Treasury Metals to Update Preliminary Economic Assessment on the Goliath Gold Project
13 Maggio 2012 - 4:15PM
PR Newswire (Canada)
TSX:TML TORONTO, May 15, 2012 /CNW/ - Treasury Metals Inc.
("Treasury Metals" or the "Company") is pleased to announce an
update on its ongoing development programs at its 100% owned
Goliath Gold Project, located approximately 20 kilometres east of
the City of Dryden, Ontario. As a result of the project's increased
mineral resources, the Company has retained the services of A.C.A.
Howe International Limited ("Howe") independent mining consultants
to lead and manage an updated Preliminary Economic Assessment (the
"PEA") that is expected to be completed towards the end of June.
Currently underway, the PEA will concentrate on establishing the
economic parameters of mining operations including capital and
operating costs for an initial open-pit mine followed by
underground mine production. The updated PEA will also analyze
process facilities, open pit and underground optimization studies,
mining planning and scheduling, including CAPEX and OPEX for both
mining and plant operations. The PEA will update the 2010
Preliminary Economic Assessment and reassess the project's
economics using the Company's increased resource estimate that was
released on November 9(th), 2011, completed by Howe (see press
release November 9(th), 2011). The newest resource will allow Howe
to model an open-pit and underground operation with a much higher
production rate and increased scale in general from the initial
PEA. The PEA will be prepared according to the guidelines in
National Instrument Policy 43-101. This economic study will allow
the Company's staff engineers and consultants to maximize
opportunities for both cost reductions and project enhancements as
we move the project forward. A number of development programs are
running simultaneously to support the PEA and the advancement of
the Goliath Gold Project. John Wells has been contracted as an
independent consultant to oversee G&T Metallurgical Services
Ltd., which will carry out additional advanced stage metallurgical
test work. This testing will determine a detailed flow sheet
for a gravity and C.I.L. process, including SAG and Ball Mill
sizing, optimal grind size and process water balances. The
Company's ongoing Environmental Baseline Studies (EBS), initiated
in the fall of 2010, will support both the PEA and advanced
exploration programs. Further engineering activities and permitting
for the advanced exploration program are all currently underway and
will be updated to the market in due course. Technical information
in this press release has been reviewed and approved by Mr. John J.
Chulick, a consulting geologist registered in the State of
California, and Mark Wheeler, P. Eng., Senior Mining Engineer, who
are both Qualified Persons for the Goliath Gold Project under the
definitions established by National Instrument 43-101. To view
further details of the Goliath Gold Project and the 2011 Resource
Estimate technical report, please visit the Company's website at
www.treasurymetals.com. Forward-looking Statements This release
includes certain statements that may be deemed to be
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address events or
developments that management of the Company expect, are
forward-looking statements. Actual results or developments may
differ materially from those in forward-looking statements.
Treasury Metals disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, save and except as may be
required by applicable securities laws. Treasury Metals Inc.
CONTACT: Greg FerronVice President Corporate DevelopmentT:
1.416.214.4654greg@treasurymetals.comMartin WalterPresident &
CEOT: 1.416.214.4654martin@treasurymetals.com
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