THEMAC Resources Announces Significant Increase in Copper Flat Project Design Milling Rate
THEMAC Resources Announces Significant Increase in Copper Flat Project Design Milling Rate
ECR Minerals plc
ECR Minerals plc is pleased to draw attention to the news release made yesterday by THEMAC Resources Group Ltd (“THEMAC”) in which THEMAC provided an update in relation to its Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA. THEMAC is currently preparing a preliminary feasibility study (PFS) for the Copper Flat project.
Highlights
- Planned increase in milling rate to 25,000 short tons per day (tpd) from 17,500 tpd whilst retaining the same mill footprint and utilizing existing foundations
- The results of ongoing metallurgical testwork suggest that mill recoveries for copper and silver can be increased above historical levels, which exceed 90%, and that gold and molybdenum recoveries can also be improved
- Testwork scheduled to be completed during the second quarter of 2012 for inclusion in the Copper Flat PFS
The full release made by THEMAC can be viewed on SEDAR (www.sedar.com). The highlights above have been derived from the release made by THEMAC and should be read and interpreted in conjunction with it.
THEMAC holds a 100% ownership interest in the Copper Flat project having purchased an exclusive option over the project from ECR in March 2011 and completed the exercise of this option in May 2011.
Patrick Harford, Managing Director of ECR Minerals plc, comments:
“This increase in mill throughput represents a substantial increase in the scale of the Copper Flat project, and should noticeably improve the economics of the project as set out in the finished PFS.
The potential to achieve a higher rate of gold recovery is particularly exciting in view of ongoing work intended to generate additional NI43-101 compliant gold and silver resources at Copper Flat, building on the figures of approximately 400,000 ounces of gold and 9 million ounces of silver announced by THEMAC in January of this year.”
ECR’s Interest in THEMAC
ECR currently has a holding of 14.35 million shares and 14.35 million warrants of THEMAC, which is listed on the TSX Venture Exchange (code: MAC). ECR’s holding is equivalent to approximately 19% of THEMAC’s issued shares (21% fully diluted). All the warrants held by ECR are exercisable at C$0.28 per share; 3.85 million warrants are valid until 3 May 2013 and the remaining 10.5 million warrants are valid until 4 March 2016. The closing price of THEMAC shares on 19 March 2012 was C$0.82.
About ECR Minerals plc
ECR is a mineral development company with interests in Argentina, the USA, Indonesia, Thailand and Australia.
ECR Minerals plc
Michael Silver, Chairman
Patrick
Harford, Managing Director
Stephen Clayson, Director & Chief
Financial Officer
Luca Tenuta, Non-Executive Director
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