Mr. Jeffrey Pontius reports
CORVUS GOLD ANNOUNCES PRELIMINARY ECONOMIC ASSESSMENT (PEA) RESULTS FOR THE NORTH BULLFROG PROJECT, NEVADA
Corvus Gold Inc. has released a new preliminary economic assessment and a mineral resource update incorporating all drill results through 2014 from the newly discovered YellowJacket high-grade gold deposit (see the tables) at its North Bullfrog project. The PEA results have outlined a potential high-margin oxide mining project with low development/capital cost projections in the current gold price environment. All figures are in constant 2015 United States dollars.
Jeff Pontius, Corvus Gold chief executive officer, stated: "The results from this initial analysis of the North Bullfrog deposits have clearly illustrated the economic potential of this new and emerging Nevada gold district. The unique mix of a high-grade vein/stockwork deposit surrounded by oxide heap leach deposit has resulted in a potentially exceptional low-strip open pit mining project in one of the best jurisdictions in the world. By using a conservative $900-(U.S.)-gold-price-driven Whittle pit to define the PEA base-case pit design, the project demonstrates potential to perform well in the current gold price environment. The existing project infrastructure and advanced permitting work linked with simple oxide processing offers the opportunity for a low-capex, high-margin operation with near-term production potential. Utilizing the new high-grade YellowJacket deposit as our proof of concept, we have begun a district-wide exploration and development program to identify other large vein systems, as well as follow-up resource expansion drilling of the YellowJacket deposit, both of which could add significant potential to the North Bullfrog project and Corvus as a whole."
The PEA is based on the North Bullfrog resource model (as at June 16, 2015), which consists of material in the measured, indicated and inferred classifications. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
NORTH BULLFROG PROJECT -- PEA SUMMARY RESULTS
(values in 2015 U.S. $ based on $1,200 gold price,
mining recoverable resources defined by pit shells,
and 0.52 g/t gold mill break-even grade and
0.15 g/t gold heap leach break-even grade)
Parameter Summary data
Mineral resource -- measured Au and Ag 4.04 Mt at 2.43 g/t Au for 316.2 koz
Mineral resource -- indicated Au and Ag 22.14 Mt at 0.41 g/t Au for 289.6 koz
Mineral resource -- inferred Au and Ag 137.09 Mt at 0.21 g/t Au for 926.2 koz
Pretax total cash flow;
IRR at $1,200 (U.S.)* per Au oz $479M (U.S.); 53%
Posttax NPV (5%);
IRR at $1,200 (U.S.)* per Au oz $246M (U.S.); 38%
0.6 to 1
Overall strip ratio (overburden to mined mineral resource)
Average annual gold production years 1-6* 154 k Au Eq oz/year
Average annual gold production years 7-10* 69 k Au Eq oz/year
Average gold recovery -- mill 86.8%
Average gold recovery -- heap leach 73.9%
Average cash cost $635 (U.S.)/Au oz
Average silver recovery -- mill 71.4%
Average silver recovery -- heap leach 6%
Average total mining rate 69.7 k tonne/day
Average mineralized material mining rate 44.4 k tonne/day
* Silver:gold price ratio equals 73.7.
BASE-CASE GOLD PRICE SENSITIVITY ANALYSIS -- NORTH BULLFROG PROJECT
(cash basis, all values in constant 2015 U.S. $)
Gold price Pretax total NPV 5% Posttax* IRR Payback
($/oz) cash flow ($M) ($M) (%) (yr)
$1,000 234.7 $102.9 20.5 3.0
$1,100 356.7 $174.9 29.6 2.5
$1,200 478.7 $245.9 37.9 2.2
$1,300 600.8 $317.4 45.8 1.9
$1,400 722.8 $387.6 53.2 1.8
* Considers production royalties, Nevada mineral net proceeds and U.S.
federal income tax.
PEA results
The PEA assumes development of a conventional drill-and-blast surface mine using haul trucks and front-end loaders, milling of higher-grade mineralization with gravity-cyanide leaching of the YellowJacket mineral resource, and heap leach processing of low-grade mineralized material from the Sierra Blanca, Jolly Jane and Mayflower mineral resources. Mineralized material from the YellowJacket vein and stockwork mineral resource would be delivered to a processing plant incorporating a gravity concentration circuit with intense cyanide leaching of the gravity concentrate followed by cyanide leaching of the gravity tail product. Tail materials would be stored in a conventional lined tailing storage facility. Lower-grade disseminated mineralization would be processed by heap leaching of run-of-mine material. Ultrahigh-intensity blasting would be performed to minimize particle size for enhanced heap leach recoveries and would allow transport and stacking on a heap leach pad using a feeder/conveyor/stacker system. Gold and silver in leachate solutions would be recovered from carbon from both process plants, and a dore would be produced in a refinery located in the mill. Sensitivity of the projected financial performance of the North Bullfrog project is listed around the base-case assumption of a constant gold price of $1,200 (U.S.) per ounce in the table.
