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Atlantic Gold Confirms Economics of the MRC Project in Nova Scota in Feasibility Study With After Tax NPV of $168 Million and After Tax IRR of 30%

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Atlantic Gold Confirms Economics of the MRC Project in Nova Scota in Feasibility Study With After Tax NPV of $168 Million and After Tax IRR of 30%

 

 

 

 

 

 

Canadian dollars unless otherwise noted

 

Atlantic Gold Corporation (TSX-V:AGB) is pleased to announce the results of a Feasibility Study led and prepared by Ausenco Engineering Canada Inc. in accordance with National Instrument 43-101 in respect of the Company’s Moose River Consolidated Gold Project located in Nova Scotia, Canada.
 

 

 

The MRC Project comprises two of the Company’s four deposits in Nova Scotia. The Study considers the co-development of its Touquoy mine which has all major permits in place, as well as the Company’s Beaver Dam mine located approximately 37 km by road from Touquoy.

 

 

 

 

 

 

 

                                                  

 

 Table 1 - Highlights of the MRC Project from the 

 

                 Feasibility Study                

 

                                                  

 

--------------------------------------------------

 

Gold price: US $1,200/oz                 Amount(i)

 

--------------------------------------------------

 

Pre-tax NPV (5%)                      $236 million

 

--------------------------------------------------

 

Post-tax NPV (5%)                     $168 million

 

--------------------------------------------------

 

Pre-tax IRR                                  34.9%

 

--------------------------------------------------

 

Post-tax IRR                                 30.0%

 

--------------------------------------------------

 

Post-tax Payback                         2.0 years

 

--------------------------------------------------

 

                                                  

 

--------------------------------------------------

 

Initial capital cost ($CDN)           $137 million

 

--------------------------------------------------

 

LOM cash operating cost ($CDN)            $626 /oz

 

--------------------------------------------------

 

LOM all-in sustaining cost ($CDN)          $690/oz

 

--------------------------------------------------

 

                                                  

 

--------------------------------------------------

 

Total LOM gold production             714,000 oz's

 

--------------------------------------------------

 

Average annual gold production         87,000 oz's

 

--------------------------------------------------

 

LOM waste/ore ratio                           3.73

 

--------------------------------------------------

 

Average grade                             1.44 g/t

 

--------------------------------------------------

 

                                                  

 

(i)All dollar figures assume CAD$1 = USD$0.80

 

 

 

 

 

 

 

Steven Dean, Chairman and CEO noted, “Since the acquisition of the Nova Scotian gold properties in 2014, we have fast-tracked the development of the MRC Project through to the project financing stage with the delivery today of a strong feasibility study. The study includes the design of a central processing facility at Touquoy, which was first designed in 2010, and now completed on a co-development basis of the Touquoy and Beaver Dam deposits. As such, the Company believes the design is well optimized and is confident in its estimates to support the economic analysis within the Study. The results of the feasibility study serve to reinforce the project’s viability in a mining friendly jurisdiction, with continued support from local stakeholders and government. These economics, together with the potential production upside from its wholly owned nearby deposits of Cochrane Hill and Fifteen Mile Stream make the MRC Project the premier gold mining project in the modern era of mining in the province.”
 

 

 

Feasibility Study
 

 

 

The Company engaged a team of specialized consultants, led by Ausenco, with the assistance of Moose Mountain Technical Services in respect of mine design and pit optimization as well as compiling the economic results for the project. The Company also engaged Stantec Consulting Ltd. in respect of the design of the Tailings Management Facility, Mr. Neil Schofield, a principal of FSSI Consultants (Australia) Pty Ltd. in respect of the resource modelling, and Conestoga-Rovers & Associates in respect of environmental and permitting aspects of the Feasibility Study.
 

 

 

Production Profile
 

 

 

The table below sets out gold production from the MRC Project over the life of mine:

 

 

 

 

 

 

 

                                                                    

 

            Table 2 - MRC Project Life of Mine Production           

 

                                                                    

 

--------------------------------------------------------------------

 

                                                 Ore            Gold

 

                               Waste       Processed      Production

 

Description           (000's tonnes)  (000's tonnes)     (000's oz.)

