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April 18, 2008
Updated BFS progress: • The in-fill drilling programme and associated assay work was completed. Work is underway on the revised geological model/resource evaluation and is expected to be finished during the June quarter. The closer spaced drill hole data now available will result in a geological model with a much improved confidence level. • The Phase 1 metallurgical test programme was completed with preliminary results indicating metal recoveries in excess of pre-feasibility study assumptions. The final report for this test work is being prepared. • The preparation and planning of engineering flow-sheets, general arrangement drawings, electrical distribution requirements, leach-pad design and the mechanical equipment list continued. • Pump testing of the water well that is proposed as the major source of project water supply indicated a continuous flow of 40 litres/second is available. Detailed mine planning and cost estimation will commence with the completion of the geological model. However, initial vendors’ quotations for some major equipment has been received and a preliminary cost estimate prepared. This capital estimate is currently approximately US$130m including pre-strip, working capital and taxes. Preliminary economic analysis indicates very robust project economics over a range of copper prices. The target completion date for the bankable feasibility study remains late in the September 2008 quarter. SRK Consulting was appointed as the Independent Engineers to undertake the independent technical review of the project.
March 31, 2008
Exploration drilling commenced at the end of the quarter at Las Nipas, a nearby significant copper-molybdenum-gold geochemical anomaly. Las Nipas is one of a number of exploration targets located in close proximity to Puquios that could potentially provide resources to supplement the supply of ore to the Puquios plant.
March 20, 2008
Planning to complete the Bankable Feasibility Study in August 2008 for this 15,000 tonne per year copper cathode project. Following financing, construction could then start at the end of 2008 with first copper scheduled to be produced in the first quarter of 2010.