The PEA uses gold and silver recoveries for a gravity-cyanide leach mill that are estimated from two sets of metallurgical composite samples developed from PQ core materials generated in YellowJacket drilling programs during 2013 and 2014. Gravity concentrate samples were developed using a Knelson concentrator. The Knelson feed was ground to P80 minus 0.21 millimetre (minus-65 mesh). The produced gravity concentrate was then reground to P80 minus 0.044 millimetre (minus-325 mesh) and subjected to intense cyanide leaching. The leached concentrate was then recombined with the gravity tail product and ground to P80 minus 0.074 millimetre (minus-200 mesh) before the final cyanide leach to maximize gold and silver recovery. Average recoveries of 86.8 per cent for gold and 71.4 per cent for silver were assumed for the mill process plant.
Heap leach metallurgical recovery estimates are based on column leach testing data for composite samples constructed from Mayflower, Jolly Jane and Sierra Blanca 2012 PQ core drilling. A total of 23 column leach tests have been run at McClelland Laboratories at a particle size of 80 per cent passing minus-19 millimetre (minus three-quarter inch) for the four resource areas. The process recovery assumptions reflect consideration of particle size resulting from ultrahigh-intensity blasting with a particle size of P80 minus-84 millimetre (minus-3.3 inch), similar to a primary crushing product; scaling for the effects of vertical lift heights of greater than 10 m (30 feet); and a leach time of 1,000 days. The leach pad production model predicts an average gold recovery of 74 per cent and an average silver recovery of 6 per cent of the fire assay grade.
A summary of the PEA results for the base-case gold price assumption of $1,200 (U.S.) is listed in the table. Working capital and initial fills, which are recovered at the end of year one and at the end of the project, respectively, were estimated to be $16.4-million (U.S.). Operating costs included in the PEA were based on mining, processing, administration and reclamation, and are listed in the table, where they are normalized to process tonnage and recovered gold ounces. Total LOM cash operating costs are projected to be $635 (U.S.) per produced Au ounce, and life-of-mine capital cost (adjusted for recovery of prestrip mining, working capital recovery and initial fills recovery) was estimated to be an additional $206 (U.S.) per produced Au ounce.
The company cautions that the PEA is preliminary in nature and is based on technical and economic assumptions that will be further evaluated in more advanced studies. The PEA is based on the North Bullfrog resource model (as at June 16, 2015), which consists of material in the measured, indicated and inferred classifications. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. The current basis of project information is not sufficient to convert the mineral resources to mineral reserves, and mineral resources that are not mineral reserves do not have demonstrated economic viability. Accordingly, there can be no certainty that the results estimated in this PEA will be realized. The PEA results are only intended as an initial, first-pass review of the potential project economics based on preliminary information.
PEA KEY PHYSICAL DATA -- NORTH BULLFROG MILL AND HEAP LEACH PROJECT
Key physical data Units Value
Heap leach feed mined M tonnes 156.8
Mill feed mined M tonnes 7.1
Overburden mined M tonnes 95.8
Total material mined M tonnes 259.7
Mine life* Years 10
Contained gold Moz 1.53
Recovered gold Moz 1.19
Contained silver Moz 6.61
Recovered silver Moz 2.49
Average strip ratio Overburden/process feed 0.60
Average diluted gold grade heap leach g/t 0.22
Average diluted gold grade mill g/t 1.92
Average gold recovery % 78%
Annual process feed mined M tonnes/yr 16.2
Average annual gold produced Au koz/yr 117.0
* Excludes leach pad rinse period at end of mine life.
OPERATING COSTS -- NORTH BULLFROG MILL AND HEAP LEACH PROJECT
Cost per process tonne Cost/recovered gold oz
Cost ($/tonne) ($/oz)
Mining $2.41 $332
Processing $1.65 $227
Administration $0.43 $60
Reclamation $0.12 $17
Total operating cost $4.62 $635
Estimated capital costs are listed in the table, where they are divided between initial and sustaining capital. The initial capital is estimated to be $175.4-million (U.S.), which includes equipment and construction, EPCM, and contingency. Sustaining capital includes leach pad expansions, mobile equipment purchases and rebuilds. Life-of-mine sustaining capital is estimated to be $83.3-million (U.S.).
