Welcome To The MolyMInes HUB On AGORACOM
Message: Reports Quarter Activities
| April 30, 2009 |
| Moly Mines Reports Quarter Activities |
| TORONTO, ONTARIO--(Marketwire - April 30, 2009) - NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. Moly Mines Limited (TSX:MOL)(ASX:MOL) is pleased to report the highlights from its Quarterly Activities report for the period ending March 31, 2009 available on SEDAR (www.sedar.com). Spinifex Ridge Molybdenum Moly Mines has completed an advanced engineering study ("Study") on a smaller, start-up Spinifex Ridge Molybdenum Project. This has demonstrated a significantly reduced capital hurdle whilst maintaining attractive financial fundamentals. The highlights of the Study include: - 10 million tonnes/annum (expansion potential to 11.3mt/a); - 24 year mine life; - 0.07% Mo head grade for first 10 years; - A$528 million capital cost; - US$7.80/lb Mo operating cost; and - A$461 million NPV ($17.50/lb long term Mo price) The development of a smaller case Spinifex Ridge start-up project arose from the significant deterioration in the global capital markets and from the accompanying rapid decline in the molybdenum metal price during the last 5 months as the world's steel production slumped. The Study has demonstrated a technically viable development opportunity that benefits from the detailed engineering and design work completed for the larger 20mt/a definitive feasibility study with an operating cost structure well below the medium to long term molybdenum price. The 10 year average molybdenum price to March 31, 2009 (including the dramatic slump of October 2008 to March 2009) is US$15.00/lb. This advanced engineering study is based on geology, resources, metallurgy, process design and engineering data reported September 25, 2007 in the 20 million tonne per annum definitive feasibility study ("DFS") and detailed engineering work completed thereafter. Spinifex Ridge Iron Ore The resource definition drilling programme was completed on the three iron ore occurrences with an initial resource calculation currently underway. Permitting has commenced for mining these resources as has detailed mine planning and engineering. New Project Acquisition A large number of potential acquisition projects have been assessed by the Company with negotiations now underway on a number of those that have been shortlisted. The information in this report that relates to Exploration Results is based on information compiled by Dr Derek Fisher who is a Member of The Australasian Institute of Mining and Metallurgy. Dr Fisher is Managing Director of Moly Mines Limited, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves . Dr. Fisher is also a Qualified Person within the meaning of such term under NI-43-101. Dr Fisher consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. |
Loading...
Loading...
New Message
Please
login
to post a reply