Aura Minerals announced the completion of the preliminary economic assessment study (the “Study”) on the advanced-stage Serrote da Laje deposit at the Arapiraca Copper-Gold-Iron Ore Project in Alagoas State, Brazil. The Study supports an open pit and concentrator processing 41,000 tpd of ore feed producing a copper/gold concentrate and an iron rich (67% Fe) magnetite concentrate. Average annual copper production is expected to be 137 million pounds with the average in the first three years being 155 million pounds. Average annual magnetite production is expected to be approximately 1.3 million tonnes of concentrate. The average life of mine cash cost for copper is estimated at $0.82 per pound including by-product credits for iron and gold sales. The expected after tax net present value (“NPV”) is $325 million at a 10% discount rate and the after tax internal rate of return (“IRR”) is 25.4%. The expected payback period is 2.8 years.
Announced drill results from the ongoing infill and step-outprogram at the Serrote da Laje deposit. Highlights include: hole AR-SLJE-252:16.0 m @ 1.27% Cu, 0.21 g/t Au, 18.50% Fe, 0.12% Ni.
September 22, 2008
Announced the first set of 21 drill results from the Caboclo target located within the company’s wholly owned Arapiraca property. Highlights include: hole CBCR-22: 64.80 m @ 0.53% Cu, 13.64% Fe, 0.10 g/t Au, 0.08% Ni.
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