 

--------------------------------------------------------------------

 

Pre-Production                 2,639               0               0

 

--------------------------------------------------------------------

 

Year 1                         5,616           1,800              74

 

--------------------------------------------------------------------

 

Year 2                         4,897           2,000              96

 

--------------------------------------------------------------------

 

Year 3                         4,174           2,000              94

 

--------------------------------------------------------------------

 

Year 4                         3,274           2,000              92

 

--------------------------------------------------------------------

 

Year 5                        14,384           2,000              77

 

--------------------------------------------------------------------

 

Year 6                        14,368           2,000              90

 

--------------------------------------------------------------------

 

Year 7                         9,170           2,000              90

 

--------------------------------------------------------------------

 

Year 8                         2,686           2,000              85

 

--------------------------------------------------------------------

 

Year 9                            99             652              16

 

--------------------------------------------------------------------

 

Total LoM Production          61,307          16,452             714

 

--------------------------------------------------------------------

 

Overall Strip                                                       

 

 Ratio(i)                                                       3.73

 

--------------------------------------------------------------------

 

 

 

 

 

 

 

The Study is based on the deposits being developed as conventional surface open pit mining operations with drill/blast/load/haul activities utilizing a leased production fleet operated by Company employees. Initial production commences at Touquoy where the relatively low strip ratio and short haul to external waste dumps translates to a smaller production fleet, minimizing production costs in the process.
 

 

 

Beaver Dam, as a satellite operation, will require minimal infrastructure to supply basic office facilities and equipment maintenance requirements. The mining fleet at Touquoy will be transitioned to Beaver Dam and expanded due to the higher rate of material movement. Ore will be crushed at a location adjacent to the Beaver Dam pit near Highway 224 and then loaded onto highway trucks which will transport it along a combination of private logging and public roads to the Touquoy processing facility. Beaver Dam waste rock will be placed as close to the pit as practical to minimize waste haulage costs. Other than primary crushing, there will be no treatment of material at Beaver Dam and therefore no plant or tailings management facility is required there. A Preliminary Economic Assessment prepared for the MRC Project released in October, 2014 estimated a total of 294,000 oz. of gold to be recovered at Beaver Dam. As a result of the resource drilling program conducted at Beaver Dam to raise the majority of the resource to measured and indicated classifications following the PEA, the recovered gold at Beaver Dam has increased to 315,000 oz., with a related increase in tonnes processed as well as waste tonnes mined.
 

 

 

Metallurgical testing indicates that Beaver Dam ore will have treatment characteristics similar to the Touquoy ore and will therefore be processed in the same manner as the Touquoy ore. Tailings generated from treating the Beaver Dam ore is planned to be placed in the mined-out Touquoy open pit. After all mining is complete, the Touquoy pit will continue to fill with water and the tailings will be settled well below the expected final maximum water surface level. Permanently sealing tailings below water is globally considered a preferred method for long term tailings disposal.
 

 

 

Processing and Metallurgy
 

 

 

The processing of Touquoy ore has been extensively tested and the flow sheet to be constructed has been defined. The plant will have a capacity of 2 million tonnes per year with an expected gold recovery of 94%.
 
The flow sheet is conventional and consists of three stage crushing, ball milling to a grind of 80% passing 150 microns, with cyclones being used to close the grinding circuit. A centrifugal concentrator will be used to treat a portion of the cyclone underflow to recover coarse gold, with gold being recovered from the gravity concentrate by intensive cyanidation. The cyclone overflow will be screened to remove organic particles and then leached in a CIL circuit with a two stage pre-leach. Loaded carbon will be treated in a pressure Zadra circuit with the electrowinning sludge smelted to dore. The tailings from leaching will be treated for cyanide destruction using sulfur dioxide / air with a copper catalyst.
 

 

 

As previously mentioned, material from the Beaver Dam pit will be crushed and transported to the Touquoy plant. The metallurgical characteristics at Beaver Dam are very similar to the material from the Touquoy pit and as such, no modifications of the plant will be necessary. A similar recovery of 94% is expected.
 

