Minco Silver "Kursrakete"
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Minco Silver is a Canadian mining company focused on acquiring and developing high-grade, advanced-stage silver properties in China. Our focus is to acquire a large portfolio of silver dominant properties in China in the shortest time possible. Currently, the company's primary focus is the Fuwan Silver Property..
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Minco Silver drills 3.25 m of 1,143 g/t Ag at Fuwan
2007-05-25 05:09 ET - News Release
Mr. Ken Cai reports
MINCO SILVER EXPANDS FUWAN DEPOSIT FROM PHASE IV DRILLING
Minco Silver Corp. has released assay results of the first 10 holes of the phase IV exploration program on its Fuwan silver deposit located in Guangdong province, China. The program was designed to further increase the level of confidence of the resource through infill and step-out drilling and encompasses a broad spectrum of detailed engineering work designed to investigate the geotechnical, hydrological and metallurgical aspects of the project.
The 10,500-metre infill and step-out drilling program over the southwest area between section lines 43 and 15 has been progressing well. The holes are located at 80-metre centres, along section lines 40 metres apart and decreases the distance between adjacent holes to approximately 60 metres by 60 metres. Six of the 10 holes reported here (66 through 69, 76 and 101) are step-out holes that have extended the mineralization to the northeast and to the south. The deposit remains open in both directions and further drilling is planned to delineate these extensions before a new resource calculation is made. Please visit the company's website to view a map of the phase IV drill hole locations.
Zone widths for the first 10 holes completed varied from 0.97 metre to 7.65 metres, with silver grades ranging from 41 grams per tonne to 1,143.8 grams per tonne (g/t). The assay results are highlighted by the following intersections:
FW0076 -- 1,143.8 g/t silver over 3.25 metres;
FW0077 -- 1,047 g/t silver over two metres and 405 g/t over 1.1 metres; and
FW0083 -- 314.18 g/t silver over 7.65 metres.
Detailed results for the first 10 core drill holes are provided in the attached table.
Average grades
From To Intercept Au Ag Pb Zn
Hole No. (m) (m) (m) (g/t) (g/t) (%) (%)
FW0066 46.76 50.25 3.49 0.27 137.87 0.05 0.08
55.05 55.51 0.46 0.10 440.00 1.14 3.43
FW0067 209.07 210.04 0.97 0.05 208.00 0.07 0.07
FW0068 266.59 267.59 1.00 less 47.00
than
0.01
FW0069 285.08 286.42 1.34 0.07 180.50 0.08 1.30
FW0070 259.45 263.38 3.93 0.13 364.50 0.44 1.28
264.80 265.44 0.64 0.06 41.00
269.02 270.06 1.04 1.04 70.00
284.94 285.74 0.80 0.06 616.50 0.61 0.11
FW0076 167.17 169.17 2.00 0.14 118.50 0.04 0.22
195.59 198.84 3.25 0.08 1143.80 0.42 0.55
FW0077 171.00 173.00 2.00 0.89 1047.00 0.33 0.63
178.10 179.20 1.10 0.53 405.00 0.09 0.28
FW0079 141.38 143.68 2.30 0.05 508.20 0.11 0.31
FW0083 196.46 204.11 7.65 0.42 314.18 0.12 0.51
FW101 240.48 241.48 1.00 0.01 151.00 0.01 0.01
244.41 246.26 1.85 0.10 152.55 0.16 1.36
All widths are approximate true widths.
Minco Silver is encouraged by the initial phase IV drilling results and is working aggressively to advance the Fuwan silver project. Currently, eight drill rigs are operating on the property and the company anticipates completion of the phase IV exploration program by the end of July, 2007.
Samples were prepared and assayed at PRA Kunming Lab (Process Research Associated Ltd.) with supervision of a certified British Columbia assayer. Silver was assayed with fire assay and AAS or gravimetric finish. Assay results were further checked at PRA's Vancouver lab as an external check. Reference materials were inserted by Minco staff geologists as a further assay control.
