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First Gold Exploration Inc. (TSX VENTURE:EFG - News; OTCQX:FGEXF)
(FRANKFURT:F12 - News) has engaged GENIVAR
Inc. (TSX:GNV - News;
"GENIVAR"), one of the largest engineering firms in Canada, to
complete a pre-feasibility study which will be compliant with National
Instrument 43-101 Standards of Disclosure for Mineral Projects for the Lake
Rose Lithium and Tantalum deposit. The pre-feasibility study will consist in
the evaluation of the mining and milling operations, as well as the
metallurgical processing facility. It will also include all necessary
infrastructure required for the development of the Lake Rose deposit. Project
cost estimates and financial analysis should be completed by the fourth
quarter of 2011.
The major areas to be covered by the pre-feasibility
study include mine design, general infrastructure, as well as integration of
additional areas to be assessed, including but not limited to metallurgy,
environmental, market and transportation studies. It will also include
capital and operating cost estimates, cash flow model and financial analysis,
and a project implementation schedule. Finally, the environmental assessment
portion of the study will provide First Gold with a baseline environmental
survey for its Lake Rose property.
"We are extremely pleased with the rapid pace
of discovery, evaluation and definition of the project and its move towards
development," said Jean-Sebastien Lavallee, President.
In line with its local approach, GENIVAR is
proposing to involve the local Cree community during the field activities.
First Gold has also retained the services of Mr.
Peter Tse, a world renowned metallurgist to support
the pre-feasibility study. During the past few years, Mr. Tse
has managed the testing and plant modifications at the Bernic
Lake Mine for enhanced lithium and tantalum recoveries as well as for the Aley Niobium project of Taseko
Resources Ltd. He is currently managing the metallurgical studies for the
Upper Fir Tantalum-Niobium project of Commerce Resources Inc.
Test work on Lake Rose material has started this
week and is scheduled to be completed by the end of the second quarter of
2011. Mr. Tse will work closely with Mr. Michel
Robert, Director of First Gold and metallurgist, who is experienced in
niobium and tantalum metallurgy. Mr. Robert designed and managed the
metallurgical operations at Iamgold's Niobec Mine, Quebec, for the first three years of its
operation.
Jean-Sebastien Lavallee (OGQ #773), geologist, shareholder, President
and Chief Executive Officer of the Company and a Qualified Person under NI
43-101, has reviewed and approved the technical content of this 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
release.
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