THEMAC Resources acquired 100% of the Copper Flat Project in May 2011. THEMAC Resources is in the preliminary phases of returning the Project, a porphyry copper-molybdenum-gold-silver mine to production in south-central New Mexico, USA. The southwestern region of the United States has one of the greatest concentrations of copper-porphyry deposits in the world and New Mexico State has the third highest annual copper production in the United States.
THEMAC Resources Group Limited (“THEMAC” or “the Company”) (TSX VENTURE:MAC) today provided an update on the Company’s Copper Flat project in New Mexico.
Economist SHayne Heffernan has a $3 price target on the stock for 2014.
“We were very pleased to announce today that M3 Engineering & Technology Corporation, of Tucson, Arizona, has been engaged to complete a Feasibility Study for the Copper Flat Project,” said Andre J Douchane, CEO.
“The Definitive Feasibility Study will advance the work reported in the prefeasibility document filed on SEDAR August 22, 2012. Through additional engineering and budgetary quotations from equipment manufacturers, the feasibility study will provide a cost estimate to construct the project with an estimation accuracy of 10% either way.”
Preliminary Economic Assessment (PEA) have given results with robust possibilities as delivered by SKR Consulting:
Mine life of 17 years.
Payback within two years from start of production.
Life-of-mine operating costs US$1.41/lb copper equivalent.
Average production of approx. 36 million lbs copper and 628,000 lbs molybdenum per annum over first 13 years of operations.
Average production of approx. 15 million lbs copper and 335,000 lbs molybdenum per annum over a further four years.
NPV (6%) US$144 million.
IRR (post-tax) 23%.
Initial capital US$179 million and sustaining capital of US$112 million over the life of the mine.
Mine closure costs of US$40 million.
THEMAC plans to complete the definitive feasibility by the end of 1st quarter 2013. Final engineering remains scheduled to be complete 3rd quarter 2013.
About the Copper Flat Project
Copper Flat is a former producing mine located in Sierra County, State of New Mexico approximately 150 miles south of Albuquerque and 20 miles southwest of the town of Truth or Consequences.
Copper Flat is a porphyry copper-molybdenum deposit containing economically recoverable gold and silver mineralization hosted by a quartz monzonite stock which intrudes an andesitic volcanic complex. The Cretaceous (75 million years ago (Ma)) Copper Flat quartz monzonite hosts mineralization dominated by pyrite and chalcopyrite with subsidiary molybdenite. The mineralization is focused along intersecting northeast and northwest-trending faults, the intersection of which is associated with the host intrusive.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service
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