Serengeti Resources Inc. (TSX VENTURE:SIR)(FRANKFURT:34S) announce the completion of an independent NI 43-101 compliant Preliminary Economic Assessment for its 100% owned Kwanika copper-gold porphyry project located in the Quesnel Trough of North-Central British Columbia, Canada. The results of the PEA demonstrate the potential technical and economic viability of establishing a new copper-gold mine and mill complex on the property.
— Pre-tax NPV5% of CDN $263 million, 13.4% IRR, 13.5 year mine life.
— Life of mine (LOM) payable production of 545 million pounds copper,
489,000 ounces gold, 2.45 million ounces silver and 5.25 million pounds
— Initial capital cost of CDN $364 million plus LOM sustaining capital of
$144 million for a 15,000 tpd (5.5 million tpa) mill and combined open
pit, underground mining operation.
“Serengeti is very pleased to have achieved this important milestone for the Kwanika project,” commented David W. Moore, President & CEO. “Kwanika represents an opportunity to develop a midsize greenfields copper-gold project in an excellent location and proven jurisdiction. The independent consultant has recommended selected optimization studies to refine certain engineering and costing elements, the results of which could be incorporated into an optimized PEA. We are currently funded to take this next step.”
The PEA prepared by Moose Mountain Technical Services (“MMTS”) is based on the resource model presented in the March 3, 2011 NI43-101 technical report titled “Technical Report on the Kwanika Project, Fort St. James British Columbia, Canada”, authored by David W. Rennie of RPA Inc formerly Roscoe Postle Associates Inc. RPA’s Technical Report used a large scale confining pit shell to define contiguous mineralization.
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