephone: 250-495-7123, or Email: gz@mineralstocks.com.
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