VANCOUVER, Jan. 8, 2013 /CNW/ - Curis Resources Ltd. (TSX: CUV) ("Curis" or the "Company") announces results for the recently completed large scale metallurgical test work in advance of the finalization of a prefeasibility study (PFS) on its 100% owned Florence Copper project in Arizona.
Highlights of the In-Situ Recovery ("ISR") test results shown in Table 1 include the following:
- ISR tests 17-22 have now been completed with copper extraction ranging from 51 percent to 90 percent. All tests in this most recent series were run as previously described in the Curis press release dated October 11, 2012.
- When all the copper extraction results are incorporated with recent sweep efficiency modelling, preliminary indications are that overall copper recovery of approximately 70 percent will be achieved from a typical mineralized block.
"The results from this final set of metallurgical test work clearly demonstrate the potential for improved copper recovery rates at Florence Copper," stated Dan Johnson, Vice President of Technical Services and Environment with Curis. "Our objective now is to integrate these results into a new financial and engineering model for Florence Copper that is scheduled for release in Q1 2013 in the form of a pre-feasibility study (PFS)."
"Improved copper recoveries, combined with a revised mineral extraction plan and updated capital and operating cost estimates, are expected to further confirm Florence Copper as having the potential to be one the lowest cost near term copper producers in the world," continued Johnson. "We are very happy with the results of our work over the past year in refining our development plans and confirming our engineering assumptions for Florence Copper."
Averaging 69 percent copper extraction, the ISR test 17-22 series results compare favorably with the 70 percent average extraction rates previously reported for boxes within the ISR test 1-16 series (see Curis Press release on October 11, 2012). The economic model presented in the September 2010, Preliminary Economic Assessment (PEA) for the Florence Copper project utilized an average total copper recovery of 49 percent.
The next step in the metallurgical testing program is to incorporate these results into an overall assessment of predicted ultimate copper recoveries for inclusion in the prefeasibility study which is expected to be released in Q1 2013.
The goal of the ongoing ISR test program has been to represent a cross-section through a typical mineralized block in the deposit, and to simulate in-situ treatment of the Florence Copper ore body by allowing recovery solutions to flow horizontally through intact pieces of drill core assembled as a mineralized block using a specially designed laboratory apparatus. This successful physical simulation and test program was designed by Curis and Metcon Laboratories of Tucson, Arizona, with oversight and direction from acknowledged world metallurgical expert, Dr. Terry McNulty.
Dr. McNulty stated that "I continue to believe that the laboratory technique being employed by Metcon is much more realistic than earlier methods of projecting non-sulfide copper extraction by in-situ leaching. Also, ongoing mineralogical characterization of leached residues is improving our understanding of the behavior of host rock constituents and copper minerals during these tests."
Metallurgical testing to confirm and improve on historical copper recovery estimates for the Florence Copper property began in June 2011 at Metcon. Bottle roll and laboratory scale ISR test results on 16 initial samples from a 2011 core drilling program were reported in previous Curis press releases dated February 23 and October 11, 2012. The results compared favorably to work completed by BHP Copper ("BHP") in the mid-1990s, as summarized in Curis' September 2010 PEA. Laboratory scale ISR test results for six additional samples from the 2011 core drilling program have now been received and are summarized here.
Detailed In-Situ Recovery Test Results
The following Table 1 provides details from ISR tests 17-22.
|Table 1: ISR Laboratory Test Results For Boxes 17-22|
The metallurgical test program is being supervised by Dr. Terry McNulty, P.E., of T. P. McNulty and Associates, Inc. of Tucson, Arizona who is a Qualified Person (QP) as defined by NI43-101 and has reviewed this disclosure.
Curis Resources Ltd. is a mineral development company associated with Hunter Dickinson Inc., a diversified global mining company with a 25-year history of mineral development success. Curis is focused on the acquisition, development and operation of high-quality next-generation copper properties in progressive jurisdictions around the world. It is currently focused on advancing its 100% owned Florence Copper project in Arizona, USA to production.
For more information about Florence Copper, to sign up for news and updates and learn more about the project's projected economic benefits to the local community, please go to www.florencecopper.com.
For further details on the Company, please visit www.curisresources.com or contact Susie Bell, Manager of Investor Relations, at (604) 684-6365 or within North America at 1-800-667-2114.
President & CEO
No regulatory authority has approved or disapproved of the information contained in this news release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, test results, exploitation activities and events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include fluctuations in market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary environmental, land use and other permits, approvals, licenses and title on a timely basis and delays due to third party opposition, delays due to litigation regarding permits and the ability to operate Florence Copper lawfully, changes in government policies or laws regarding mining and natural resource exploration and exploitation, the ability of the Company to achieve fulfillment of all conditions for drawdown under its loan agreement with RK Mine Finance Trust I, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, a more detailed description of the assumptions used to develop the forward-looking statements and the risk factors that may cause actual results to differ materially from forward-looking statements, investors should review the Company's continuous disclosure filings, copies of which are available at www.sedar.com.
SOURCE: Curis Resources Ltd.
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