Dwayne Melrose, PGeo, vice-president of exploration for Minco Silver, is the qualified person responsible for verification and quality assurance of the company's exploration data and analytical results.
We seek Safe Harbor.
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Minco Silver begins phase V exploration at Fuwan
2007-06-29 12:10 ET - News Release
Dr. Ken Cai reports
MINCO SILVER INITIATES PHASE V DRILLING ON ITS FUWAN SILVER PROJECT
Minco Silver Corp. has initiated a phase V drilling program on its Fuwan silver deposit located in Guangdong province, China. The phase IV program has recently been completed and consisted of 40 holes for 11,377 metres of diamond core drilling. Six of the 10 phase IV holes reported in Stockwatch news on May 25, 2007, were step-out holes that extended the mineralization to the northeast and to the south. Assays for the remaining 30 phase IV holes are still pending.
The phase V program consists of 23 holes for approximately 6,000 metres of drilling. It is designed to increase the level of confidence in the resource within the northeast extension area through infill drilling. The program will also consist of step-out drilling in the southwest area in an attempt to continue to expand the resource. To date, the deposit remains open to the north and southwest. Further drilling is planned to delineate these extensions before a new resource calculation is made. Minco Silver is currently operating eight drill rigs on the property and anticipates completion of the phase V exploration program by the end of September, 2007.
The company's annual general and special meeting of the shareholders was held at the Terminal City Club in Vancouver on June 26, 2007. Dr. Ken Cai, William Meyer and Chan-Seng Lee were re-elected as directors of the company. Timothy Marlow, vice-president, operations, for Minco Silver and Kenneth McNaughton, vice-president, exploration, for Silver Standard Resources, have been newly elected to the board of directors. Mr. McNaughton will represent Silver Standard's interests as part of the partnership agreement between the two companies. Due to their busy schedules, Robert Quartermain and Wade Dawe were unable to run for re-election but will act in an advisory capacity to Minco Silver's board. The company thanks Mr. Quartermain and Mr. Dawe for their valuable contributions and services.
On June 27, 2007, the new board of directors convened for the first time and appointed the following officers to act on behalf of the company:
Dr. Ken Cai -- chairman and chief executive officer
Timothy Marlow -- vice-president, operations
Dwayne Melrose -- vice-president, exploration
Matthew Kavanagh -- chief financial officer
Fiona Zhou -- controller
Due to Dr. Cai's promotion to chairman of the board, Minco Silver is actively seeking a president and chief operating officer to manage the day-to-day operations of the company as it rapidly advances the Fuwan silver project through the development process.
Minco Silver would also like to announce that Brigitte McArthur and Mark Orsmond have left the company and wishes them well in their future endeavours.
We seek Safe Harbor.
Minco Silver begins phase VI drilling at Fuwan
2007-10-18 09:44 ET - News Release
Dr. Ken Cai reports
MINCO SILVER HAS STARTED PHASE VI DRILLING AT FUWAN
Minco Silver Corp.'s phase VI drilling program has begun on the Fuwan silver deposit located in Guangdong province, China. Based on positive results to date, there is a good indication that mineralization can be extended along strike and down dip. The phase VI program primarily consists of step-out drilling designed to expand the resource. The program comprises 49 holes for approximately 13,000 metres of drilling. Please visit the company's website to view a map of the phase VI drilling area.
The program will further test the silver mineralization within the Fuwan property and attempt to extend the known mineralization to the southwest and southeast respectively. Step-out drilling is also planned to potentially further extend the known mineralization down dip and along strike of the Fuwan trend. Drill spacing for the phase VI program will vary from 40 by 80 metres to 160 by 160 metres.
Condemnation drilling is also planned for the proposed mill site from the conceptual site layout prepared by SRK Consulting. This area will be tested for mineralization and major structures, and provide data for future mill design considerations.
Minco Silver is currently operating eight drill rigs on the property for the phase VI program and for the Hydrological testing program which is proceeding well. To date, a total of seven holes for detailed pumping tests have been completed and three are in progress with an additional two holes planned to conclude the program.
Assay results for the remaining phase V drill holes are still pending and the company intends to start an updated resource estimation soon after they are received. The new resource estimate will incorporate all historical drilling as well as phases I through V, and will be used as a basis for the Chinese mining licence application.
We seek Safe Harbor.
Minco Silver receives happy PEA of Fuwan
2007-10-22 15:24 ET - News Release
Dr. Ken Cai reports
MINCO SILVER RECEIVES POSITIVE PRELIMINARY ECONOMIC ASSESSMENT ON FUWAN; CONFERENCE CALL
Minco Silver Corp. has received the results of a preliminary economic assessment on its 100-per-cent-owned Fuwan silver project located in Guangdong province, China, completed by independent engineering firm SRK Consulting (China).
Conclusion and recommendations
On the basis of available information, SRK concludes that the Fuwan project is technically and economically viable as an underground mining operation with a capacity sufficient to support a processing rate of the order of 2,500 tonnes per day. The preproduction capital cost is estimated to be $57-million (U.S.). Average annual silver production is estimated at 4.9 million ounces over a mine life of 12 years with average operating costs of $29.02 (U.S.) per tonne milled or cash costs of $2.40 (U.S.) per ounce silver after credits from other associated metals. The project generates total gross revenue of $713-million (U.S.), total after-tax net cash flow of $241-million (U.S.), an after-tax net present value of $113-million (U.S.) using an 8-per-cent annual discount rate and an after-tax internal rate of return of 38 per cent. Payback period of preproduction capital cost is 1.7 years from the start of production.
The results of the PEA indicate that, at an IRR of 38 per cent after tax, the Fuwan silver project is expected to be robust. In common with virtually all mining developments, the project economics are sensitive to metal price and grade of the deposit. The Fuwan silver project provides high leverage to the silver price.
As such, SRK recommends Minco Silver to advance the project to a prefeasibility/feasibility level and particularly recommends the following:
Expedient investigation and application for long-lead-time items, such as for surface land use and mining permit application;
Appropriate metallurgical testwork to confirm a cost-effective process, particularly including reagent election specific to ore mineralogy;
Early initialization of a shaft access development program to gain required information about the actual characteristics and conditions of the ore zones.
Geology and resources
The PEA is based on the resource estimates reported by P&E Mining Consultants Inc. in the technical report and updated resource estimate on the Fuwan property, Guangdong province, China, with an effective date April 15, 2007. The P&E resource estimate, based on the results up to Minco Silver's phase 3 drilling program completed in January, 2007, and a 50-gram-per-tonne cut-off grade, is summarized the resource estimate table.
RESOURCE ESTIMATE
Resource area and
classification Tonnes Ag (g/t) Ag (oz) Au (g/t) Pb (%) Zn (%)
Fuwan permits
Indicated 4,477,000 203 29,206,000 0.20 0.18 0.53
Fuwan permits
Inferred 13,845,000 180 80,307,000 0.25 0.22 0.58
The PEA 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 preliminary assessment will be realized. The exploration program is, however, considerably advanced since the April 15, 2007, resource estimate report. Phases IV and V drilling had been completed but the results were not available for report preparation and were not taken into account for the PEA. Further, Minco Silver's proportionate ownership of the silver mineralization that lies within the Changkeng permit has not been included (4.1 million tonnes inferred, averaging 142 g/t Ag, for an additional 18.7 million ounces of silver).
