Intl. Barytex Resources

Published : September 15th, 2008

Positive Feasibility Study Received for Shituru Copper Project

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

International Barytex Resources Ltd.

Positive Feasibility Study Received for Shituru Copper Project

Vancouver, BC � September 15, 2008  INTERNATIONAL BARYTEX RESOURCES LTD. (�the Company�) (TSX-V: IBX) on behalf of its subsidiary, East China Capital Holdings Ltd., has delivered a Feasibility Study on the Shituru Copper Project to La Generale des Carrieres et des Mines (Gecamines), its partner in the project, in accordance with the requirements of its joint venture agreement (Mining Contract).

The Feasibility Study proposes developing an open pit, ore processing and electrowinning facility with an annual production capacity of 38,000 tonnes of LME grade cathode copper.  The lead consultant for the Feasibility Study was Bateman Minerals and Metals with the Mineral Resource and Mineral Reserve estimates prepared by SRK Consulting; both companies are Johannesburg based.

The project scope is largely unchanged from the Preliminary Assessment disclosed in January 2008 with the exception that the annual ore processing rate has been reduced to 900,000 tonnes per year.  The decision to design on a lower throughput was based on the Feasibility Study production schedule having higher grades thereby allowing copper production to be maintained while processing ore at slower rates.

A Summary of the Feasibility Study results is provided below:

Mineral Resource 1,2,3
At a 1.0% Copper Cut-off Grade


Resource Category

Low Carbonate

Hi Carbonate

Talc

Total

 

Tonnes   (Mt)

%TCu

Tonnes   (Mt)

%TCu

Tonnes   (Mt)

%TCu

Tonnes   (Mt)

%TCu

Measured

2.11

5.15

0.55

3.08

0.97

4.87

3.63

4.76

Indicated

2.21

4.77

1.26

2.54

0.45

4.47

3.92

4.02

TOTAL Measured + Indicated

4.32

4.96

1.81

2.70

1.42

4.75

7.55

4.38

Inferred

0.22

2.51

0.01

3.38

-

-

0.23

2.55

1. Includes the Mineral Reserve.  Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability 
2. As of Aug 31,2008
3. See footnote at the end of this news release

The Mineral Resource was estimated by SRK Consulting of Johannesburg using 3-D computer modeling and geostatistical estimation techniques. 

Mineral Reserve 4

 

Low Carbonate / Talc

High Carbonate

Total

Reserve Category

Tonnes (Mt)

Grade (%Cu)

Tonnes  (Mt)

Grade  (%Cu)

Tonnes  (Mt)

Grade (%Cu)

 

 

 

 

 

 

Proven

3.03

4.92

0.54

2.95

3.57

4.62

Probable

2.60

4.50

0.92

2.50

3.52

3.98

Total

5.63

4.73

1.47

2.67

7.10

4.30

CoG HiCa: 1.06%

CoG LoCa & Talc: 0.66%

 

Dilution: 5%

Mining Recovery: 98%

 

4. As of August 31, 2008

The Mineral Reserve was determined by SRK Consulting utilizing computerized open pit optimization techniques with estimated operating costs, results from a geo-technical drilling program, and metallurgical test work carried out over the last two years being inputs to the work.

Project Summary

Tonnes Processed

7.24

Mt

Strip Ratio

4.9 : 1

 

Average Grade
Life-of-Mine

4.3

%Cu

Metallurgical Recovery
Life-of-Mine

86

%

Copper Recovered
Life-of-Mine Total

265.5

Kt

Average Annual Production

34,000

t

Cash Cost
Life-of-Mine5

0.66

USD/lb

Marketing Costs

0.19

USD/lb

Initial Capital

338

MUSD

Total Capital � Life-of-Mine

400

MUSD

Start of Production

Q1-2011

 

Mine Life

7.8

years

5. excludes Royalties

Summary Economics � After-Tax, After-Royalties, 100% Equity, Project Level

 

Copper Price � USD/lb

 

2.00

2.50

3.00

3.50

Forward Curve then 2.00 USD/lb6

Discount Rate %

Net Present Value - MUSD

0

190

387

584

781

371

5

89

239

389

538

242

10

21

138

254

370

152

15

<25>

68

159

165

87

 

 

 

 

 

 

Payback from start of production

4.3

2.7

2.4

2.0

2.2

IRR %

12

22

31

39

26

6. Forward Curve Futures prices for LME grade spot price as of August 25, 2008, resulting in USD/lb Copper prices of 3.20 � 2011, 3.10 � 2012, 3.00 � 2013, 2.00 thereafter

The project assumes initial construction of a Whole-Ore-Leach (�WOL�) process plant and a Solvent Extraction � Electrowinning (�SX-EW�) refinery to produce LME grade cathode copper.  The Feasibility Study estimates 80% of the ore processed is amenable to Whole-Ore-Leaching.  This ore type occurs mainly in the upper parts of the deposit.  It has better grade, better metallurgical recovery and lower operating costs than the remainder of the deposit.  This results in lower production costs and higher copper production in the early years of the operation compared to the Life-of-Mine average.

