VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 31, 2015) - Wellgreen Platinum Ltd. (News - Market indicators)(OTCQX:WGPLF) is pleased to report the filing of our annual consolidated financial statements for the year ended December 31, 2014 and the nine months ended December 31, 2013, together with the auditors' report thereon, the related management's discussion and analysis (MD&A) for the year ended December 31, 2014 and the nine months ended December 31, 2013, and the Company's annual information form (AIF) for the year ended December 31, 2014. These filings are all available on our website at www.wellgreenplatinum.com and under our SEDAR profile at www.sedar.com.
Greg Johnson, Wellgreen Platinum's President & CEO stated, "We are pleased to announce the results of our annual filings which highlight the major advancements by the Company over the past year. The recent filing of the National Instrument 43-101 Preliminary Economic Assessment Technical Report for the Wellgreen project in the Yukon Territory, Canada, shows that the Wellgreen project has the potential to become one of the world's largest and lowest cost, open pit PGM and nickel producers."
Key highlights from the 2015 PEA include:
- A large, open-pit deposit with a low strip ratio
- Low operating and capital costs
- Robust cash flow and strong economics including a pre-tax 32.4% IRR and post-tax 25.3% IRR
- Mid-tier level production potential at more than 200,000 ounces of platinum, palladium & gold with 128 million pounds of nickel and copper annually over the first 16 years of operation
- Opportunities for expansion of production and mine life extension from existing resources
- Highway and port accessible
- Low political risk mining jurisdiction
"Wellgreen is located in one of the world's best mining jurisdictions1 and, given the challenges faced by PGM mines in southern Africa and Russia, which currently account for over 90% of global PGM production, the development of a low cost, open-pit, road-accessible PGM and nickel project in the mining-friendly Yukon Territory represents a truly unique opportunity for our Company and our shareholders. We look forward to an exciting year of prefeasibility-level work and studies as we continue to advance our Wellgreen project."
1 See "2014 Ranking of Countries for Mining Investment: Where Not to Invest" by Behre Dolbear, Minerals Industry Advisors, and The Fraser Institute's "2014 Survey of Mining Companies".
A full copy of the 2015 PEA technical report can be found on our website at www.wellgreenplatinum.com and under the Company's SEDAR profile at www.sedar.com.
About Wellgreen Platinum
Wellgreen Platinum Ltd. is a Canadian mining exploration & development company focused on the active advancement of its 100% owned Wellgreen PGM and Nickel project toward production. Located in the Yukon Territory, Canada, the Wellgreen project has the potential to become one of the world's largest and lowest cost open pit producers of platinum group metals (PGMs) and nickel. The Wellgreen property is accessed from the paved Alaska Highway leading to deep sea ports south of the project in Alaska.
The Company is led by a highly-experienced management team with a track record of value creation through successful large scale project discovery, development, operation and financing. To achieve our vision of developing into a global producer of PGMs and nickel, our primary strategy is to continue to advance the Wellgreen project towards feasibility and production.
Further information about the Company and our projects can be found at www.wellgreenplatinum.com.
Cautionary Note Regarding Forward-Looking Information: This news release includes certain information that may be deemed "forward-looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. All information in this release, other than information of historical facts, including, without limitation, regarding future exploration and development of the Wellgreen project or any of the Company's other projects, the potential of the Wellgreen project, engineering and mine planning, and general future plans and objectives for the Wellgreen project, are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, the Company's ability to maintain the support of stakeholders necessary to develop the Wellgreen project, unanticipated environmental impacts on operations and costs to remedy same, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our annual filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.
