El Tigre Silver Announces Receipt of Tailings Recovery Environmental Permit in Sonora, Mexico
Published : August 01, 2013
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Keywords :   G Mexico | Gold | Market | Merrill | Mexico | Recovery | Report | Silver | Troy Ounce |

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 1, 2013) - El Tigre Silver Corp. (the "Company" or "El Tigre") (News - Market indicators)(OTCQX:EGRTF)(FRANKFURT:5RT) is pleased to announce that the Secretary of Environment and Natural Resources ("SEMARNAT") has approved the environmental plan that will allow development and construction of the El Tigre tailings recovery project (the "Tailings Project"), effective July 18, 2013. This permit is the final step for the Company to accomplish and it can now proceed with its plans as outlined in a Preliminary Feasibility Study ("PFS"), announced in a press release dated July 4, 2013 by Hard Rock Consulting, LLC ("HRC").

SEMARNAT is a Mexican Executive branch, cabinet level agency that is responsible for developing environmental policy and permits for mining projects. In their review of the project's environmental impact statement, they determined that by processing the historic tailings and placing them on lined containment, that it would eliminate an environmentally challenged area left from mining conducted from 1903 to 1938. They also determined that the Tailings Project would provide 60 direct and 85 indirect jobs in an area of Mexico that would welcome economic development. El Tigre is required to post US$34,870 reclamation bond before it can proceed with construction and it has to hire an environmental manager to ensure the company follows the terms of the permit.

The PFS on the Tailings Project contained in the Company's news release dated July 4, 2013 is intended to provide a comprehensive technical and economic analysis of development options for the reprocessing of the tailings material. This study included detailed assessments of realistically assumed mining, processing, metallurgical, economic, legal, environmental, social, and other relevant factors needed to demonstrate the economic viability of the project. All data and interpretations are based on information available prior to the effective date of the PFS report of June 1, 2013. The projected internal rate of return from the reprocessing of the tailings is robust throughout a range of silver prices, increasing from 26.7% at a silver price of US$20 per ounce to 100% at US$35 per ounce.

Table 1 -After-Tax Project Economics at Selected Silver Prices (US$)
Silver
Equiv
Price
Maximum
Cash
Injection
Net
Present

Value
@ 8%

Internal Rate
of Return
Payback
Period
(Years)
Payback
Multiple
$15.60 ($4,802,000) ($1,370,000) 0.2% 9.16 1.0
20.00 (4,432,000) 4,289,000 28.0% 2.79 3.1
25.00 (4,011,000) 10,719,000 52.9% 1.50 5.9
30.00 (3,715,000) 17,149,000 76.5% 1.61 9.0
35.00 (3,733,000) 23,579,000 99.9% 1.33 11.8

Preliminary Feasibility Study of the Tailings:

The El Tigre Tailings Project contains 1.3 million tonnes of proven and probable tailings material grading 83.0 g/t silver and 0.279 g/t gold. HRC's economic analysis of the base case utilized a silver price of US$25.00/oz and a gold price of US$1,289/oz at a silver to gold equivalency ratio of 51.57:1. Metallurgical recoveries for gold and silver averaged 93% and 78%, respectively, with projected mining costs of US$0.90 per tonne processed; processing costs of US$22.80 per tonne processed, and G&A costs of US$5.60 per tonne processed in a typical year. The mineral reserve estimate for the El Tigre Project is presented in Table 2.

Table 2 – Mineral Reserve Estimate - Tailings Material
Classification Tonnes
(2)
Ag Eq
(4)
Ag Au Contained
Metal (x 000)
(2)
Ag Eq
(4)
Ag Au
(x 000) gpt gpt gpt t. oz. t. oz. t. oz.
Proven(1),(3) 855 101.3 84.2 0.285 2,786 2,316 7.834
Probable(1),(3) 439 96.7 80.6 0.267 1,364 1,138 3.773
Proven + Probable 1,294 99.8 83.0 0.279 4,151 3,454 11.607

* Notes:

(1)Proven and probable reserves are based on assumed silver and gold prices of US$25/oz. and US$1,289/oz., respectively, metallurgical recoveries for gold and silver were assumed at 93% and 78%, and a mining, processing and G&A cost of US$29.30 per tonne processed.

(2) Mineral reserve tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.

(3)All reserves are stated above a 50 gpt Ag Equivalent cut-off.

(4)Silver Equivalent stated using a ratio of 60:1 and ounces calculated using the following conversion rate: 1 troy ounce = 31.1035 grams. Metallurgical recoveries are not accounted for in the silver equivalent calculation.

