Colt Resources A0RM93 V.GTP
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Boa Fé gold project – Having already accomplished its goal of completing an updated NI 43-101-compliant mineral resource estimate for Boa Fé and Monfurado during the first quarter of 2013, management continues to fast track the property towards production. The company is expected to deliver a Preliminary Economic Analysis (PEA) for the Boa Fé gold project in the second quarter. Thereafter, detailed engineering work and metallurgical test-work will be completed in preparation of a full feasibility study due out in the fourth quarter.
Management is investigating the construction of a micro-plant off-site to identify the optimal processing method for the Chaminé deposit. The updated NI 43-101 technical report discusses two broad processing strategies, one of which encompasses on-site recovery utilizing gravity and flotation technologies with the concentrate being sold directly or further processed with cyanide off-site. Two Portuguese companies, which are licensed to use cyanide, have been asked to present proposals for cyanidation treatment at their facilities. The other processing strategy involves the use of cyanide on-site, which would require permitting for the transport, usage and disposal of cyanide.
Also during 2013, exploration will continue in order to increase the confidence in, and potentially expand the resources at Boa Fé. Management plans to continue drilling with both infill drilling and deep drilling. In December 2012, Colt Resources (TSXV:GTP.V) announced the discovery of gold mineralization below the near-surface gold deposit at Chaminé. The assay results from two deep drill holes indicated that stacked layers of kinks and folds contain additional gold deposits. The next phase will utilize downhole geophysical techniques to better target further deep exploratory drilling. In addition, geophysical test work will aid in identifying step-out targets adjacent to the known gold deposits. Management anticipates the completion of an updated NI 43-101-compliant mineral resource estimate for Boa Fé and Monfurado during the fourth quarter of 2013.
Given the scope and timetable of the company’s work towards advancing the project, Colt Resources should have completed sufficient work for the Portuguese mining and environmental authorities to grant a definitive mining license for the Boa Fé gold project by the end of 2013. Management intends to continue to rapidly advance the Boa Fé project and achieve gold production in 2015. After having closely followed Colt Resources for over one year, it has become apparent that the company is one of the few micro caps in the mining industry to deliver consistently on management's prospective timetable.
Tabuaço – Management is also fast tracking the development of the Tabuaço tungsten project. Having been granted a Trial Mining License (aka Experimental Mining License) in February, the PEA on Tabuaço tungsten project is expected to be completed during the second quarter. Thereafter, management plans to conduct a pilot mill test on approximately 20 metric tons of scheelite ore from the São Pedro das Águias deposit. A feasibility study and an updated NI 43-101-compliant resource estimate are targeted for completion during the fourth quarter. Management expects to receive full mine permitting in 2015, complete mine construction in 2016 and achieve initial production in 2017.
In March, Colt Resources entered into a binding letter of intent to purchase roughly 247 acres (equivalent to 1.0 km2 aka 100 hectares), on which the company plans to construct the necessary surface mining infrastructure for the Tabuaço tungsten project. The parcel of property, known as Passa Frio, would serve as the site for the processing plant (including jaw crushers, mill and concentrator), warehouses, dams and tailings impoundment facility needed to bring the mine into production. The property is situated away from residential areas and already zoned to permit the construction of the off-site processing infrastructure. The site was surveyed to verify legal title and tested through an initial geotechnical drilling campaign which targeted the sites of the major infrastructure facilities, namely the tailings, water dam and pit locations. At a cost of €100,000, the three-year option grants Colt Resources the right to purchase Passa Frio for €350,000.
Colt Resources has completed a metallurgical work program comprised of testing the recovery of an acceptable grade of concentrate through gravity and/or flotation recovery techniques. Utilizing mineralized ore from split drill cores from the São Pedro das Águias deposit, the program is now focused on flotation concentration only, since gravity recovery seems to be only somewhat effective. Colt Resources is also examining an option of further processing the flotation concentrates into either ammonium paratungstate or tungsten oxide.
The company is engaged in discussions with several undisclosed potential strategic partners to bring the mine to production. Management’s goal is to complete a transaction within the next 12 months. We would expect that the development of Tabuaço would be structured in a manner similar to the Santo António joint venture with the partner providing capital and further developing the project in order to earn a substantial stake in the concession. In this manner, Colt Resources would be able to focus its capital resources on the development of the Boa Fé gold project in southern Portugal.
