Re: 2008 vs 2012 Capex
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Welcome To the Copper Fox Metals Inc. HUB On AGORACOM
CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)
Message: RE 2012 calls for 2 further exploration phases
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GALORE BIG PROBLEM:
One of the biggest environmental problems for large open pit mining operations is acid drainage, according to Paul Dowd, Managing Director for Newmont Mining (NYSE: NEM – News). This is known as Acid Rock Drainage [ARD] and Acid Mine Drainage [AMD]. When rock is mined and exposed to the air, the sulphide deposits acidify. This happens with waste rock, tailings and pit wall surfaces. Subsequent runoff from rains and waterways can wash the acid for hundreds of miles polluting rivers, agricultural land and aquifers. Potential acid generating [PAG] waste is generated two ways at an open pit mine. Tailings, from processing the ore, are often toxic due to the chemicals used to extract the ore. Waste rock, or overburden, may be PAG depending on sulphide content. Waste rock volumes are determined by the "strip ratio". A 2:1 strip ratio means that for every ton of ore bearing material there are 2 tons of waste rock. Waste storage is a major environmental issue in any mine during pre-stripping, through production and at mine closure/rehab. According to Dowd, 2/3 of Newmont's closure and rehabilitation costs are managing acid drainage.
The strip ratio at Galore Creek is 1.6:1 over the life of the mine, but 2:1 in early years. About half the waste rock is PAG. The mine plan calls for waste rock to be placed in the valley and flooded. Environmental concerns at GC stem from the fact that the Galore Creek Valley drains into Alaskan waterways. Prime Alaskan fisheries will be on the receiving end of any pollution, while British Columbia and Canada are on the receiving end of all the tax revenue. Galore Creek will generate about 1.3B tons of waste and tailings.
COPPER FOX SHAFT CREEK (BIG ADVANTAGE):
One of the biggest environmental problems for large open pit mining operations is acid drainage, according to Paul Dowd, Managing Director for Newmont Mining (NYSE: NEM – News). This is known as Acid Rock Drainage [ARD] and Acid Mine Drainage [AMD]. When rock is mined and exposed to the air, the sulphide deposits acidify. This happens with waste rock, tailings and pit wall surfaces. Subsequent runoff from rains and waterways can wash the acid for hundreds of miles polluting rivers, agricultural land and aquifers. Potential acid generating [PAG] waste is generated two ways at an open pit mine. Tailings, from processing the ore, are often toxic due to the chemicals used to extract the ore. Waste rock, or overburden, may be PAG depending on sulphide content. Waste rock volumes are determined by the "strip ratio". A 2:1 strip ratio means that for every ton of ore bearing material there are 2 tons of waste rock. Waste storage is a major environmental issue in any mine during pre-stripping, through production and at mine closure/rehab. According to Dowd, 2/3 of Newmont's closure and rehabilitation costs are managing acid drainage.
The strip ratio at Galore Creek is 1.6:1 over the life of the mine, but 2:1 in early years. About half the waste rock is PAG. The mine plan calls for waste rock to be placed in the valley and flooded. Environmental concerns at GC stem from the fact that the Galore Creek Valley drains into Alaskan waterways. Prime Alaskan fisheries will be on the receiving end of any pollution, while British Columbia and Canada are on the receiving end of all the tax revenue. Galore Creek will generate about 1.3B tons of waste and tailings.
COPPER FOX SHAFT CREEK (BIG ADVANTAGE):
Mr. Stewart, President of Copper Fox stated that "I am pleased that the fish habitat portion of the environmental studies on the Schaft Creek deposit concluded that no fish species have been found from 1 to 6 kilometer radius of the deposit. The lack of fish habitat and low acid generating potential of the waste rock to be mined are very positive environmental features of the Schaft Creek deposit.
Due to the absence of fish, approval under the British Columbia Environmental Assessment Act, the Canadian Environmental Assessment Act and the Canadian Fisheries Act will not be contingent upon the reclassification of fish habitat as mine waste disposal facilities. Copper Fox expects that due to the absence of fish in the area around the proposed mine site, a Schedule 2 Amendment under the Fisheries Act would not be required.
** an estimate that
3.6% to 5.1% of the total waste rock mined could potentially be net acid generating, a very low percentage compared to other porphyry copper deposits.
Mr. Elmer B. Stewart, MSc. P. Geol, President and Chief Executive Officer stated "We are extremely pleased with the results received from the preparation of the Feasibility Study. The confirmation that a very low net acid generating potential exists from the waste rock mined is extremely good news from an environmental point of view. The potential for a higher-grade "starter pit" in the West Breccia zone is promising and should have a significant impact on the project economics. The Section 11 Order is a significant milestone and allows the project to move forward to the Environmental Assessment process".
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