Mining
A number of mining methods have been assessed and the drift and fill method was selected, on the basis of available information, for the Fuwan project PEA. Drift and fill mining has been envisaged to consist of first driving stoping panel access drifts in ore across the orebody at 100-metre horizontal intervals. Drift and fill stopes of 50 m length will then be driven from the panel access drifts. The stope drifts are then backfilled to prevent subsequent deformation, caving and subsidence. The next stoping drift in that panel unit is excavated adjacent to the previously filled excavation. This process is continued in sequence, allowing adequate time for the backfill to stabilize. A panel unit will consist of three to five stoping drifts, and the entire panel includes several panel units.
The proposed mine access plan for the Fuwan orebodies uses access to the orebody via a circular shaft and a 4.5 m by 4.5 m ramp with a 15-per-cent decline. Orebody development will occur by driving development access drifts at the perimeter of the ore zone.
Mine ore production will initially be 1,500 tpd, ramping up to 2,500 tpd by the start of the second production year and thereafter. For the purposes of this PEA a base case life of mine of 12 years has been considered.
Metallurgy
Metallurgical testwork was carried out by Process Research Associates (PRA) and a process flow for the Fuwan silver ore has been proposed. The process involves comminution, Pb rougher flotation, Zn rougher flotation, and then regrinding of both Pb and Zn rougher concentrates. The reground concentrates will then be cleaned by flotation to produce Pb and Zn concentrates which are dewatered and stored for transportation to the smelters. The flotation tailings are to be thickened before being transferred to the tailings management facility and underground as backfill.
PRA testwork found that a simple flow sheet using conventional flotation and standard reagents provides excellent recoveries.
RECOVERIES
Total recoveries
Sample ID Ag (%) Au (%) Pb (%) Zn (%)
Zone 1 sample 97.3 68.2 89.8 97.3
Zone 2 sample 97.7 69.7 96.0 97.2
Composite sample 97.9 77.4 94.0 97.9
Waste management and tailings disposal
Although the base case scenario plans for a 12-year mine life, over a potential 18-year mine life it is anticipated that a total of approximately 1.5 million tonnes of waste rock will be generated. During the initial 12 months it is anticipated that waste rock will be used at the mine site for the construction of level platforms, road access, embankments and as a rock fill material for infrastructure construction. It has been assumed that 60 per cent of tailings at Fuwan will be disposed of underground as backfill with the balance reporting to surface tailings storage facilities located to the south of the orebody. It is anticipated that the coarse fraction will be separated, likely using cyclones, and used for backfill in the mining operation. Over a potential 18-year mine life it is anticipated that about 17.4 million dry tonnes of tailings will be generated at Fuwan for storage at surface. This is expected to generate a volume of about 2.85 million cubic metres of tailings, depending on the type of tailings disposal technology and level of dewatering. It is anticipated that tailings will be thickened to a minimum density of about 1.8 tonnes per cubic m.
Hydrological, geotechnical, environmental and socio-economics
At the time of preparing this PEA, investigations were being carried out to evaluate site-specific hydrological, environmental and geotechnical conditions. The evaluation is currently being done by the 757 geological exploration team under contract to Minco Silver. SRK is providing support to the company for this investigation. The results of this investigation were not available for the purpose of the PEA.
Detailed environmental and socio-economic studies have not been done yet. However, Minco Silver intends to commission this study in preparation of a feasibility study due to commence in the first half of 2008.
Economic evaluation
Based on the mineral resources estimated by PRA, SRK has developed a plan to mine and process an average of 2,455 tpd, operating 330 days per year, for a total 9.7 million tonnes mined over a 12-year mine life. For the base case assessment, it has been assumed that the resources within the higher-grade areas will be mined first. This selective mining of the ore may be more representative of a mine plan that will result from a detailed feasibility study, and results in somewhat variable mill head grades which are higher in the initial years to repay the capital cost, and decreasing in later years. For the purpose of this PEA, a 90-per-cent ore recovery rate and a 12-per-cent dilution rate have been used. Operating costs are estimated to be $29.02 (U.S.) per tonne milled. The preproduction capital costs are estimated to be $57-million (U.S.). The net after-tax cash flow is estimated to be $241-million (U.S.). The after-tax net present value at an 8-per-cent annual discount rate is estimated to be $113-million (U.S.) and the after-tax internal rate of return is 38 per cent.
