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Curis Resources Ltd
Symbol CUV
Shares Issued 56,307,142
Close 2013-01-07 C$ 0.68
Market Cap C$ 38,288,857
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Curis metallurgical tests recover 69% Cu at Florence

2013-01-08 08:43 ET - News Release

Mr. Michael McPhie reports

CURIS UPDATES METALLURGICAL RECOVERY TEST WORK AT FLORENCE COPPER

Curis Resources Ltd. has released the results for recently completed continuing large-scale metallurgical testwork in advance of finalization of the prefeasibility study on its 100-per-cent-owned Florence copper project in Arizona.

Highlights of the in situ recovery (ISR) test results shown in the table include the following:

  • ISR tests 17 to 22 have now been completed with copper extraction ranging from 51 per cent to 90 per cent. All tests in this most recent series were run as previously described in the Curis press release dated Oct. 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 per cent will be achieved from a typical mineralized block.

"The results from this final set of metallurgical testwork 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 first quarter 2013 in the form of a prefeasibility 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. 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."

Background

Averaging 69-per-cent copper extraction, the ISR test 17 to 22 series results compare favourably with the 70-per-cent average extraction rates previously reported for boxes within the ISR test one to 16 series (see Curis press release on Oct. 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 per cent.

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 first quarter 2013.

The goal of the continuing 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 orebody 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, Ariz., with oversight and direction from acknowledged world metallurgical expert, Dr. Terry McNulty.

Dr. McNulty stated: "I continue to believe that the laboratory technique being employed by Metcon is much more realistic than earlier methods of projecting non-sulphide copper extraction by in situ leaching. Also, ongoing mineralogical characterization of leached residues is improving our understanding of the behaviour 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 Feb. 23 and Oct. 11, 2012. The results compared favourably with work completed by BHP Copper in the mid-1990s, as summarized in Curis's 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 in the table.

Detailed in situ recovery test results

The table provides details from ISR tests 17 to 22.

ISR LABORATORY TEST RESULTS FOR BOXES 17 TO 22  
    
Test            Calculated          Cumulative 
                head assay          extraction
                     (% Cu)              (% Cu)
   
Box 17                0.44               62.58  
Box 18                0.25               51.26  
Box 19                0.36               70.45  
Box 20                0.44               57.96  
Box 21                0.59               90.46  
Box 22                0.49               80.88 

The metallurgical test program is being supervised by Dr. Terry McNulty, PE, of TP McNulty and Associates Inc. of Tucson, Ariz., qualified person as defined by National Instrument 43-101, who has reviewed this disclosure.

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