Santo António – Management expects its partner, Consultoria Tecnica Ltda (Contécnica), to begin exploratory work on the Santo António project by mid-year. Contécnica is obligated to further develop this gold project by investing at least €2.0 million over three years in order to earn a 51% stake in the concession. By retaining a 49% stake, Colt Resources maintains upside exposure while reducing financial risk. Incremental information concerning the Santo António gold deposits could be forthcoming during the second half of 2013.
Borba – In February, Colt Resources announced the signing of a Memorandum of Understanding (MOU) with Star Mining Limited which outlines the key terms for a formal definitive agreement. According to the MOU’s anticipated course of action, Colt Resources and Star Mining plan on jointly exploring the Borba concession. After a definitive agreement is signed, Star Mining can earn a 25% interest in Borba upon expending at least $350,000 in the completion of a work program over a period of 12 months. Thereafter, Star Mining can earn an incremental 35% interest by completing another work program with expenditures of at least $750,000 over an additional 24 months. Another 20% interest can be attained by expending $1,000,000 towards technical, commercial and environmental programs required for completing a NI 43-101-compliant resource estimate. Then Star Mining will have the right to purchase full ownership of the Borba exploration license for $5.0 million within 18 months or $10.0 million during the subsequent 42 months. Management of Colt resources expects Star Mining to begin exploratory work on the Borba exploration concession towards mid-year.
We reaffirm our Outperform rating. Our price target is $2.10, which is based on an estimated share value of attributable resources indicated by Colt’s NI 43-101-compliant mineral resource estimates and utilizes the current prices of gold and tungsten. We consider our valuation model to be conservative in that it also includes prospective developmental costs at Boa Fé and Tabuaço.
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Nikolas Perrault, CEO and President of Colt stated; "We are very pleased with the results of this first PEA prepared by SRK that reflects the work performed on our 100% owned Boa Fé and Montemor gold projects that we acquired in November 2011. Our strategy of focusing on areas that were drill tested primarily during the 1990's has resulted in the rapid development of these assets. Our aggressive drilling campaign that commenced shortly after being awarded the EML has significantly increased our confidence in the potential of these assets while our regional exploration work has indicated the potential to expand upon the previously announced NI43-101 compliant mineral resources (March 4, 2013). Our decision to prepare the PEA on what we believe to be a portion of a potentially larger deposit is based on our resolve to move the project to production and to ultimately aim towards financing the exploration of this very prospective area from revenue. We therefore remain focused on completing our feasibility study by year end which will support a production decision shortly thereafter. In parallel, as part of our ongoing Environmental Impact Assessment (EIA), a scheduled public review took place during April paving the way for final approval. The EIA will be used as a blueprint designed to mitigate the impact of mining while generating value in an economically depressed region of Portugal."
Preliminary Economic Assessment Summary
A Preliminary Economic Assessment ("PEA") was prepared by SRK Consulting (UK) Limited for the Boa Fé - Montemor gold project in Portugal owned by Colt Resources Inc. The PEA relied on Indicated and Inferred classified resources as announced by Colt on March 4, 2013. The PEA evaluated four processing options for the open pit mining of six separate deposits at a total annual ore production rate of 720 ktpa. The four options are reported in Table 1.
Table 1: Boa Fé/Montemor Processing Options
Scenarios Description
Option A Conventional Off-Site
Option B Conventional On-Site
Option C Drinkard Heap Leach
Option D Drinkard Halogen
The main conclusions from the PEA are shown in Table 2. All values are in USD and the study assumes a USD 1.30/EUR exchange rate. A flat gold price of USD 1,425/oz was used in the economic assessment. Capital and operating costs were derived from a combination of first principles and experience based on similar projects.
The conclusions and recommendations of the PEA are that the Project may be economically viable and that further studies and field work for this project are justified.
SRK notes that the economic assessment is preliminary in nature and the production schedules are inclusive of Inferred classified Mineral Resources that are considered too geologically speculative to have economic considerations applied to them that would enable them to be classified as Mineral Reserves. There is no certainty that the preliminary economic assessment will be realized.
Table 2: Summary of Preliminary Economic Assessment results for Boa Fé/Montemor deposits
Alentejo Region, Portugal: SRK Consulting (UK) Ltd.