SUMMARY OF THE PEA ECONOMIC EVALUATION
Items Unit Value
Preproduction capital cost US$M 56.9
Sustaining capital cost US$M 18.2
Total revenue US$M 712.8
Total operating cost US$M 312.8
Total tonnage mined Mt 9.7
Cash operating cost US$/t milled 29.02
Cash operating cost US$/ oz silver produced $2.40
Total silver production M oz 58.8
Total project cash flow US$M 320.9
Income tax payable US$M 79.8
Royalty payable US$M 26.0
Total net after-tax cash flow US$M 241.1
NPV at 8% annual discount rate US$M 113.3
NPV at 10% annual discount rate US$M 94,3
NPV at 12% annual discount rate US$M 78,4
Internal rate of return % 38
Payback period for preproduction
capital cost Year 1.7
Among the factors assumed in the development of the PEA cash flow model are:
Mining recovery of 90 per cent, dilution 12 per cent at zero grade;
Production of 1,500 tpd for year 1 and 2,500 tpd for year 2 and thereafter, operating 330 days per year;
Mill plant concentrate recoveries of 94 per cent for silver, 65 per cent for gold, 84 per cent for lead and 95 per cent for zinc;
Head grades of 181 to 282 g/t silver, 0.21 g/t gold, 0.19 per cent lead and 0.51 per cent zinc;
Silver price of $12.11 (U.S.) per troy ounce based on average Shanghai Gold Exchange (SGE) silver price during the August, 2005, to August, 2007, period less 13-per-cent value-added tax (VAT); Gold price of $624.57 (U.S.) per troy ounce based on average SGE gold price over the August, 2005, to August, 2007, period; 67 (U.S.) cents per pound for lead and $1.30 (U.S.) per pound for zinc based on average LME prices during the August, 2005, to August, 2007, period;
Resource compensation tax (royalty) of 4-per-cent revenue for gold and silver, and 2-per-cent revenue for lead and zinc;
An income tax rate of 25 per cent of taxable income;
Analyses are in constant U.S. dollars of mid-2007 value.
Sensitivity analysis
The project cash flow is sensitive to silver price, operating cost, capital cost and also other variables. As may be expected, the price of silver is the most sensitive since about 80 per cent of the projected revenue is from silver.
SILVER PRICE SENSITIVITY
Silver value NPV@8% NPV@10% NPV@12% IRR
(US$/troy oz) (US$M) (US$M) (US$M) (%)
7.00 18 11 5 14
8.00 37 27 19 19
9.00 55 43 34 24
10.00 74 60 48 29
11.00 93 76 62 33
12.00 111 93 77 38
13.00 130 109 91 42
14.00 149 125 106 46
15.00 167 142 120 49
16.00 186 158 135 53
Qualified persons
SRK Consulting -- Dr. Yonglian Sun, PhD, CPEng, project manager and client liaison; Dwight Crossland, BSc, mining; Chris Stinton, CPEng, process and metallurgy; Kevin Holley, CPEng, geotechnical engineer -- tailings and rock mass assessment.
Minco Silver -- Tim Marlow, CEng, MIMMM, vice-president of operations and study manager; Dwayne Melrose, PGeo, vice-president of exploration and qualified person responsible for verification and quality assurance of the company's exploration data and analytical results.
Conference call
Minco Silver will host a conference call on Tuesday, Oct. 23, at 11 a.m. ET or 8 a.m. PT. To participate, please dial 416-849-4293 for local and international callers, or 1-866-400-2240 toll-free within North America.
We seek Safe Harbor.
