Kutcho Copper Provides Corporate Update
13 Januar 2022 - 2:00PM
Kutcho Copper Corp. (TSXV: KC) (OTC: KCCFF)
(“Kutcho Copper” or the “Company”) is pleased to provide a review
of its accomplishments in 2021 and look forward to the next steps
planned for 2022 at its high-grade Copper – Zinc development
project located in north-western British Columbia.
“2021 was a pivotal year for the Company, with
several fundamental accomplishments, most notably completion of our
feasibility study,” stated Vince Sorace, President & CEO of
Kutcho Copper. “We anticipate that 2022 will be another exciting
year for the Company, as we are uniquely positioned with a
feasibility-stage, high-grade, low-cost development project in a
Tier 1 jurisdiction supported by a thriving copper market. We will
continue advancing the permitting of the project while evaluating a
number of accretive and strategic opportunities already before us
on our path towards a positive construction decision. We believe
that Kutcho Copper represents a compelling investment opportunity
given its current market capitalization relative to the robust
nature of the project and the strong outlook for copper.”
Corporate/Project
highlights:
- Feasibility level project, located
in northern British Columbia, Canada, one of the safest mining
jurisdictions globally with producing mines in the region including
Brucejack (Pretium) and Red Chris (NewCrest/Imperial Metals).1
- Strong financial support - Wheaton
Precious Metals supported with financing package of over C$100
million.
- Existing infrastructure – on-site
field camp and airstrip; 120km of year-round ground access to be
upgraded to a haul road; existing concentrate export facilities
within 400km on a paved highway and subdued terrain reducing
construction challenges.
- Project designed to minimize and
avoid environmental impacts, including reducing greenhouse gas
emissions, backfilling the open pit, avoidance of fish-bearing
streams, treatment of contact mine water, among others.
- Defined Permitting Process – a
transparent and prescribed British Columbia Environmental
Assessment process, supportive First Nations, local stakeholders
and Government.
- Exploration upside potential –
including the potential to convert existing Inferred Resources to
Indicated Resources, potential expansion of Inferred Resources and
blue sky green fields/regional exploration potential.
Significant milestones achieved in 2021
include:
- Completed a feasibility study2
showcasing an after-tax Net Present Value at a 7% discount rate of
$613 million and an Internal Rate of Return of 30% (at U$$4.00/lb
copper), including:
- A mine plan for a predominantly
simplified open-pit mining operation. The optimized mine plan has
resulted in a technically robust and capital-efficient project with
a minimized footprint.
- Annual production of 50 million lbs
of copper and 78 million pounds of zinc over an 11 year mine life
with cash costs of US$1.11/lb copper equivalent and all-in
sustaining costs of US$1.80/lb copper equivalent.
- Expanded the Project’s high grade
mineral resources to 1.1 billion pounds of contained copper
equivalent. The updated mineral resource in the measured and
indicated category totals 22.8 million tonnes averaging 1.52%
copper and 2.18% zinc (2.26% copper equivalent (CuEq) (refer to
Company press release dated Sept 13, 2021).
- Completed approximately C$12
million in financings with fundamental investors.
- Deferred interest payments due
under the Wheaton Precious Metals convertible debenture until the
end of 2023.
- Completed a buyback of the royalty
held by Sumac Mines Ltd. and terminated Sumac's right of first
refusal (ROFR) to purchase concentrates from the Kutcho copper-zinc
project opening access to a greatly expanded universe of potential
concentrate off-takers and financial partners.
- Entered into negotiations for
economic participation agreements with the Tahltan and Kaska First
Nations.
- Developed a detailed exploration
plan that provides numerous opportunities to increase the open pit
and underground mineral resources available for inclusion in future
mine plans at the existing Main, Sumac and Esso deposit.
Looking ahead into 2022:
Kutcho Copper intends to showcase the Project’s
upside potential through:
- Advancing both near-resource and
greenfields exploration targets.
- Re-entering the Environmental
Assessment process as the next step towards completion of
permitting for mine development.
- Undertaking First Nation and
community engagement and consultations, supporting field visits and
completing economic participation agreements with both the Tahltan
and Kaska First Nations.