Highlights of the Tailings PFS

  • Ore is processed in a 400 ton per day mill and agitated cyanide leach plant with Merrill-Crowe recovery circuit over a 10 year operating life.
  • Base Case three year trailing average prices of US$25 per Ag ounce and US$1289 per Au ounce would generate an after tax net present value at 8% of approximately $10.7 million.
  • A Base Case after-tax rate of return of approximately 52.9%.
  • Projected salable production of 2.63 million ounces of silver and 10,500 ounces of gold

The Tailings Project will require an overall initial and sustaining capital investment of $6.2 million, with a maximum envisioned cash injection of $4.0 million, with the remaining amounts provided by cash flow from operations.

The mineral resources and mineral reserve estimates are reported in accordance with Canadian Securities Administrators NI 43-101 and were estimated in compliance with generally accepted Canadian Institute of Mining, Metallurgy and Petroleum "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves.

Stuart Ross, President and CEO commented: "Obtaining this critical permit is the culmination of a long term effort to develop the significant gold and silver resources found in the old tailings of the historic El Tigre Mine. The Company anticipates construction can begin later this year. Once production is started, we will have internally generated funds to move the project forward reducing future dilution and increasing shareholder value as we continue to expand the vein related resources with future drilling."

The Project

The El Tigre Project is located in the Sierra Madre Occidental of northeastern Sonora, Mexico and is comprised of 8 concessions for over 431 square kilometers.

This mineral reserve estimate of the historic El Tigre Tailings Project was completed by Zachary J. Black, SME-RM an associate resource geologist with HRC, who has reviewed pertinent geological information in sufficient detail to support the data incorporated in the resource estimates. Mr. Black is an independent Qualified Person as defined under NI 43-101 and is responsible for the mineral resource and mineral reserve estimate presented in this release. Mr. Black has reviewed the content of this news release, and consents to the information provided in the form and context in which it appears.

A copy of the full PFS and Technical Report will be available on the Company's website and filed on SEDAR on or before August 15, 2013.

The technical content of this news release has been approved by Steven D. Craig, CPG and Vice President of Exploration for El Tigre, a Qualified Person as defined in NI 43-101.

About SEMARNAT

SEMARNAT is the federal environmental regulatory agency in Mexico. Created in 2000 by former Mexican President Ernesto Zedillo Ponce de Leon, SEMARNAT's primary mandate is the following: "Promote the protection, restoration and preservation of ecosystems, natural resources and environmental goods and services, to encourage their use and sustainable development." 

For further information on the permitting process in Mexico, please visit the SEMARNAT website at www.semarnat.gob.mx/English/Pages/home.aspx

About El Tigre Silver Corp.:

The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions, eight comprising of 431 square kilometres located in north-eastern Sonora, Mexico (the "El Tigre Property"). El Tigre also holds one additional 32 hectare claim separate from the El Tigre Property. A technical report has been prepared for the El Tigre Property and can be found on the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.eltigresilvercorp.com.

Cautionary Statements:

This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include the projected economics of the Tailings Project, the potential for job creation and economic development, the mineral reserves and resource estimate, the costs of the Tailings PFS and future plans for production and revenues. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in the Company's public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. 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 press release.



El Tigre Silver Corp.
Stuart Ross
President and CEO
(778) 980-7187
srross@eltigresilvercorp.com
or
El Tigre Silver Corp.
Steven Craig
VP Exploration
(775) 815-8456
scraig@eltigresilvercorp.com
or
El Tigre Silver Corp.
Rob Grace
Corporate Communications
(604) 639-0044
(604) 608-6163 (FAX)
rgrace@eltigresilvercorp.com
www.eltigresilvercorp.com
Data and Statistics for these countries : Mexico | All
Gold and Silver Prices for these countries : Mexico | All

El Tigre Silver Corp.

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CODE : ELS.V
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El Tigre Silver Corp. is a silver and gold exploration company based in Canada.

Its main exploration property is EL TIGRE in Mexico.

El Tigre Silver Corp. is listed in Canada. Its market capitalisation is CA$ 2.5 millions as of today (€ 2.3 millions).

Its stock quote reached its highest recent level on February 18, 2011 at CA$ 0.81, and its lowest recent point on November 12, 2015 at CA$ 0.04.

El Tigre Silver Corp. has 62 900 000 shares outstanding.

