Geodex Minerals announced the results of the 2009 diamond drill program at the Sisson Brook project, located north of Fredericton, New Brunswick, Canada. Highlights include hole SB-09-16 intersecting 118.5 meters averaging 0.128% tungsten, 0.043% molybdenum from 14.00 meters.
Announced completion of an Updated Preliminary Economic Assessment Report on the Sisson Brook deposit. The report spreadsheet uses a mining and crushing rate of 20,000 tonnes/day over a mine life of
20 years. Overall recoveries (sorter and mill) are 74% for tungsten and 70% for molybdenum. Tungsten is priced at an APT price of $US 220/mtu of WO3 in concentrate, with a blended $US 50/tonne reduction (gravity/flotation) for offsite costs. Molybdenum uses a long term price of $US 15/lb with an 8% assessment for offsite costs and roasting. Mine Operating Costs remain at $Can 1.30/tonne ($US 1.11), beneficiation costs are re-assessed at $Can 4.66/tonne ($US 3.96) with G &A costs at $Can 0.66/tonne ($US 0.56). The re-calculated pre-production Capital Costs from the new process concept are slightly reduced at $US 339 million which includes a 30% contingency. Owner’s costs include $US 1.0 million for environmental costs during construction. Sustaining (and sinking fund provision for reclamation) costs are assessed at 2.5% of original capital per production year.
January 28, 2009
Geodex Minerals reported receipt of an updated resource model for its Sisson Brook tungsten-molybdenum deposit, located north of Fredericton, New Brunswick, Canada. This resource estimate incorporates an additional 11,800 m of infill and expansion drilling (48 angle holes) carried out on the deposit during the summer of 2008. It therefore adds substantial new data to the previous resource estimate, published in a News Release of June 5, 2008. For Zone III, measured resources total 11 Mt grading 0.109% tungsten oxide and 0.037% molybdenum. Indicated resources total 69.1 Mt grading 0.107% WO3 and 0.034% Mo. Inferred resources total 47.8 Mt grading 0.097% WO3 and 0.036% Mo, all at 0.125% WO3-eq cut-off.