PEA INITIAL CAPITAL ESTIMATE -- NORTH BULLFROG PROJECT
Capital area Estimated capital cost (U.S. $)
Initial capital $129.8
EPCM $19.1
Contingency $26.5
Total initial capital cost $175.4
Sustaining capital $83.3
Total LOM capital cost $258.7
Scheduled resource and mining geometries for the PEA were defined by Lerch Grossman optimization using a $900 (U.S.) gold price, current prevailing mining costs and the latest metallurgical data for the project.
Cash flow model inputs and assumptions
Mineral resources
The analysis included measured, indicated and inferred mineral resources in the mining and economic study. Measured and indicated mineral resources make up 91 per cent of the mill gold production plan and 17 per cent of the heap leach production plan, with the remainder being inferred mineral resource.
Project schedule
The project schedule assumed a one-year period for construction of the mine infrastructure and the initiation of mining at the YellowJacket and Sierra Blanca mineral resources. Mining was assumed to start at Mayflower in year four and at Jolly Jane in year seven. Production from the four mineral resources was blended to level the required number of haul trucks with a peak mining rate of 89,300 tonnes per day.
Mining method
A standard surface mine using a drill, blast, load and haul mining plan was used for the study, assuming a 50-degree pit slope. The mine volume was defined by Lerchs-Grossman optimization methods, and the resulting mining volumes were used to develop a production plan that would be robust in a declining price market. Heap leach mineralization was assumed to be blasting using new, ultrahigh-intensity blasting to improve fragmentation for higher ROM leach recoveries without crushing. Within the mining shapes indicated by the Whittle analyses, a processing cut-off grade of 0.1 gram per tonne gold was used for selection of mineralized material to be sent to the heap leach processing facility and 0.372 gram per tonne for mineralized material to be sent to the mill processing facility. Conceptual locations for the crusher, heap leach feeder/conveyor and overburden dumps were used to estimate truck haulage cycles, and the production schedule was constrained by the truck fleet capacity.
Processing methods
A conceptual heap leach model was developed for the northern area of North Bullfrog to be operated at a peak placement rate of 58,000 tonnes (average rate of 44,400 tonnes) of mineralized material per day, with all material assumed to be blasted to 80 per cent -- 84 millimetres (minus-3.3 inches) and transported and placed by a conveyor/stacker system. The higher-grade YellowJacket vein and stockwork mineralization was assumed to be crushed and milled at a rate of 3,000 tonnes per day with a final grind size of 80 per cent -- 0.074 millimetre (minus-200 mesh). Gold would be recovered by intense cyanide leaching of a gravity concentrate and a final cyanide leaching of tail products. Both of these processing approaches are supported by metallurgical test data.
Gold recovery model
Mill process recoveries were estimated from metallurgical testing of gravity concentration, intense cyanide leaching of the gravity concentrate and final cyanide leaching of the tail products. A total of six different sample composites were created from PQ core developed in the 2013 and 2014 drilling programs and were tested to characterize the variation of vein and vein stockwork materials. Heap leach process recoveries were estimated based on the results of column leach testing of composite samples created from the 2012 PQ core metallurgical drilling program. A total of 23 sample composites from the three current resource areas were prepared from 2012 PQ core and used to create duplicate column tests at a nominal crushed size of 80 per cent -- 19 millimetres (minus-three-quarter inch). The column leach test data were used with recovery models that simulated the ROM particle size gradation, the effects of time for 1,000 days leaching, and leach pad loading geometry to project the produced gold and silver. The recovery model predicted LOM average gold recovery to be 74 per cent of contained gold content and 6 per cent of contained silver content.
Operating and capital cost estimates
Preliminary capital and operating costs were developed using information available from other Nevada milling and heap leach operations, a commercially available mining and development cost database, plus all available project technical data and metallurgical-/process-related test work. Detailed design work, used to assess the potential for a smaller-scale start-up mine, has been used to refine the capital cost estimate. Preliminary configurations of the site infrastructure alternatives (such as the mill, heap leach pad, tailing storage facility, overburden storage facility, roads, shops and offices) have been evaluated, and an arrangement was defined as the basis of capital cost estimates. Capital costs were developed based on a nominal mining rate of 44,400 tonnes of mineralized material per day. Total processed material would be 163.7 million tonnes. Major mobile equipment was assumed to be financed over the first five years of life. All costs are in constant U.S. dollars from second-quarter 2015. No escalation was applied in the financial model.