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Financings of El Tigre Silver Corp.
2/14/2014Closes Private Placement For Gross Proceeds Of $1,500,000
1/28/2014Announces Private Placement
10/30/2013Closes Private Placement for Gross Proceeds of $707,000
9/17/2012Announces Private Placement
Nominations of El Tigre Silver Corp.
4/14/2015Appoints Carl Rosenau to Board
4/6/2015Announces Resignation
3/20/2015Announces Resignation of Board Member
10/16/2012Director Resignation
6/27/2011Adds Experience With Appointment of Chief Geologist
Project news of El Tigre Silver Corp.
11/14/2013To Proceed On Silver And Gold Tailings Recovery Project In S...
5/14/2013Drills 1.4 Metres of 4,143 g/t Ag and 5.4 g/t Au including 0...
5/2/2013Reports Continued Strong Assay Results from Stockwork Target
4/19/2013Drills 1.4 meters of 115.34 g/t Au Equivalent- 74.2 g/t Au a...
1/21/2013Commences its 2013 Drilling Campaign on its Gold Hill Dissem...
5/24/2012Reports New Silver Assays from Ongoing Drilling Program
2/6/2012Reports New Assays from its Silver-Gold Tailings Project in ...
5/18/2011(El Tigre)Begins Exploration in the Brown's Shaft Area of the El Tigre...
5/10/2011(El Tigre)Drills Sietz Kelly and El Tigre Veins at Its Sonora, Mexico ...
3/14/2011(El Tigre)on Drilling at the El Tigre Property, Sonora, Mexico
3/8/2011(El Tigre)Assay Results Confirm Gold Mineralization in Tigre Viejo Can...
Corporate news of El Tigre Silver Corp.
4/2/2015Reports Update on Wealthcorp, LLC Agreement
3/20/2015El Tigre Silver Announces Resignation of Board Member
2/20/2015El Tigre Announces Loan Agreements and Issuance of Bonus Sha...
2/20/2015Announces Loan Agreements and Issuance of Bonus Shares
2/3/2015El Tigre Silver Provides Progress Report and Assay Results
1/26/2015El Tigre Announces Closing Of Shares For Debt Transaction
1/22/2015El Tigre Reports Filing Of Claim Concerning Agreement With W...
1/16/2015El Tigre Announces Shares For Debt Transaction
1/9/2015El Tigre Announces Shares for Debt Transaction
10/21/2014El Tigre Silver Announces Appointment Of Wade Anderson As Co...
10/17/2014El Tigre Silver Corp. Appoints Three New Directors
9/24/2014El Tigre Silver Corp. Announces Proposed Warrant Extension
9/9/2014El Tigre Silver Reports Assay Results from Ongoing Explorati...
8/28/2014El Tigre Silver Announces Financial Advisory Services Agreem...
7/31/2014El Tigre Silver Announces No Material Change
6/16/2014El Tigre Silver Confirms 5.3 Kilometre Strike Length With As...
6/9/2014El Tigre Silver Advances Sampling Beyond Resource Area and R...
5/30/2014El Tigre Silver Updates Exploration Activities and Announces...
4/1/2014El Tigre Silver Corp. Appoints Lisa Dea as Chief Financial O...
12/23/2013Announces Agreement With Hard Rock Consulting, LLC
8/16/2013files updated NI 43-101 Prefeasibility Study and Resource Es...
8/1/2013Announces Receipt of Tailings Recovery Environmental Permit ...
7/4/2013(El Tigre)Announces Reserves and Resources at El Tigre Property in Son...
6/25/2013Reports Annual and Special Meeting Results
5/23/2013Reports Final Drill Assays and NI 43-101 Resource Modeling W...
5/22/2013Adopts Advance Notice Policy
4/18/2013Drills 1.4 meters of 115.34 g/t Au Equivalent-74.2 g/t Au an...
4/11/2013Clarifies Technical Disclosure
4/3/2013Drills 72.55 m of 2.26 g/t Au Equivalent-24.8 g/t Ag and 1.7...
3/20/2013Drill Hole ET13-50 Intercepts 57.6 M of 17.83 g/t Ag and 0.6...
2/7/2013Updates Drilling Campaign on its Gold Hill Disseminated Gold...
2/16/2012Reports Average Gold Assays of 41.4 Meters at 1.0 g/t, Annou...
6/16/2011Pursues Listing on OTCQX and Announces Engagement of Roth Ca...
5/27/2011(El Tigre)Assay Results Confirm Gold Silver Mineralization in Tigre Vi...
5/4/2011Drill Hole ET-27 Intercepts 2.8 Metres of 242 g/T Silver and...
4/13/2011Drill Hole ET-26 Encounters 11.69 Meters 180 Grams Per Tonne...
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