Top
MINCO SILVER RECEIVES POSITIVE HYDROGEOLOGY REPORT ON THE FUWAN PROJECT FROM SRK CONSULTING
Minco Silver Corp. has received a hydrogeological review report on its Fuwan project located in Guangdong province, China, completed by independent engineering firm SRK Consulting (Canada) Inc.
SRK was contracted in July, 2007, by the company to provide hydrogeological services to support those being provided by Minco Silver's local consultants, the 757 exploration brigade team. The hydrogeological scoping-level assessment was carried out under the direction of senior hydrogeologist M. Royle from Vancouver, B.C., with peer reviews by SRK principal hydrogeologist Stefan Muller in Perth, Australia, and SRK corporate consultant Richard Connelly in the United Kingdom.
As outlined in the recent preliminary economic assessment completed by SRK, the proposed mining area is located approximately 600 metres west of the Xijiang River and 600 metres south of the Changkeng ditch, and is contained within an envelope between sections 43W and 16E. The deposit is situated within a known karst environment; therefore, potential inflows and the infrastructure required to manage those flows must be verified by further work. Exploration drilling indicates that mining will proceed in a southwest direction away from the river.
To date, 18 hydrogeological test holes have been drilled to test the connectivity of the various structures in place at Fuwan. Pumping tests from open holes have returned varying inflow rates from 0.25 cubic metre per day to 1,300 cubic metres per day (0.003 litre per second to 15 litres per second) with varying related drawdowns in each test hole.
Based upon the available data, important conclusions from the report include the following:
Initial testing done to date at the Fuwan silver deposit has not indicated that excessive water inflow would be encountered during mine development.
Testing done to date indicates that the Xijiang River appears to be poorly connected hydraulically with the proposed underground mine envelope.
SRK has also included a number of recommendations. These involve advancing the structural understanding of the area together with further drilling to confirm the presence of interpreted faults, brecciated zones and unconformities that may influence the planned mining zones. As well, additional pump test holes will be drilled to further test the aquifer and to monitor groundwater and multistrata inflows over both short and long terms. Once mine development has been initiated, standard precautions -- including probe drilling ahead of advancing faces, installation of bulkheads and geochemical monitoring for tracer elements in the water -- are recommended. The continuing hydrogeological program will be included during the feasibility study stage.
Concurrent with the SRK scoping-level assessment, the 757 team is conducting hydrogeological, environmental and geotechnical programs for the project as part of the requirements of the Chinese mining licence application.
Qualified persons
SRK Consulting -- Mr. Royle, MAppSci, PGeo, senior hydrogeologist, SRK Consulting, Vancouver, B.C.
Minco Silver -- Tim Marlow, CEng, MIMMM, vice-president of operations and study manager; Dwayne Melrose, PGeo, vice-president of exploration and qualified person responsible for verification and quality assurance of the company's exploration data and analytical results.
Minco Silver increases Fuwan indicated resource by 145%
2007-12-11 10:23 ET - News Release
Dr. Ken Cai reports
MINCO SILVER ANNOUNCES A 145% INCREASE IN THE INDICATED RESOURCE ON THE FUWAN SILVER PROJECT
Minco Silver Corp. has received an updated resource estimate for the Fuwan silver project in Guangdong province, China. This resource update has upgraded the indicated resource from 4.5 million tonnes containing 29.2 million ounces of silver to 11.9 million tonnes containing 71.6 million ounces of silver, representing an increase of 145 per cent in the indicated resource. The total indicated silver resource is reported to be 71.6 million ounces and the total inferred silver resource is 71.4 million ounces for an overall increase of 14.7 million ounces (11.4 per cent) of silver.
The purpose of this resource estimate was to:
Take into consideration Minco Silver's recently completed 78 new drill holes;
Estimate silver resources that reflect Minco Silver's current exploration permitholdings;
Estimate silver resources on Minco Silver's 51-per-cent interest in the adjoining Changkeng licence area;
Upgrade inferred resources to the indicated classification.
The remainder is available to Stockwatch subscribers.