 

 

Geology and Mineralization
 

 

 

Touquoy and Beaver Dam are geologically similar, being located about 20km apart within the same sedimentary stratigraphy of the Meguma Terrane and along the same structural corridor – the Moose River-Beaver Dam-Fifteen Mile Stream Anticline. In both deposits, gold is disseminated throughout the host rocks – quartz-veined grey argillites (shales), though with a lower work index (approx. 10) at Touquoy than Beaver Dam (approx. 15) owing to a lower proportion of quartz veining at Touquoy. Both deposits extend to the near surface glacial till boundary and are amenable to open pit mining with relatively low strip ratios (2.4:1 at Touquoy and 5.5:1 at Beaver Dam). At Touquoy, most mineralization is disposed around the anticlinal hinge, and at Beaver Dam, mineralization is disposed in a tabular zone within one limb of the anticline.
 

 

 

Infrastructure and Power
 

 

 

The infrastructure requirements for Touquoy are relatively modest, with minor public road realignment required; and electrical power required to be accessed from a substation at Caribou Mines, a total distance of 13 km, with a large part of the line using existing poles. The power line will be provided by Nova Scotia Power, who have provided a cost estimate for this installation.
 

 

 

No accommodation will be required as the labour force will come from surrounding communities.
 

 

 

The tailings management facility will be constructed from mine waste rock and low permeability till from the mine area, avoiding importation of materials from more distant locations. The tailings management facility will have a positive water balance and therefore will provide process water requirements, but extraction from nearby Scraggy Lake will provide water for startup and in case of dry periods.
 

 

 

As all ore mined from Beaver Dam will be trucked to the Touquoy plant for treatment, a significant investment in forestry road upgrades (approximately 20 km in all) will be required. Three bridges and a number of culverts will need upgrading. These improvements will enhance the quality of the existing water crossings for the community and will also provide benefits from an environmental standpoint. Costs will be reduced by using crushed mine waste rock for the majority of the road bed and running surfaces. Road upgrading will be carried out during the fourth year of operation at Touquoy. As only primary crushing will be carried out at Beaver Dam, the electrical power demand at Beaver Dam is relatively small. As there is no appropriate power supply close to the facility, temporary diesel generators will be utilized. Tailings from the treatment of Beaver Dam ore will be stored in the Touquoy pit and no significant cost will be associated with their management. The buildings at Touquoy will remain in use and only temporary workshop, office and change room facilities will be built at Beaver Dam.
 

 

 

Environmental and Permitting
 

 

 

All major environmental permits are in place for mining and processing operations at Touquoy and background environmental information has been collected at Beaver Dam since the late summer and fall of 2014. Discussions on permitting at Beaver Dam are underway with the relevant authorities.
 

 

 

Mineral Reserve Estimate
 

 

 

The mineral reserve estimate for the Touquoy portion of the MRC Project is based on a mineral resource estimate contained within the Company’s PEA reported in a Company news release dated September 29, 2014 and filed on SEDAR on October 14, 2014, prepared by MMTS with an effective date of August 1, 2014.
 

 

 

The mineral reserve estimate for the Beaver Dam portion of the MRC Project is based on a mineral resource estimate reported in a Company news release dated March 3, 2015 and filed on SEDAR on April 16, 2015, prepared by Mr. Neil Schofield of FSSI with an effective date of March 2, 2015.
 

 

 

MRC mineral reserves, shown in Table 3, have been developed by Moose Mountain Technical Services with an effective date of July 2, 2015. The mineral reserve is contained within the mineral resource, and is based on the following assumptions:

 

 

 

 

 

 

 

--  Only Measured and Indicated Resource Class materials are included in the

 

    reserves; 

 

--  A cutoff gold grade of 0.40 g/t is applied; 

 

--  In addition to the modelled in-block dilution, a further dilution factor

 

    of 1.6% at 0.28g/t gold grade has been applied to account for mining

 

    face dilution; 

 

--  Additional tonnes from mining dilution are assumed balanced with lost

 

    tonnes due to an estimated mining recovery of 98.4% at the average

 

    diluted reserve grades; 

 

--  Mining recovery is reduced to 40% for material between 0.40 g/t and 0.50

 

    g/t gold cutoff grades.