Units Option A Option B Option C Option D
Processing Method Conventional
off-site Conventional
on-site Drinkard
Heap Leach Drinkard
Halogen
Recovery (%) 85.5 85.5 73 95
Production
Rock Mined (kt) 18,735 20,923 20,028 24,425
Ore Processed (kt) 3,501 4,437 4,624 5,045
(g/t Au) 2.7 2.4 2.3 2.2
Recovered Metal (koz Au) 262 291 249 339
Mine Life (years) 5.0 6.3 6.5 7.1
Financial
Revenue (USDm) 373 415 355 482
Operating Expenditure (USDm) (175) (180) (156) (206)
Royalty (USDm) (15) (17) (14) (19)
Operating Profit (USDm) 184 219 185 257
Net Profit (USDm) 164 193 159 220
Capital Expenditure (USDm) (119) (123) (92) (124)
Cashflow (USDm) 44 69 68 97
Post-Tax Reporting
NPV @ 5% (USDm) 24.4 42.4 45.5 64.3
IRR (%) 15.6 21.4 32.7 30.2
Cash Cost
Cash Cost (USD/tore) 54.11 44.22 36.82 44.68
(USD/oz) 724 674 683 666
Metal Price Sensitivity Analysis
The impact of a range of gold prices on the NPV5% for the project has been studied in the PEA and the results are reported in Table 3.
Table 3: Gold Price Sensitivity Analysis Results
Units
Metal Price USD/oz 1,100 1,200 1,300 1,425 1,500 1,600 1,700 1,800
NPV5%
Option A USDm (25) (9) 6 25 37 52 67 82
Option B USDm (10) 7 24 44 56 72 88 105
Option C USDm 1 15 30 47 57 71 85 99
Option D USDm 4 24 43 66 81 99 118 137
Colt is aware that several areas of improvement may be made to capital and operating costs which will be addressed during the Feasibility Study.
Project Timeline and Optimization Efforts
The completion of this positive PEA is an important milestone in the continued development of Boa Fé/Montemor.
Colt's projected timeline to advance the project includes the following milestones:
Q4 2013 - Resource Update
Q4 2013 - Completion of Feasibility Study
Q4 2013 - Receipt of Full Mine Permit
Q1 2014 - Detailed engineering and procurement
Q2 2014 - Commence construction activities
Q1 2015 - Commence Production
Colt intends to address several areas during the Feasibility Study so as to improve results included in the PEA. These will include:
Mineral Resources - Colt will focus on upgrading of Inferred Resources to Indicated Resources and the identification of additional resources in close proximity to the known deposits. Colt is also confident that the potential to increase resources through regional exploration is good. Exploration work will be directed toward identifying additional deposits that will benefit the future mining operation.
Processing - Colt will complete ongoing testwork so as to finalize and optimize process flowsheets leading to final plant design. The several approaches studied have provided several options that will be further evaluated and finalized.
Pit Slope - Colt will perform additional geotechnical investigations designed to optimize pit slope angles.
Environmental - Work will continue to address the need to minimize the impact of the future mining project.
Mining - Capital and operating costs will be addressed in detail to identify areas where improvements can be made so as to benefit the future economics of the project.
About Colt Resources Inc.
Colt Resources Inc. is a Canadian junior exploration and mining company engaged in acquiring, exploring, and developing mineral properties with an emphasis on gold and tungsten. It is currently focused on advanced stage exploration projects in Portugal, where it is the largest lease holder of mineral concessions
Trading Symbols: GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, May 7, 2013 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce the filing on SEDAR today of a positive Preliminary Economic Assessment ("PEA") prepared by SRK Consulting (UK) Ltd ("SRK") for the Boa Fe/Montemor gold projects, located in Portugal. The full report will also be available on Colt's website. The PEA covers the Chaminé, Casas Novas, Banhos, Bracos and Ligeiro gold deposits located within the Company's 100% owned (47km2) Boa Fé Experimental Mining License ("EML") and the Monfurado gold deposit located within the Company's 100% owned (728km2) Montemor exploration license that completely surrounds the Boa Fé EML.
Nikolas Perrault, CEO and President of Colt stated; "We are very pleased with the results of this first PEA prepared by SRK that reflects the work performed on our 100% owned Boa Fé and Montemor gold projects that we acquired in November 2011. Our strategy of focusing on areas that were drill tested primarily during the 1990's has resulted in the rapid development of these assets. Our aggressive drilling campaign that commenced shortly after being awarded the EML has significantly increased our confidence in the potential of these assets while our regional exploration work has indicated the potential to expand upon the previously announced NI43-101 compliant mineral resources (March 4, 2013). Our decision to prepare the PEA on what we believe to be a portion of a potentially larger deposit is based on our resolve to move the project to production and to ultimately aim towards financing the exploration of this very prospective area from revenue. We therefore remain focused on completing our feasibility study by year end which will support a production decision shortly thereafter. In parallel, as part of our ongoing Environmental Impact Assessment (EIA), a scheduled public review took place during April paving the way for final approval. The EIA will be used as a blueprint designed to mitigate the impact of mining while generating value in an economically depressed region of Portugal."
