Marathon PGM-Cu Project Advances: Permitting, Financing and Metallurgy
TORONTO, July 27 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon") announced an update regarding permitting, financing and metallurgical advances.
Highlights:
- the Marathon PGM-Cu Project and Canadian Environmental Assessment
Agency ("CEAA") have recently received letters expressing continued
support from the local towns and First Nations
- Marathon responded to public and government feedback and amended the
Project Description ("PD") which was submitted to the CEAA on July
20th
- the Environmental Impact Study ("EIS") is to be submitted in Q4
- Marathon has improved metallurgical recoveries of lower grade
mineralization
"The Marathon PGM-Cu Project remains our number one focus and we're on track with permitting and addressing financing options. The Public Information sessions we are holding are providing us with valuable feedback," said Phillip Walford, President and CEO. "We now have 3 smelters that are seriously interested in our concentrate."
Marathon PGM-Cu Project Permitting
Marathon has a dedicated and experienced team working on the environmental assessment and multiple permit application processes. The team is comprised of EcoMetrix from Toronto, True Grit Consulting from Thunder Bay and a number of firms that focus on specific issues. The team proposed two different options for storage of the Marathon PGM-Cu Project's process solids (pulverized rock remaining after production of the PGM-Cu concentrate). The process solids storage areas included in the PD were described as the North Option which utilized an existing natural containment area (Bamoos Lake) and the South Option which required a number of containment structures to be built in an area that contains a number of small ponds.
Following extensive consultation with local citizens and government, Marathon decided to withdraw the North Option (Bamoos Lake) from further consideration as a potential process solids storage area. As a result, Marathon took time from the Federal Environment Assessment process to amend the PD and conduct preliminary engineering studies. Positive feedback was received from Non-Governmental Organizations and the public-at-large regarding this decision. The time taken to review options is not expected by Marathon or CEAA to impact the overall projected timeline to complete the EA significantly.
Marathon subsequently added a third option to the PD to replace the North Option. The addendum is complete and was submitted to the government on July 20th. The updated PD will be available on the CEAA website. These steps demonstrate Marathon's commitment to working with stakeholders and to reduce the environmental impact of the Marathon PGM-Cu Project.
Numerous meetings have been held in the past three months with Federal CEAA, Department of Fisheries and Oceans and Provincial Ministry of the Environment: Environmental Assessment and Approvals Branch. Discussions focused on coordinating and harmonizing the Provincial and Federal Environmental Assessment processes to develop a streamlined, efficient and timely framework to advance the assessment to completion.
Marathon PGM-Cu Project Financing
Management is actively pursuing the project financing by considering a variety of options. Amongst the options given consideration are off-take, royalty arrangements and finding a joint venture partner.
Marathon PGM-Cu Project Metallurgy
As part of the metallurgical program, Xstrata Process Support conducted a series of locked cycle flotation tests on core with varying copper and PGM grades. The purpose of this program of test work was to review the flotation response of material with a range of copper and PGM feed grades and to try and quantify the effect of feed grade on recovery. The results from these tests demonstrated that good recoveries can be achieved over a wide range of feed grades, even material with copper grades as low as 0.124% copper and PGM grades of less than 1.0 g/t.
A series of seven composites with varying copper and PGM grades were tested for metallurgical recoveries to produce grade/recovery curves. All the samples had good metallurgical recoveries. The recoveries corresponded grades as predicted from previous testing.
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Composite 1 Cu (%) Pt (g/t) Pd (g/t) Au (g/t) Ag (g/t)
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Feed Grade 0.124 0.153 0.409 0.041 0.6
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Recovery (%) 83.70 66.55 81.89 59.49 65.24
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Phillip Walford, P.Geo., President and CEO is Marathon's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Mr. Walford has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.
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About Marathon PGM Corporation:
Marathon is actively developing resources in the immediate vicinity of the Marathon Deposit to expand the life of the planned large tonnage, open pit mining operation. The Marathon Deposit is one of the largest PGM-Cu reserves in Canada and is expected to grow with the development of additional nearby resources. Marathon's optimized P+P reserve of approximately 91.45 million tonnes grading 0.832 g/t Pd, 0.237 g/t Pt, 0.085 g/t Au, 0.247% Cu and 1.44 g/t Ag, contains approximately 2.44 million ounces of Pd, 696,000 ounces of Pt, 251,000 ounces of Au, 497 million lbs of Cu and 4.23 million ounces of Ag. Marathon also has development and exploration stage properties in southeastern Manitoba and western Newfoundland respectively. Marathon's Management plans to build on its experience through the advancement of its properties and by examining other strategic opportunities.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon, certain information contained herein constitutes "forward-looking statements". Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "intends", "targets", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Management's Discussion and Analysis for the year ended December 31, 2009.
Other than as specifically required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.
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For further information: David Leng, P.Geo:., Direct: +1.416.849.3432, Mobile: +1.905.537.5377, dleng@marathonpgm.com
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