Using a strategy similar to the January 2008 Preliminary Assessment, lower grade, higher operating cost, high carbonate ore is stockpiled until Year 5 of operation.  A flotation plant is to be constructed to process this ore in Year 5.  High carbonate ore would then represent 40% of the ore processed until the end-of-mine life.  The flotation plant would produce an oxide copper concentrate which would then be fed into the leaching circuit and SX-EW refinery to produce cathode copper.  The flotation process allows high acid consuming (high carbonate) material to be discarded ahead of the acid leaching process and substantially reduces the processing costs for this ore type.

The initial capital cost of USD338million for the project compares to USD228million estimated in the Preliminary Assessment.  This increase reflects a general increase in material and supply costs as well as labour costs currently being experienced in the DRC.

Leo King, President says, � Delivery of the Shituru Feasibility Study to our partner Gecamines is a significant milestone for the Shituru project.  As noted in earlier news releases over the course of completing the Feasibility Study a number of areas that would benefit from further optimization have been identified.  We have started work on some of these areas and intend to pursue others following our review of the Feasibility Study.  We look forward to reporting on this optimization work as results become available.�

Qualified Persons
The Mineral Resource estimate was prepared by SRK of Johannesburg with Mr. Victor Simposya acting as the Qualified Person under NI 43-101 for the estimate and has reviewed this news release.

The Mineral Reserve estimate was prepared by SRK of Johannesburg with Mr HG Waldeck acting as the Qualified Person under NI 43-101 for the estimate and has reviewed this news release.

Bruno Barde, P.Geo, Exploration Manager for the Company, supervised the exploration programme, is a Qualified Person as defined under National Instrument 43-101, and has reviewed this news release.

Maurice Tagami, P. Eng, Mineral Processing Consultant, supervised the Metallurgical Testing Program and is a Qualified Person under National Instrument 43-101, and has reviewed this news release.

3. The project has been described previously in Sept 2007, and March 2008 in Technical Reports filed on SEDAR titled �MINERAL RESOURCE ESTIMATES FOR SHITURU COPPER DEPOSIT, DEMOCRATIC REPUBLIC OF CONGO� and �PRELIMINARY ECONOMIC ASSESSMENT OF THE SHITURU COPPER DEPOSIT, DEMOCRATIC REPUBLIC OF CONGO�. Data verification for this Mineral Resource estimate follows the methodology described in those reports.  A Technical Report on this Mineral Reserve estimate will be filed within 45 days of this disclosure. 

For further information contact:

International Barytex Resources Ltd.
Leo King, President or Alf Hills, CEO
Tel: 604-688-9368
Fax: 604-688-9336

 

Renmark Financial Communications Inc.
Jen Power: jpower@renmarkfinancial.com
Dan Symons: dsymons@renmarkfinancial.com
Montreal - Tel: 514-939-3989 / Fax: 514-939-3717
Toronto - Tel: 416-644-2020 / Fax: 416-644-2021

On behalf of the Board of Directors
INTERNATIONAL BARYTEX
RESOURCES LTD.

�Leo King�
Leo King
President and Director

Some statements in this news release contain forward-looking information.  These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release

http://dissemination.blendermedia.com:81/db/26004/1169829/1.gif

Intl. Barytex Resources

CODE : IBX.V
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Intl. Barytex is a exploration company based in Canada.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Intl. Barytex Resources
12/19/2008 Announces Closing of Second Private Placement
12/5/2008Receives Shareholder Approval for Sale of ECCH and Private P...
11/20/2008IBX Announces Closing of Initial Private Placement
Project news of Intl. Barytex Resources
11/6/2008(Shituru)Signs Sales Agreement on Shituru Project
9/15/2008(Shituru)Positive Feasibility Study Received for Shituru Copper Proje...
1/30/2008(Shituru)Barytex Releases Scoping Study Results.
Corporate news of Intl. Barytex Resources
1/23/2009Shituru Sale – Commitment Received
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (IBX.V)
0.075+0.00%
Last quotes and information before delisting
Prev close Open
0.080 0.075
Low High
0.075 0.075
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.075 -6.25%
Volume 1 month var.
0 -6.25%
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.62+0.99%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 12.09+0.33%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59+9.83%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.61-1.14%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 16.19+2.21%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.24+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.20-4.76%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.84-1.60%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 50.98+0.24%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :