GOLDEN, Colo., Oct. 21, 2014 /CNW/ -- Atna Resources Ltd. ("Atna" or the "Company") (TSX:ATN / OTCQB:ATNAF) is pleased to announce the SEDAR filing of its Technical Report for its Pinson Underground Project and the results of a positive pre-feasibility study for the Mag Open Pit Project at Pinson, located in Humboldt County, Nevada. The report can be found in its entirety on SEDAR and on the Company's website at www.atna.com/s/Pinson.asp
As previously announced on September 15th, 2014 a summary of the Technical Report follows:
Pinson Underground Summary
- Criteria and grade shells used to develop the mineral resource model reflect tighter grade shell constraints and reduced projections along strike and down dip to reflect experience gained during the mining campaign of 2012 to 2013
- Proven and Probable reserves contain 160,000 ounces at a grade of 0.403 oz/ton
- 4 year mine life with upside: a high resource to reserve conversion potential with infill drilling
- Mining methods: Long hole stoping with delayed fill and underhand drift and fill
- Gold Production: 30,000 to 45,000 ounces per year
- Average cash cost: $658/oz; Average full cost: $767/oz
- Sustaining capital: $14.3 million over 4 years
- Pre-tax NPV @ 8% discount: $61 million at $1,300 Au. After-tax NPV @ 8% discount: $51.7 million.
- Project economics remain positive over a wide range of operating costs, capital costs and gold prices
Mag Open Pit Summary
- Constrained to private land section only, which contains approximately 50% of resource base
- Conventional open pit, crush, heap leach operation
- Total 183,600 gold ounces recovered over 6-year life
- Pre-tax NPV @ 8% discount, $28.1 million, IRR=19.5%. After-tax NPV @ 8% discount, $18.3 million, IRR=16%
- Total CAPEX: $66.9 million including mining equipment, crushing plant and ADR gold recovery plant
- Upsides: Contract mining vs. self mine; ROM leach vs. crush leach
The Technical Report was completed by the following Qualified Persons as outlined in Section 2.0 of the Report and includes:
Mr. Edward H. Minnes of Golder Associates, and an independent Mining Engineering Consultant and member of the Society for Mining, Metallurgy, and Exploration (SME). He is a Qualified Person as defined by NI 43-101.
Mr. Mark Odell of Practical Mining and Registered Professional Mining Engineer in the State of Nevada (#13708), and a registered member (#2402150) of the Society for Mining, Metallurgy, and Exploration (SME). He is a Qualified Person as defined by NI 43-101.
Russell A. Browne of Golder Associates, an independent Civil and Geotechnical Engineering Consultant and a member of the Society for Mining, Metallurgy, and Exploration (SME), and the American Society of Civil Engineers (ASCE). He is a Qualified Person as defined by NI 43-101.
Richard E. Kiel of Golder Associates, an independent Civil and Geological Engineering Consultant and a member of the Society for Mining, Metallurgy, and Exploration (SME) and a registered professional civil engineer in Colorado (#34511). He is a Qualified Person as defined by NI 43-101.
Karl Swanson, an independent Geological and Mining Engineering Consultant and a registered member of the Society for Mining, Metallurgy, and Exploration (SME #4043076) and member of the Australian Institute of Mining and Metallurgy. He is a Qualified Person as defined by NI 43-101.
Joseph M. Keane of SGS Metcon/KD Engineering, an Independent Mineral Processing Engineer Consultant and member of the Society for Mining, Metallurgy, and Exploration (SME#1682600). He is a Qualified Person as defined by NI 43-101.
Donald E. Hulse of Gustavson Associates, LLC and an independent Mining Engineer Consultant and Professional Engineer in the State of Colorado (35269), as well as a registered member of the Society for Mining, Metallurgy, and Exploration (SME #1533190RM). He is a Qualified Person as defined by NI 43-101.
This press release was prepared under the supervision and review of William Stanley, V.P. Exploration of Atna, a registered member of the Society for Mining, Metallurgy, and Exploration (SME) (No. 3069054), a Licensed Geologist and Qualified Person, as defined in NI 43-101, who has verified the authenticity and validity of the technical information contained within this news release.
For additional information on Atna Resources Pinson mine, please visit our website at www.atna.com/s/Pinson.asp
This press release contains certain "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995, and within the meaning of Canadian securities legislation relating to potential optimization, increased productivity, cost reduction, economics, or resource or reserve expansion at the Pinson mine. Forward-looking statements are statements that are not historical fact. They are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update these forward-looking statements, if management's beliefs, estimates or opinions, or other factors, should change, unless required by law. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: gold deposit modeling, future operating costs at the Pinson mine, the Company might encounter problems such as the significant depreciation of metals prices; accidents and other risks associated with mining, exploration and development operations; the risk that the Company will encounter unanticipated geological factors; the Company's need for and ability to obtain additional financing; the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration and development programs; and the other risk factors discussed in greater detail in the Company's various filings on SEDAR (www.sedar.com) with Canadian securities regulators and its filings with the U.S. Securities and Exchange Commission, including the Company's 2013 Form 20-F dated March 14, 2014.
Cautionary Note to U.S. Investors --- The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this report, such as "measured," "indicated," "inferred," and "resources," that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC.
FOR FURTHER INFORMATION, CONTACT:
James Hesketh, President and CEO - (303) 278-8464
Valerie Kimball, Investor Relations - toll free (877) 692-8182
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SOURCE Atna Resources Ltd.