1st Aug 2019 15:13
(Alliance News) - Phoenix Copper Ltd on Thursday said it has completed a new economic model for the Empire mine open pit heap leach SX-EW project in the US state of Idaho.
The North American-focused exploration and development company said this new economic model was prepared by Hard Rock Consulting LLC following the publication of an updated NI 43-101 compliant resource, which incorporated the 8,600-metre 2018 Empire drilling programme results.
Phoenix explained that the new economic model uses current market data and will form the basis of the feasibility study currently underway and scheduled for completion in the second quarter of 2020.
"An increase in the initial pad grade has allowed the mine production rate to be reduced from 2.25 million tons a year in the April 2018 economic model to 1.6 million tons, resulting in a reduction in the pre-production capital cost from USD68 million to USD51 million," said Chief Executive Dennis Thomas.
"Based on this model we are continuing with the feasibility study, scheduled for completion in Q2 2020, and look forward to commencement of mine production of copper and zinc in late 2021. In due course, we will look to expand and extend the project," added Thomas.
Phoenix shares were trading 6.3% lower on Thursday in London at 14.06 pence each.
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