Taxes and royalties
Taxes and royalty charges were included in this PEA. Taxes included the Nevada mineral net profit tax at the maximum rate of 5 per cent of cash flow net of operating costs, depletion and depreciation of capital costs. U.S. federal taxes were 26 per cent of cash flow net of operating costs, depletion and depreciation of capital costs. Net-smelter-return royalties apply to about 15 per cent of the projected gold production with a 4-per-cent NSR on the Mayflower production and a 1-per-cent to 4-per-cent NSR on a portion of the Jolly Jane production (the company has buyout rights on all royalties).
Revenue
Revenue was determined in the base-case financial model assuming a constant $1,200-(U.S.)-per-gold-ounce gold price. All sensitivities to gold price assumptions were assessed using constant U.S. dollar prices.
New resource calculation
The new mineral resource calculation reflects the benefits of the detailed 2014 infill drilling program leading to a better-defined vein/stockwork zone (see the tables). The high average grade of the YellowJacket deposit, along with its simple, oxide high-gold-silver recoveries and open pit mining potential, has produced an attractive near-term mining target. In addition, the new mineral resource has been calculated at a lower base-case resource price of $1,200 (U.S.) (April 1, 2014, resource used $1,300 (U.S.) gold price), which has produced a more robust project. The insight gained from the new detailed drilling of YellowJacket has been instrumental in defining and prioritizing Corvus's 2015 new discovery high-grade vein system exploration targets where drilling will begin this month.
MEASURED, INDICATED AND INFERRED MINERAL RESOURCE ESTIMATE
FOR THE NORTH BULLFROG PROJECT DEFINED BY WHITTLE PIT VOLUMES,
INCLUDING BOTH THE YELLOWJACKET VEIN/STOCKWORK
AND DISSEMINATED OXIDE MINERALIZATION AT $1,200 GOLD PRICE
Total
Whittle pit Resource Strip Contained Contained
gold price* category ratio Au koz Ag koz
$1,200 Measured 0.70 318.9 2,471.5
Indicated 308.9 911.1
Total M & I 627.7 3,382.6
Inferred 1,132.2 4,005.0
* Analysis assumes a fixed ratio of the gold to silver prices of 73.7.
** Break-even grade derived from Whittle input parameters at $1,200 (U.S.)
per ounce gold price and gold:silver price ratio of 73.7.
*** The mineral resources are effective as of June 16, 2015.
**** Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
The resource estimation is based on 280 drill holes with 41,314 gold composites. Geologic volumes were defined and used to constrain the estimation. Heap leach resources were estimated by regular kriging. The YellowJacket vein and stockwork were estimated using inverse-distance cubed calculations. To define the reasonable prospect of economic extraction, Metal Mining Consultants Inc. confined the resources to mining volumes defined by Whittle analysis. There are no known legal, political or environmental risks that could materially affect the potential development of the mineral resources.
YellowJacket high-grade resource
The YellowJacket mineral resource area is immediately east of the Sierra Blanca deposit and was modelled as a specific zone within the greater Sierra Blanca open pit deposit. The zone has a north-northwest trend and is currently defined by the Josh vein on the west and the Liberator fault on the east. This zone includes vein- and stockwork-vein-type mineralization, which remains open along strike and at depth. In addition, the 2014 drilling found several parallel splay veins to the main Josh vein, which need further drilling to assess the potential to expand the YellowJacket deposit. Follow-up resource expansion drilling on the YellowJacket deposit is scheduled to follow the first two phases of district new discovery exploration drilling.
Exploration implications of the new YellowJacket model
The new YellowJacket mineral resource model and its exceptional continuity and structural association is an important proof-of-concept for the occurrence of other large high-grade vein systems in the North Bullfrog project area. This new detailed understanding of the deposit has formed the basis for an expanded new discovery exploration initiative in the district, which started in May of this year. One of the fundamental understandings gained for the 2014 infill drilling of the YellowJacket has been the timing and orientation of structural activity that created openings for high-grade vein/stockwork formation. This knowledge, linked with new property-wide detailed mapping and age-dating information, has outlined a number of similar settings to the YellowJacket deposit, which hold promise for other future high-grade discoveries. Corvus's 2015 district-wide exploration drilling program is focused on testing up to 10 new high-priority, high-grade vein targets this year in an effort to discover a new Bullfrog- or YellowJacket-type deposit.