 

 

 

                                                                          

 

            

 

 

 

Table 3 - Summary of Estimated MRC Mineral Reserves           

 

                                                                          

 

--------------------------------------------------------------------------

 

                                             Diluted Grade   Mined Au oz's

 

Classification                          Mt        (g/t Au)           (000)

 

--------------------------------------------------------------------------

 

                                          Cut-Off Grade: 0.4 g/t Au       

 

--------------------------------------------------------------------------

 

Touquoy                                                                   

 

--------------------------------------------------------------------------

 

Proven Reserves                       2.62            1.41             119

 

--------------------------------------------------------------------------

 

Probable Reserves                     6.58            1.45             306

 

--------------------------------------------------------------------------

 

Total Proven and Probable Reserves     9.2            1.44             425

 

--------------------------------------------------------------------------

 

                                                                          

 

--------------------------------------------------------------------------

 

Beaver Dam                                                                

 

--------------------------------------------------------------------------

 

Proven Reserves                       4.03            1.47             191

 

--------------------------------------------------------------------------

 

Probable Reserves                     3.22            1.39             144

 

--------------------------------------------------------------------------

 

Total Proven and Probable Reserves    7.25            1.44             335

 

--------------------------------------------------------------------------

 

                                                                          

 

--------------------------------------------------------------------------

 

Moose River Consolidated                                                  

 

--------------------------------------------------------------------------

 

Proven Reserves                       6.65            1.45             310

 

--------------------------------------------------------------------------

 

Probable Reserves                     9.80            1.43             450

 

--------------------------------------------------------------------------

 

Total Proven and Probable Reserves   16.45            1.44             760

 

--------------------------------------------------------------------------

 

 

 

 

 

 

 

1.  Mineral Reserves are classified in accordance with the Canadian

 

    Institute of Mining, Metallurgy and Petroleum ("CIM") Definition

 

    Standards on Mineral Resources and Mineral Reserves, whose definitions

 

    are incorporated by reference into National Instrument 43-101 --

 

    Standards of Disclosure for Mineral Projects ("NI 43-101"). 

 

2.  CIM Standards on Mineral Resources and Reserves Definitions and

 

    Guidelines defines a 'Proven Mineral Reserve' as the economically

 

    mineable part of a Measured Mineral Resource demonstrated by at least a

 

    Preliminary Feasibility Study. This Study must include adequate

 

    information on mining, processing, metallurgical, economic, and other

 

    relevant factors that demonstrate, at the time of reporting, that

 

    eventual economic extraction is justified. 

 

3.  CIM Standards on Mineral Resources and Reserves Definitions and

 

    Guidelines defines a 'Probable Mineral Reserve' as the economically

 

    mineable part of an Indicated, and in some circumstances a Measured

 

    Mineral Resource demonstrated by at least a Preliminary Feasibility

 

    Study. This Study must include adequate information on mining,

 

    processing, metallurgical, economic, and other relevant factors that

 

    demonstrate, at the time of reporting, that eventual economic extraction

 

    can be justified. 

 

4.  Mineral Reserves are mined tonnes and grade; the reference point is mill

 

    feed at the crusher. 

 

5.  Diluted grades refer to mining dilution factors applied to the in situ

 

    resource grade estimates. 

 

6.  The Mineral Reserves information is based on estimates prepared as of

 

    July 2, 2015, by independent Qualified Person, Mr. Marc Schulte, P.Eng.,

 

    who has the appropriate relevant qualifications, and experience in

 

    mining and reserves estimation practices.

 

 

 

 

 

 

 

There are no known legal, political, environmental or other risks that could materially affect the potential development of the mineral reserve.
 

