Oct 14, 2014
Copper North Announces Joint Canada-China Feasibility Study for Carmacks Project, Central Yukon
Vancouver, British Columbia - Copper North Mining Corp. ("Copper North" or the "Company") (TSX.V:COL) announces that it has engaged JDS Energy and Mining Inc. ("JDS") and Beijing General Research Institute of Mining and Metallurgy ("BGRIMM") to undertake a new feasibility study for the Carmacks Copper-Gold-Silver Project (the "Project" or "Carmacks Project") in Central Yukon. Dr. Harlan Meade, President and CEO of Copper North stated, "I am very pleased to announce the engagement of these two engineering groups to complete the new feasibility study and manage the construction of the Carmacks Project as a very low cost copper-gold-silver producer".
JDS will be responsible for the completion of a NI 43-101 feasibility study for the development of the Project with responsibility for infrastructure, geotechnical, mining and earthworks alongside Copper North's other Independent Qualified Persons ("IQP"), and oversee the engineering and procurement by BGRIMM for inclusion in the new feasibility study. In conjunction with Copper North's management team and the other IQP's, BGRIMM will be responsible for all process design and equipment selection for the Project, including the procurement of equipment from China. The decision to undertake this joint approach to re-engineering the Project follows considerable investigation and benchmarking of the Project to other similar projects.
Copper North's discussions with both JDS and BGRIMM indicate that there is opportunity to significantly reduce capital and operating costs for the Project, following the recent evaluation of alternative development plans for the Project. Key aspects of the Project's re-engineering include recovery of copper using vat leaching and the addition of gold and silver recovery.
Metallurgical test work is progressing to confirm the optimal leach design and operating parameters for the leaching of copper followed by leaching of gold and silver. This work should be completed by year-end and establish the base for the new feasibility study which is targeted for completion in Q3 2015.
JDS is a BC based engineering and mine construction company, delivering high quality engineering, construction and procurement. Their familiarity with the construction of the nearby Minto copper-gold open pit mine is an added benefit in design and construction of the Carmacks Project. JDS has extensive experience in intermediate size metal mines in the Americas and has a history of working closely with mine developers using fit for purpose solutions to achieve reasonable engineering and construction costs.
BGRIMM is a premium engineering and research group based in Beijing, China. It is one of the largest research and design institutes in China with a Class A rating for mining, metallurgy, engineering technology in the non-ferrous metals industry. BGRIMM has a 58 year history of research and metallurgical design with more than 700 engineers and more than 400 mines, metallurgical and smelter projects completed globally. In Copper North's benchmarking of projects similar to the Carmacks Project, the Company was attracted by its recently completed feasibility study and construction of the Kounrad dump leach copper SXEW project in Kazakhstan.
About Copper North
The Company is focused on the exploration and development of copper deposits. Its core asset is the Carmacks Project in the Yukon which the Company is progressing toward a new feasibility study that will incorporate the re-engineering of the project during the past several months. The Thor property is an exploration stage project that covers a large area (approximately 13,000 hectares) in north central British Columbia.
On behalf of the Board of Directors,
Dr. Harlan D. Meade
President, CEO, and Director
For Further Information:
Dr. Harlan Meade, President and CEO
Cautionary and Forward-Looking Statements
This news release includes certain forward-looking information or forward-looking statements (collectively "forward-looking statements") for the purposes of applicable securities laws. Forward-looking statements include, but are not limited to, statements with respect to the Carmacks Project; the proposed exploration and development activities for the Carmacks Project and their timing and potential development; the potential for the Carmacks Project to be a very low cost producer; the opportunity to reduce capital and operating costs from the current technical report; the timing and completion of the on-going metallurgical test work and proposed feasibility study; and possible events, conditions or performance that are based on assumptions about future courses of action. In certain cases, forward-looking statements can be identified by the use of words and phrases such as "plans", "expects" or "does not expect", "scheduled", "estimates", anticipates", "potential", "recommends" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would" or "will be taken", "occur" or "be achieved". These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the timing and success of future exploration and development activities; metallurgical and other engineering test results; exploitation and exploration results; exploration and development risks; market prices; availability of capital and financing; general economic, market or business conditions; uninsured risks; regulatory changes; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that the proposed exploration and development of the Carmacks Project, including the proposed feasibility study, will proceed as planned and be successful; the Company will be able to timely obtain permits and licences required to conduct its operations; that market fundamentals will result in sustained metals and mineral prices; current exploration, engineering, and other objectives can be achieved; that the Company's other corporate activities will proceed as expected; and any additional financing needed will be available on reasonable terms. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described herein, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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