Mineral resource modelling results
The North Bullfrog district-wide mineralization inventory includes four deposit areas -- YellowJacket, Sierra Blanca, Jolly Jane and Mayflower. Mineralization occurs in two primary forms: (1) broad stratabound bulk-tonnage gold zones such as the Sierra Blanca, Mayflower and Jolly Jane systems; and (2) moderately thick zones of high-grade gold and silver mineralization hosted by vein and stockwork vein zones dominantly at the YellowJacket deposit.
NORTH BULLFROG MINERAL RESOURCE AT $1,200 GOLD PRICE
AND SENSITIVITY OF MINERAL INVENTORY TO GOLD PRICES
FOR YELLOWJACKET VEIN/STOCKWORK AND DISSEMINATED OXIDE MINERALIZATION
Whittle pit Resource Strip Contained Contained
gold price* category ratio Au koz Ag koz
$1,000 Measured 0.63 317.7 2,464.6
Indicated 266.6 824.6
Total M & I 584.3 3,289.2
Inferred 1,025.4 3,716.0
$1,200 Measured 0.70 318.9 2,471.5
Indicated 308.9 911.1
Total M & I 627.7 3,382.6
Inferred 1,132.2 4,005.0
$1,400 Measured 0.77 319.4 2,475.0
Indicated 335.9 962.0
Total M & I 655.3 3,347.5
Inferred 1,194.5 4,216.2
* Analysis assumes a fixed ratio of the gold to silver prices of 73.7.
** Break-even grade derived from Whittle input parameters and silver:gold ratio
of 73.7.
*** The mineral resources above are effective as of June 16, 2015.
**** Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
WHITTLE INPUT PARAMETERS USED FOR THE NORTH BULLFROG MINERAL RESOURCE ESTIMATION
Jolly Sierra
Parameter Unit Mayflower* Jane* Blanca* YellowJacket**
Mining cost U.S.$/total tonne 1.64 1.42 1.62 1.62
Au cut-off*** g/tonne 0.20 0.15 0.15 0.56
Processing
cost U.S.$/process tonne 1.72 1.72 1.27 11.57
Au recovery % 70.0 72.0 74.0 86.8
Ag recovery % 8.0 8.0 0 71.4
Administrative
cost U.S.$/process tonne 0.50 0.50 0.40 0.40
Refining
and sales U.S.$/tonne 0.07 0.04 0.02 0.11
Au selling
price U.S.$/oz 1,200 1,200 1,200 1,200
Slope angle Degrees 50 50 50 50
* Assumes heap leach processing of disseminated mineralization.
** Assumes gravity-CIL mill processing of YellowJacket mineralization.
*** Break-even grade derived from Whittle input parameters at
$1,200-(U.S.)-per-ounce gold price, and gold:silver price ratio of 59.2 for
Mayflower and Jolly Jane, and of 73.7 for Sierra Blanca and YellowJacket.
The structurally controlled vein and stockwork mineralization in the YellowJacket deposit was modelled separately to prevent smearing of high-grade mineralization into the surrounding blocks. Based on the metallurgical data on YellowJacket mineralization, it has been assumed that this material will be processed through a separate milling circuit and thus carries different processing costs and recoveries, resulting in cut-off grades different than the heap leach processing. These additional costs and recoveries have been accounted for in the Whittle pit analysis.
The disseminated mineralization at Sierra Blanca was also modelled in a series of discrete volumes to prevent grade smearing across certain important grade-controlling faults. The disseminated oxide mineralization has been modelled based on the company's current metallurgy for run-of-mine heap leach processing with each resource area having an estimated heap leach recovery. The heap leach feed then carries the costs associated with heap leach processing as reflected by the cut-off grade.
The company will file an updated National Instrument 43-101 -- Standards of Disclosure for Mineral Projects technical report to be prepared by independent qualified persons, which will include the results of the mineral resource update and PEA discussed herein, on SEDAR within 45 days, and investors are urged to review the report in its entirety.
About the North Bullfrog project, Nevada
Corvus controls 100 per cent of its North Bullfrog project, which covers approximately 75 square kilometres in southern Nevada. The property package is made up of a number of private mineral leases of patented federal mining claims and 814 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor, as well as a large water right position.
