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Skyline Gold Corporation (TSX VENTURE:SK - News), a company engaged in the exploration and development of its Bronson
Slope mining property in north western British Columbia's 'Golden Triangle',
is pleased to announce that it has retained Moose Mountain Technical Services
to generate a new Preliminary Economic Assessment technical report for the
Bronson Slope project.
The new technical report will assess the impact of
the addition of high purity magnetite powder production on the planned
Bronson Slope mine's production economics in addition to revisions to the
planned mine's output of gold, copper and silver. It will also include a new
estimate of the resource to be evaluated, a new mine plan and new operating
costs and capital equipment cost estimates. The new technical report will
also utilize updated gold, copper and silver metal prices, at prices used in
current technical reports, to indicate the impact on the planned mine's
production economics. The NI 43-101 compliant magnetite resource for the
Bronson Slope deposit was initially announced on January 28, 2010.
High purity magnetite powder is used in applications
such as cleaning of coal and is seeing growing applications as a purification
agent in municipal water cleaning systems in North America. Users of high
purity magnetite powder in the U.S. currently import this material from
producers in Sweden, Peru, and Chile. The only Canadian producer of bulk high
purity magnetite powder is a tailings reprocessing operation at a former
copper mine near Merritt B.C. Canadian coal producers contacted by the
Company have expressed concerns that this magnetite producer, having
reprocessed most of the available tailings, has a limited remaining life.
When that magnetite powder production facility closes, the coal mines in
Western Canada will be without a local supplier.
David Jensen, P.Eng.,
President of Skyline Gold, comments, "Moose Mountain Technical Services
presented the strongest team and an excellent proposal for preparing a new
Bronson Slope Preliminary Economic Assessment report. I believe that their
experience with numerous mining projects in northern British Columbia and
their pragmatic engineering and operational approach will greatly benefit the
Bronson Slope project as we advance this project toward production."
It is estimated that the initial results of the new
technical report will be released to market in approximately 10 weeks.
ON BEHALF OF THE BOARD OF DIRECTORS
SKYLINE GOLD CORPORATION
David Jensen, P.Eng.,
President
Cautionary Statement
Statements in this release may be viewed as
forward-looking statements. Such statements involve risks and uncertainties
that could cause actual results to differ materially from those projected.
There are no assurances the Company can fulfill such forward-looking
statements and the Company undertakes no obligation to update statements.
Such forward-looking statements are only predictions; actual events or
results may differ materially as a result of risks facing the Company, some
of which are beyond the Company's control.
Neither 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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