Preliminary Economic Assessment Summary
A Preliminary Economic Assessment ("PEA") was prepared by SRK Consulting (UK) Limited for the Boa Fé - Montemor gold project in Portugal owned by Colt Resources Inc. The PEA relied on Indicated and Inferred classified resources as announced by Colt on March 4, 2013. The PEA evaluated four processing options for the open pit mining of six separate deposits at a total annual ore production rate of 720 ktpa. The four options are reported in Table 1.
Table 1: Boa Fé/Montemor Processing Options
Scenarios Description
Option A Conventional Off-Site
Option B Conventional On-Site
Option C Drinkard Heap Leach
Option D Drinkard Halogen
The main conclusions from the PEA are shown in Table 2. All values are in USD and the study assumes a USD 1.30/EUR exchange rate. A flat gold price of USD 1,425/oz was used in the economic assessment. Capital and operating costs were derived from a combination of first principles and experience based on similar projects.
The conclusions and recommendations of the PEA are that the Project may be economically viable and that further studies and field work for this project are justified.
SRK notes that the economic assessment is preliminary in nature and the production schedules are inclusive of Inferred classified Mineral Resources that are considered too geologically speculative to have economic considerations applied to them that would enable them to be classified as Mineral Reserves. There is no certainty that the preliminary economic assessment will be realized.
Table 2: Summary of Preliminary Economic Assessment results for Boa Fé/Montemor deposits
Alentejo Region, Portugal: SRK Consulting (UK) Ltd.
Units Option A Option B Option C Option D
Processing Method Conventional
off-site Conventional
on-site Drinkard
Heap Leach Drinkard
Halogen
Recovery (%) 85.5 85.5 73 95
Production
Rock Mined (kt) 18,735 20,923 20,028 24,425
Ore Processed (kt) 3,501 4,437 4,624 5,045
(g/t Au) 2.7 2.4 2.3 2.2
Recovered Metal (koz Au) 262 291 249 339
Mine Life (years) 5.0 6.3 6.5 7.1
Financial
Revenue (USDm) 373 415 355 482
Operating Expenditure (USDm) (175) (180) (156) (206)
Royalty (USDm) (15) (17) (14) (19)
Operating Profit (USDm) 184 219 185 257
Net Profit (USDm) 164 193 159 220
Capital Expenditure (USDm) (119) (123) (92) (124)
Cashflow (USDm) 44 69 68 97
Post-Tax Reporting
NPV @ 5% (USDm) 24.4 42.4 45.5 64.3
IRR (%) 15.6 21.4 32.7 30.2
Cash Cost
Cash Cost (USD/tore) 54.11 44.22 36.82 44.68
(USD/oz) 724 674 683 666
Metal Price Sensitivity Analysis
The impact of a range of gold prices on the NPV5% for the project has been studied in the PEA and the results are reported in Table 3.
Table 3: Gold Price Sensitivity Analysis Results
Units
Metal Price USD/oz 1,100 1,200 1,300 1,425 1,500 1,600 1,700 1,800
NPV5%
Option A USDm (25) (9) 6 25 37 52 67 82
Option B USDm (10) 7 24 44 56 72 88 105
Option C USDm 1 15 30 47 57 71 85 99
Option D USDm 4 24 43 66 81 99 118 137
Colt is aware that several areas of improvement may be made to capital and operating costs which will be addressed during the Feasibility Study.
Project Timeline and Optimization Efforts
The completion of this positive PEA is an important milestone in the continued development of Boa Fé/Montemor.
Colt's projected timeline to advance the project includes the following milestones:
Q4 2013 - Resource Update
Q4 2013 - Completion of Feasibility Study
Q4 2013 - Receipt of Full Mine Permit
Q1 2014 - Detailed engineering and procurement
Q2 2014 - Commence construction activities
Q1 2015 - Commence Production
Colt intends to address several areas during the Feasibility Study so as to improve results included in the PEA. These will include:
Mineral Resources - Colt will focus on upgrading of Inferred Resources to Indicated Resources and the identification of additional resources in close proximity to the known deposits. Colt is also confident that the potential to increase resources through regional exploration is good. Exploration work will be directed toward identifying additional deposits that will benefit the future mining operation.
Processing - Colt will complete ongoing testwork so as to finalize and optimize process flowsheets leading to final plant design. The several approaches studied have provided several options that will be further evaluated and finalized.
Pit Slope - Colt will perform additional geotechnical investigations designed to optimize pit slope angles.
Environmental - Work will continue to address the need to minimize the impact of the future mining project.
Mining - Capital and operating costs will be addressed in detail to identify areas where improvements can be made so as to benefit the future economics of the project.
About Colt Resources Inc.
Colt Resources Inc. is a Canadian junior exploration and mining company engaged in acquiring, exploring, and developing mineral properties with an emphasis on gold and tungsten. It is currently focused on advanced stage exploration projects in Portugal, where it is the largest lease holder of mineral concessions.
Jurgen Fuykschot MSc MBA MAusIMM (CP), Principal Consultant (Mining Engineering), SRK Consulting (UK) Limited, is the independent qualified person, as defined in NI 43‐101, for the Boa Fé/Montemor Preliminary Economic Assessment. Mr Fuykschot has reviewed the content of this press release and consents to the information provided in the form and context in which it appears.
The Company's shares trade on the TSX‐V, symbol: GTP; the Frankfurt Stock Exchange, symbol: P01; and, the OTCQX, symbol: COLTF.
FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain "forward-looking information". Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Colt Resources Inc. (the "Company"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Company's annual information form available on SEDAR at www.sedar.com and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
PEA: ADDITIONAL CAUTIONARY NOTE
This note regarding the preliminary economic assessment (PEA) is in addition to cautionary language already included within the news release as required under NI 43-101. The PEA is preliminary in nature and includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA based on these mineral resources will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
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.
PDF available at: http://stream1.newswire.ca/media/2013/05/07/...C4347_DOC_EN_26462.pdf
If you would like to unsubscribe please email unsubscribe@coltresources.com
SOURCE: COLT RESOURCES INC.
For further information:
Nikolas Perrault, CFA
President & CEO
Colt Resources Inc.
Tel: +351-219-119810
Fax: +351-219-119820
info@coltresources.com
Declan Costelloe CEng,
Executive Vice President & COO
Colt Resources Inc.
Tel: +351-219-119810
Fax: +351-219-119820
info@coltresources.com
Christophe Romary,
Vice President, Business Development
Colt Resources Inc.
Tel: +1 (514) 843-7178
Fax: +1 (514) 843-7704
info@coltresources.com
Richard E. Cooper
President
Cooper Global Communications,
LLC
Tel: +1 (646) 559-4828
Fax: +1 (514) 843-7704
Rcooper@cgc-us.com
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Da gibt's schon genug Käufer. Wird man am Orderbook über kurz oder
lang sehen.
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"
Mr. Costelloe also currently serves as a director of U.S. Gold Corporation (TSX:UXG), Bravo Gold Corp (TSXV:BVG), and Alexandria Minerals Corporation (TSX) man kann auch ein schönes Guiness mit ihm trinken.:-)
MINING: COLT RESOURCES (GTP.TSX-V); 21c/CAD$29m CORP FROM YESTERDAY: BOA FÉ PEA COMPLETED: MORE WORK NEEDED
- Colt Resources has completed the PEA on the Boa Fé and Montemor gold projects
- The projects have an IRR between 15.6% and 30.2%, and NPV (5%) of $24.4m to $64.4m based on a number of scenarios
- The valuation also assumes a gold price of $1,425/oz.
NORTHLAND UK VIEW: Colt Resources’ PEA for the Boa Fé and Montemor gold projects should not be seen as a definitive assessment of the area’s potential, but rather an initial valuation of some small deposits contained within the licence. The numbers generated from the PEA indicate that the project is presently unlikely to be viable based on the current resource estimate but with a resources upgrade expected in Q413 that could well change. Colt Resources is not looking to establish a large resource at the project at present, though the area is highly prospective. Instead, the Company is planning to use initial small, near surface and low cost discoveries to generate cash flow at a relatively low capital expense. The cash generated from these operations is then likely to be used to fund continued regional exploration on the highly prospective Montemor project.
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Schnelligkeit und hohe Grade vor Unzen- die kommen von alleine.
Damit ist Colt weit vorne! Alles um die 700 Dollar/Unze kann man mit der Lupe suchen!