The North Bullfrog project includes numerous prospective gold targets at various stages of exploration, with four having the following modelled mineral resources (Sierra Blanca, Jolly Jane, Mayflower and YellowJacket). The project contains a measured and indicated oxide mill mineral resource of 5.67 million tonnes at an average grade of 2.22 grams per tonne gold and 16.67 grams per tonne silver, containing 405,600 ounces of gold and 3,038,500 ounces of silver, and an inferred mineral resource of 1.48 million tonnes at an average grade of 0.83 gram per tonne gold and 4.26 grams per tonne silver, containing 39,400 ounces of gold and 203,400 ounces of silver. In addition, the project contains a measured and indicated oxide run-of-mine heap leach resource of 23.15 million tonnes at an average grade of 0.30 gram per tonne gold and 0.46 gram per tonne silver, containing 221,100 ounces of gold and 344,100 ounces of silver, and an inferred mineral resource of 176.3 million tonnes at an average grade of 0.19 gram per tonne gold and 0.67 gram per tonne silver, containing 1,092,800 ounces of gold and 3,801,700 ounces of silver.
Qualified person and quality control/quality assurance
Jeffrey Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release and has reviewed and approved the disclosure herein. Mr. Pontius is not independent of Corvus, as he is the chief executive officer and holds common shares and incentive stock options.
Carl Brechtel (Nevada PE 008744 and registered member 353000 of SME), a qualified person as defined by NI 43-101, has co-ordinated execution of the work outlined in this news release and has reviewed and approved the disclosure herein. Mr. Brechtel is not independent of Corvus, as he is the chief operating officer and holds common shares and incentive stock options.
The work program at North Bullfrog was designed and supervised by Mark Reischman, Corvus's Nevada exploration manager, who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project log and track all samples prior to sealing and shipping. Quality control is monitored by the insertion of blind certified standard reference materials and blanks into each sample shipment. All resource sample shipments are sealed and shipped to ALS Chemex in Reno, Nev., for preparation and then on to ALS Chemex in Reno, Nev., or Vancouver, B.C., for assaying. ALS Chemex's quality system complies with the requirements for the international standards ISO 9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control.
The qualified persons, Scott Wilson, Stephen Batman and William Pennstrom, have visited the North Bullfrog site during 2014 and 2015. Mr. Wilson has performed data verification by examining core materials at the site and has selected quarter-core samples to develop independent verifying assays of intervals by the ALS Chemex laboratory in Reno, Nev. Geologic data development processes were reviewed and observed during the site visit. All drilling geologic description, assaying data and geochemical data have been provided in a database format to Metal Mining Consultants Inc. for the purpose of estimating the resource. All qualified persons have reviewed the news release and approve its publication.
Scott Wilson, CPG, president of Metal Mining Consultants, is an independent consulting geologist specializing in mineral reserve and resource calculation reporting, mining project analysis, and due diligence evaluations. He is acting as the qualified person, as defined in NI 43-101, for the overall technical report and the mineral resource estimate. Mr. Wilson has over 26 years experience in surface mining and is a registered member (No. 4025107RM) of the Society for Mining, Metallurgy and Exploration Inc. Mr. Wilson and Metal Mining Consultants are independent of the company under National Instrument 43-101.
Stephen Batman, principal engineer at SBB Mining Solution LLC, is an independent consulting mining engineer specializing in mine design, production scheduling, pit optimization and equipment specification. He is acting as the qualified person, as defined in NI 43-101, for the mining methods section of the technical report. Mr. Batman has over 29 years of experience in the mining industry and is a registered member (No. 181580RM) of the Society for Mining, Metallurgy and Exploration. Mr. Batman and SBB Mining Solution LLC are independent of the company under National Instrument 43-101.
Herbert Osborne, SME, a consulting metallurgist, has acted as the qualified person, as defined by NI 43-101, for evaluation of the metallurgical testing data and estimation of the process metallurgical recoveries. He has over 50 years of experience in mineral process design and operations. He is a registered member of the Society of Mining, Metallurgy and Exploration (No. 2430050 RM). Mr. Osborne is independent of the company under NI 43-101.
William Pennstrom, a consulting process engineer and president of Pennstrom Consulting Inc., has acted as the qualified person, as defined by NI 43-101, for process operating cost estimation, project capital cost estimation and evaluation of the financial performance for the PEA. He has over 30 years of experience in mineral process design and operation and has been an independent process and metallurgical consultant for the mining industry for the last 13 years. He is a registered member of the Society of Mining, Metallurgy and Exploration (No. 2503900RM). Mr. Pennstrom and Pennstrom Consulting are both independent of the company under NI 43-101.
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