Trading Symbol TSX:V GTC
VANCOUVER, Aug. 24 /CNW/ - The company is pleased to announce that it has contracted with West Coast Environmental and Engineering to immediately commence a pre-feasibility engineering study focused on potential cathode copper production from the Getty North and Getty South oxide and sulphide copper resources. These are located in the traditional Highland Valley mining district of British Columbia. This follows the recent finalization of both the Getty North and Getty South NI 43-101 resource reports completed by Vector Engineering Inc. under the direction of Mr. Craig L. Parkinson, P.G., an independent Qualified Person. Mr. Parkinson will also be the primary Qualified Person for the pre-feasibility engineering study.
In 1998, Bateman Engineering Inc. completed a technically and financially positive Feasibility Outlook engineering study for the Getty North oxide copper resource focused on open-pit mining, heap leaching, solvent extraction and electro-winning to produce cathode copper. This report was prepared prior to the implementation of NI 43-101 and while relevant and useful it cannot be relied upon. The new engineering study is intended to update this past work and include possible development of both the oxide and sulphide resources. The oxide resource is proposed to be developed in the same manner as originally proposed by Bateman with heap/dump leaching followed by solvent extraction and electro-winning. The sulphide resources of the Getty North Deposit would potentially be open-pit mined in conjunction with both the Getty North and Getty South oxide resources. The sulphide copper is proposed to be treated using conventional milling and flotation as is done worldwide to produce copper concentrates. Any copper concentrate that might be produced is proposed to be pressure leached on site with industrially proven, low pressure and temperature pressure oxidation autoclaving followed by solvent extraction and electro-winning to produce high quality cathode copper metal. Pressure oxidation of copper concentrates is a rapidly emerging industrially applied and environmentally sound global industrial technology. The proposed pressure oxidation facility at the Getty property will be based on this proven industrial technology. It will offer the advantages of a large scale application of the technical and financial advantages of low pressure and low temperatures assuming that the planned study is positive. However, at this time there can be no assurance that the proposed pre-feasibility study will indicate that the quality of the present resources will be upgraded to the status of reserves or that the planned processes will be able to produce cathode copper material as planned. The above plans for producing copper concentrates and cathode copper may not be economically achievable even though the testing and planning to date indicate that the copper cathode could potentially be produced using the planned processes.
The independent qualified person who has reviewed this release is Craig L. Parkinson, P.G., a consultant to the company.
Certain statements in this document constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
(signed)
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Dr. Corby G. Anderson President and COO