 

 

The Feasibility Study mine schedule and economic analysis does not include Inferred Resources at MRC of approximately 1.10 million tonnes at 1.40 g/t Au. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
 

 

 

Feasibility Study Metrics
 

 

 

The table below lists the key Feasibility Study economic metrics for the MRC Project. The economics take into account the fact that the Company’s effective ownership in Touquoy is 63.5%, and that the Company will recover all operational, overhead, financing and sunk costs prior to any distributions to its privately-owned partner in Touquoy. As of March 31, 2015, the total estimated cost to be recovered under the agreement is approximately $20 million. The Company holds 100% of Beaver Dam.

 

 

 

 

 

 

 

                                           

 

  Table 4 - Highlights of the MRC Project  

 

               from the Study              

 

                                           

 

-------------------------------------------

 

Gold price: US $1,200/oz        MRC Project

 

-------------------------------------------

 

Pre-tax NPV (5%)               $236 million

 

-------------------------------------------

 

Post-tax NPV (5%)              $168 million

 

-------------------------------------------

 

Pre-tax IRR                           34.9%

 

-------------------------------------------

 

Post-tax IRR                          30.0%

 

-------------------------------------------

 

Post-tax Payback                  2.0 years

 

-------------------------------------------

 

 

 

 

 

 

 

The economics have been calculated on an unlevered basis, based on a gold price of US $1,200/oz. and a foreign exchange rate of CAD$1 = USD$0.80. The Company has estimated its capital and operating costs, which are detailed in Table 7 below, in Canadian dollars. Substantially all operating costs are Canadian dollar denominated. Given the exchange rate used in the PEA was CAD$1 = USD$0.90, the Company has seen a corresponding increase in the capital expenditures of the project for those components quoted in US dollars, but is more than offset by the benefit realized through the conversion of the US dollar gold price to Canadian dollar gross revenues. Tables 5 and 6 show the sensitivity of after-tax NPV and IRR to changes in the US dollar gold price and the CAD/USD exchange rate.

 

 

 

 

 

 

 

                                                                            

 

              Table 5 - Sensitivity Analysis on After-Tax NPV5              

 

                                                                            

 

----------------------------------------------------------------------------

 

CAD/USD                                                                     

 

 Rate                               US$ Gold Price                          

 

              $ 1,000    $ 1,100    $ 1,200    $ 1,300    $ 1,400    $ 1,500

 

----------------------------------------------------------------------------

 

0.75       $  121,644 $  159,007 $  195,961 $  232,870 $  269,627 $  306,338

 

----------------------------------------------------------------------------

 

0.80       $   98,248 $  133,306 $  168,263 $  202,873 $  237,465 $  271,924

 

----------------------------------------------------------------------------

 

0.85       $   77,643 $  110,651 $  143,596 $  176,431 $  208,972 $  241,519

 

----------------------------------------------------------------------------

 

0.90       $   59,142 $   90,469 $  121,644 $  152,751 $  183,672 $  214,393

 

----------------------------------------------------------------------------

 

0.95       $   42,310 $   72,354 $  101,932 $  131,465 $  160,956 $  190,140

 

----------------------------------------------------------------------------

 

                                                                            

 

                                                                            

 

              

 

 

 

Table 6 - Sensitivity Analysis on After-Tax IRR              

 

                                                                            

 

----------------------------------------------------------------------------

 

CAD/USD Rate                           US$ Gold Price                       

 

                   $ 1,000   $ 1,100   $ 1,200   $ 1,300   $ 1,400   $ 1,500

 

----------------------------------------------------------------------------

 

0.75                   24%       29%       33%       37%       40%       43%

 

----------------------------------------------------------------------------

 

0.80                   21%       26%       30%       34%       37%       40%

 

----------------------------------------------------------------------------

 

0.85                   19%       23%       27%       31%       34%       37%

 

----------------------------------------------------------------------------

 

0.90                   16%       20%       24%       28%       32%       35%

 

----------------------------------------------------------------------------

 

0.95                   13%       18%       22%       26%       29%       32%

 

----------------------------------------------------------------------------

 

 

 

 

 

 

 

The Feasibility Study economics take into account a 1% royalty payable to the Nova Scotia government (no other mining taxes apply), in addition to the following NSR’s:

 

 

 

 

 

 

 

--  1% relating to production from Touquoy, post exercise of buyback options

 

--  0.6% relating to production from Beaver Dam

 

 

 

 

 

 

 

Income taxes are also accounted for using a 15% Federal and 16% Provincial income tax rate.
 

