ASU Economic Impact Study Illustrates Project's Potential for Job Growth, Economic Recovery in Arizona
VANCOUVER, April 16, 2012 /CNW/ - Curis Resources Ltd. (TSX: CUV) ("Curis" or the "Company") today released a comprehensive socioeconomic study1 of Florence Copper by Arizona State University (ASU). Florence Copper Project: Economic Impact Study details an impressive case of lasting economic value, including new capital investment, job creation, personal income, private-sector business growth and government revenue in Florence, Pinal County and Arizona. The study concludes that Florence Copper will bring more than $2.2 billion in new economic activity to the state of Arizona over the next 28 years.
"The ASU Economic Impact Study is a sophisticated, independent third party review of the overall economic, employment, business and public benefits to be generated by Florence Copper," said Michael McPhie, President & CEO of Curis. "It confirms that Florence Copper will make a profound near-term and sustained contribution to the economic well-being of Pinal County and the state of Arizona through the creation of stable, well-paid jobs, hundreds of millions of dollars in supply and service contracts for local businesses and contributions to governments at the local, county and state levels."
Study authors at ASU's prestigious L. William Seidman Research Institute were commissioned by Curis to forecast potential impacts of Florence Copper, an environmentally sound and socially responsible in-situ copper recovery operation in Florence, AZ, on the state and local economy and workforce. Top economic experts - Dennis Hoffman, PhD, Lee McPheters, PhD, and Tom Rex, MBA - utilized data from the U.S. Bureau of Labor Statistics, the U.S. Department of Commerce, the state of Arizona, Pinal County and other official sources to compile the 129-page study.
Conclusions in the ASU Economic Impact Study include:
- Florence Copper will generate some $2.2 billion of economic activity within the State of Arizona, with $1.1 billion to occur within Pinal County.
- The project will support an annual average of 681 Arizona jobs over 28 years.
- New jobs created are expected to support head-of-household wages; compensation within Arizona's mining industry is 44 percent higher than the state average.
- Two out of three jobs can be sourced from workers in Pinal County.
- Personal income for Pinal County residents will rise by more than $700 million.
- Arizona governments will collect approximately $325 million in taxes and royalties.
"With current unemployment rates of 20.3 percent in the Town of Florence and 9.5 percent for Pinal County2, we believe Florence Copper represents an extraordinary opportunity to provide lasting benefits to the people of this community," McPhie said. "It's also an unparalleled opportunity to kick-start the regional and local economy as it begins to recover from the effects of the recent housing crisis and economic downturn."
1 The study used projected production and results of the 2010 Preliminary Economic Assessment of the Florence Project (see Curis News Release November 15, 2010).
2 Source: Arizona Department of Administration
The ASU study also examines the ripple effect that Florence Copper will have on Pinal County, predicting the project has more potential than any other economic factor to spur an economic recovery in the near term. New private-sector businesses are expected to increase once copper operations begin.
"Based on our analysis, Florence Copper could create hundreds of high wage jobs, and generate millions in annual revenues for local and state governments and businesses" Dr. Hoffman confirmed. "Florence Copper represents a regional economic development opportunity with real, near term benefits."
The full Florence Copper Project: Economic Impact Study is available at www.florencecopper.com. It details the historical background, the economy of Florence and comparison areas, socioeconomic overview, baseline growth, economic and fiscal impact, and workforce analysis.
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 near-term production.
Feasibility level optimization and design studies for Florence Copper are progressing. Phase 1 development is scheduled to be constructed beginning in Q3 of 2012, following the receipt of amended operating permits currently under review by State and Federal agencies. This project "start-up" phase will consist of an initial 24-well copper extraction field constructed to simulate full scale operations and a state-of-the-art Solvent Extraction/Electrowinning (SX/EW) facility that will produce LME grade pure copper cathode.
For more project-level information, sign up to receive News and Updates from the Florence Copper project.
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, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes 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 inability of the Company and Red Kite to reach agreement on definitive agreements (or to achieve fulfillment of conditions thereunder), 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, changes in government policies regarding mining and natural resource exploration and exploitation, 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 that are available at www.sedar.com.
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