- Evaluating and, if warranted,
execute on a number of accretive and strategic opportunities.
- Continuing to evaluate and, if
warranted, execute on identified opportunities to lower capital
costs through strategic arrangements, enhanced engineering studies
(including additional ore sorting studies).
- Continuing to
de-risk and advance the Project towards a production decision.
Qualified Persons
The technical or scientific information in this
press release has been reviewed and approved by Garth Kirkham,
PGeo, technical adviser for Kutcho Copper, who serves as a
qualified person under the definition of National Instrument
43-101.
About Kutcho Copper CorpKutcho
Copper Corp is a Canadian resource development company focused on
expanding and developing the Kutcho high grade copper-zinc project
in northern British Columbia. Committed to social responsibility
and the highest environmental standards, the Company recently
completed a feasibility study on the Kutcho project and is
advancing permitting with the objective of getting to a positive
construction decision.
Vince SoracePresident & CEO, Kutcho Copper Corp.
For further information regarding Kutcho Copper
Corp., please email info@kutcho.ca or visit our website at
www.kutcho.ca.
Technical Disclosure
The material scientific and technical
information in respect of the Kutcho Project in this news release
is, unless otherwise indicated, based upon information contained in
the technical report titled “NI 43-101 Feasibility Study Technical
Report for the Kutcho Copper Project, British Columbia, Canada”
dated effective November 8, 2021 and issued December 22, 2021 (the
“FS” or “2021 Feasibility Study”). The 2021 Feasibility Study was
prepared in accordance with National Instrument 43-101 – Standards
of Disclosure for Mineral Projects (“NI 43-101”). NI 43-101 is a
rule developed by the Canadian Securities Administrators that
establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects.
These standards differ from the mining property disclosure rules
specified in Subpart 1300 of Regulation S-K under the United States
Securities Act of 1933 (“Subpart 1300”) promulgated by the SEC.
Accordingly, information concerning mineral deposits from the 2021
Feasibility Study set forth herein may not be comparable with
information made public by companies that report in accordance with
U.S. standards.
Cautionary Note Regarding 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.
This news release contains certain statements
that may be deemed “forward-looking statements” with respect to the
Company within the meaning of applicable securities laws.
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
“expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential” and similar expressions, or
that events or conditions “will”, “would”, “may”, “could” or
“should” occur. Although Kutcho Copper believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance, are subject to risks and uncertainties, and
actual results or realities may differ materially from those in the
forward-looking statements. Such material risks and uncertainties
include, but are not limited to, statements and information related
to the Feasibility Study; the Company’s ability to raise sufficient
capital to fund its obligations under its property agreements going
forward, to maintain its mineral tenures and concessions in good
standing, to explore and develop the Kutcho project or its other
projects, to repay its debt and for general working capital
purposes; changes in economic conditions or financial markets; the
inherent hazards associates with mineral exploration and mining
operations, future prices of copper and other metals, changes in
general economic conditions, accuracy of mineral resource and
reserve estimates, the ability of the Company to obtain the
necessary permits and consents required to explore, drill and
develop the Kutcho project and if obtained, to obtain such permits
and consents in a timely fashion relative to the Company’s plans
and business objectives for the projects, including the
environmental assessment process; the general ability of the
Company to monetize its mineral resources; and changes in
environmental and other laws or regulations that could have an
impact on the Company’s operations, compliance with environmental
laws and regulations, aboriginal title claims and rights to
consultation and accommodation, dependence on key management
personnel and general competition in the mining industry.
Forward-looking statements are based on the reasonable beliefs,
estimates and opinions of the Company’s management on the date the
statements are made. Except as required by law, the Company
undertakes no obligation to update these forward-looking statements
in the event that management’s beliefs, estimates or opinions, or
other factors, should change.
1 Reference to nearby producing mines is for information
purposes only, and there are no assurances that the Kutcho Project
will receive similar results or that it will become an operating
mine.2 Based on the 2021 Feasibility Study (FS) which is intended
to be read as a whole and sections should not be read or relied
upon out of context. The information in this news release is
subject to the assumptions, exclusions and qualifications contained
in the FS. See “Cautionary Note” at the end of this news
release.
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