 

 

Capital Costs

 

 

 

 

 

 

 

                                                                            

 

            Table 7 - Summary of MRC Project Capital Costs ($CDN)           

 

                                                                            

 

----------------------------------------------------------------------------

 

                           Total Initial    Total Sustaining                

 

                            Capital Cost   Capital Cost(iii)   Total Capital

 

Description                      ($ 000)             ($ 000)    Cost ($ 000)

 

----------------------------------------------------------------------------

 

Mine Development                  16,948               2,041          18,989

 

----------------------------------------------------------------------------

 

Processing                        51,045               3,948          54,993

 

----------------------------------------------------------------------------

 

Tailings Management                                                         

 

 Facility                          9,158               8,572          17,730

 

----------------------------------------------------------------------------

 

Infrastructure                    15,447              10,600          26,047

 

----------------------------------------------------------------------------

 

EPCM                               9,955                 500          10,455

 

----------------------------------------------------------------------------

 

Indirect and Other                                                          

 

 Costs(i)                         21,523             (4,787)          16,736

 

----------------------------------------------------------------------------

 

Contingency(ii)                   13,260               1,903          15,163

 

----------------------------------------------------------------------------

 

Total                            137,336              22,777         160,113

 

----------------------------------------------------------------------------

 

                                                                            

 

(i)Sustaining Indirect and other costs includes a credit representing the   

 

principal balance of a reclamation bond being returned to the Company.      

 

(ii)Contingencies are applied according to the degree of certainty of the   

 

relevant line item.                                                         

 

(iii)Total sustaining capital costs includes construction capital           

 

expenditures at Beaver Dam.

 

 

 

 

 

 

 

The initial capital cost for the MRC Project for the Feasibility Study is estimated to be approximately $137.3 million versus $130.5 million in the Company’s PEA released in October 2014. The majority of the increases in initial capital expenditure at Touquoy from the PEA can be attributed to the acknowledgement of a depreciating Canadian dollar versus the U.S. Dollar in which a significant portion of the capex is sourced, as well as a shift in strategy by management to engage EPCM contractors to manage the construction of the MRC Project as opposed to an owner-performed construction process, which serves to mitigate both construction risk as well as financing risk with potential project financiers. Furthermore, in full recognition of seasonal conditions and given the anomalous conditions in Nova Scotia this past winter, a covered crushed ore stockpile has also been added to the initial capital expenditures at Touquoy.
 

 

 

Operating Costs

 

 

 

 

 

 

 

                                                          

 

  Table 8 - Summary of MRC Project Operating Costs ($CDN) 

 

                                                          

 

----------------------------------------------------------

 

                                Unit Cost/      Unit Cost/

 

Description                  tonne ($ 000)     oz. ($ 000)

 

----------------------------------------------------------

 

Mining(i)                             2.89             304

 

----------------------------------------------------------

 

Processing                           11.94             275

 

----------------------------------------------------------

 

Site G&A                              2.03              47

 

----------------------------------------------------------

 

Total Cash Operating Costs                             626

 

----------------------------------------------------------

 

Total All-In Sustaining                                   

 

 Costs(ii)                                             690

 

----------------------------------------------------------

 

                                                          

 

(i)Excludes pre-production mining, which is captured under initial capital  

 

(ii)All-In Sustaining Costs excludes Corporate G&A expenses

 

 

 

 

 

 

 

Next Steps
 

 

 

Over the coming months, the Company will be focused on:

 

 

 

 

 

 

 

--  Environmental Impact Assessment and permitting for Beaver Dam; 

 

--  Securing Project Financing; 

 

--  Agreement on a Mutual Benefits Agreement with the Nova Scotia Mi'kmaq

 

    community

 

 

 

 

 

 

 

Report Filing
 

 

 

A complete technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects containing the Feasibility Study will be filed on SEDAR www.sedar.com and the Company’s website www.atlanticgoldcorporation.com within 45 days of the date of this news release.
 

Posted July 2, 2015

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