EPM Mining Ventures Inc. (TSX VENTURE:EPK)(OTCQX:EPKMF) today announced continuing progress on its Preliminary Feasibility Study by CH2M HILL Engineers, Inc. Agapito Associates, Inc. and Norwest Corporation for the production of Sulfate of Potash from its Sevier Playa Project in southwestern Utah. The estimated completion date of the PFS remains mid-2013 with a Definitive Feasibility Study expected by the end of the year.
Lance D’Ambrosio, Chief Executive Officer of EPM, said; “We have taken significant steps toward completion of our PFS and are very satisfied with what we are seeing so far. We look forward to releasing the economic results of our PFS next month with the technical report following shortly thereafter.”
Norwest has completed a new resource estimate that will be included as part of the PFS. CH2 and its engineering support teams have made significant progress in design, engineering, and process work for the PFS in the following areas:
-- The hydrology and hydrophysical field-testing that were being carried
out by CH2 and Colog is now complete.
-- Process works is advancing and a fully developed flow sheet is expected
-- Laboratory evaporation testing of the Project brine is nearing
completion by Hazen Research, Inc.
-- Production plant design, trans-load facility design, and site surveys
are almost finalized with 3-D design also nearing completion.
-- Development of a comprehensive financial model and detailed economic
analysis showing anticipated capital and operating costs.
AAI continues work on the Sevier Playa system and is nearing completion of the following:
-- Analysis of data from the hydrogeological and hydrophysical field-
-- Preparation of hydrogeological models of the System.
-- Finalizing the design and capital cost estimates for the ponds, well
fields, and trenches; and
-- Completing their Reserve model.
As part of its brine modeling efforts, the Company hired Dr. Woodruff Miller, PhD, professor of Civil & Environmental Engineering at Brigham Young University, to prepare a fresh water evaporation study of the Sevier Playa. Dr. Miller has produced a model that incorporates data from class-A pan evaporation studies; data from the various meteorological stations in the area; and data from the meteorological station being operated by EPM’s indirect wholly-owned subsidiary, Peak Minerals Inc., at the south end of the Sevier Playa. Dr. Miller will continue his work over the coming months by incorporating new class-A pan evaporation data and additional and on-going data from meteorological stations. His initial report has been filed with the Company, confirming estimates of water evaporation used previously in the pond-flow process model.
The Company continues to advance its environmental permitting efforts. The Mining Plan and Plan of Operations, historically two separate documents filed with the U.S. Bureau of Land Management and Utah Division of Oil, Gas and Mining, respectively, are being consolidated into a single mine plan document agreed to by both agencies. The Company continues its progress with the Environmental Impact Statement and advanced efforts and initiatives targeting the 404 permit with the Army Corps of Engineers, the Air Approval Order with the Utah Division of Air Quality and water appropriation with the Utah State Engineer.
About EPM Mining Ventures
EPM, through its wholly owned subsidiary Peak Minerals Inc., controls directly or through agreement, mineral leases on more than 124,000 acres on the Sevier Playa property in Millard County, Utah. EPM is targeting the future development and production of Sulfate of Potash a premium priced fertilizer used with special crops and arid soils, using an industry proven, cost-effective solar evaporation process.
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