Creston Moly Announces NI 43-101 Preliminary Economic Assessment Filed on SEDAR
21 Dezember 2010 - 8:29PM
Marketwired
Creston Moly Corp. ("Creston" or the "Company") (TSX VENTURE: CMS)
announced today that the complete NI 43-101 Preliminary Economic
Assessment ("PEA"), prepared by JDS Energy & Mining Inc., has
been filed on SEDAR and on Creston's website at
www.crestonmoly.com. The results of the PEA (previously announced
on December 16, 2010), on its wholly-owned El Creston Molybdenum
Deposit ("Creston Project") located in the state of Sonora, Mexico,
estimates production, capital and operating cost parameters along
with project economics.
Highlights of the PEA Base Case include:
-- An after tax Net Present Value ("NPV") at an 8% discount rate of $561.9
million;
-- An after tax Internal Rate of Return ("IRR") of 22.3%;
-- Annual processing rate of 50,000 tonnes per day;
-- Annual production of 23.9 million pounds of molybdenum in concentrate
for the life of mine;
-- Annual production of 29.5 million pounds of copper in concentrate for
the 7 years of copper production;
-- Direct costs (inclusive of copper byproduct credits) of $4.12 per pound
of Mo;
-- An estimated initial capital expenditure of $655.9 million.
Financial Evaluation
The metal prices for the base case are $15.00 per pound for
molybdenum and $2.60 per pound for copper. As of December 2010 the
historic 3-year trailing average prices for molybdenum and copper
were $19.54 per pound and $2.95 per pound respectively. Current
prices for molybdenum and copper are $16.15 per pound and $4.11 per
pound respectively (December 15, 2010). (All amounts are in US$
unless otherwise stated).
Qualified Persons
JDS, a full service Engineering, Procurement, Construction &
Management (EPCM) firm, is recognized for its experience and
capabilities in the development and construction of mines and
mineral processing plants. The executive summary of the JDS PEA
will be posted on the Company's website (www.crestonmoly.com) as
well as on Sedar in the near future.
The Qualified Persons ("QPs"), as defined in NI 43-101,
responsible for the preparation of this technical report
include:
-- Michael Makarenko, P.Eng., JDS Energy & Mining Inc.;
-- Ali Sheykholeslami, P.Eng., JDS Energy & Mining Inc.;
-- Kenneth Meikle, P.Eng., JDS Energy & Mining Inc.;
-- Gilles Arseneau, P. Geo., SRK Consulting (Canada) Inc.;
-- David Kidd, P.E., Golder Associates Inc.;
-- Hoe Teh, P.Eng., Hoe Teh Consulting Inc.
On Behalf of the Board of Directors
CRESTON MOLY CORP.
D. Bruce McLeod, President & CEO
Forward-Looking Statements
This document may contain "forward-looking statements" within
the meaning of Canadian securities legislation and the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date of this document
and Creston does not intend, and does not assume any obligation, to
update these forward-looking statements.
Forward-looking statements relate to future events or future
performance and reflect Creston management's expectations or
beliefs regarding future events and include, but are not limited
to, statements with respect to the estimation of mineral reserves
and resources, the realization of mineral reserve estimates, the
timing and amount of estimated future production, costs of
production, capital expenditures, success of mining operations,
environmental risks, unanticipated reclamation expenses, title
disputes or claims and limitations on insurance coverage. In
certain cases, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By their very nature
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Creston to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such factors include,
among others, risks related to actual results of current
exploration activities; changes in project parameters as plans
continue to be refined; future prices of resources; possible
variations in ore reserves, grade or recovery rates; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; as well as those factors
detailed from time to time in Creston's interim and annual
financial statements and management's discussion and analysis of
those statements, all of which are filed and available for review
on SEDAR at www.sedar.com. Although Creston has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, 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.
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.
Contacts: Creston Moly Corp. Mr. Bruce McLeod President &
CEO 604-687-7545 or Toll Free: (888) 338-2200 Creston Moly Corp.
Chris Curran Investor Relations 604-687-7545 or Toll Free: (888)
338-2200 Creston Moly Corp. Ken MacDonald 604-694-0005 604-689-5041
(FAX) www.crestonmoly.com
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