Foran Mining Corporation is pleased to announce results from a Feasibility Study on its re-scoped, expanded and re-designed mine plan for its 100%-owned McIlvenna Bay project in east-central Saskatchewan.
The feasibility study envisions a state of the art and re-designed mine plan to accommodate a larger production base at 4,200tpd, which will serve as the starter-plant and is designed to accommodate future expansions as Foran advances and delineates the District.
Key Summary Table
|DESCRIPTION||UNITS||BANKABLE FEASABILITY STUDY|
|Metal Prices /FX1||Base Case||Spot Prices|
|Currency Exchange Rate||USD/CAD||1.26||1.27|
|Copper Equivalent Grade2||%||2.51%||2.51%|
|Annual Processing Rate||Mtpa||1.51||1.51|
|Average annual production (in concentrate)|
|Copper Equivalent – First 15-years2||Mlbs CuEq||72.8||72.9|
|Copper Equivalent – Life-of-Mine2||Mlbs CuEq||65.4||65.6|
|Life-of-Mine (LOM) Operating Costs|
|Total Operating Costs4||C$t/milled||$73.55||$73.55|
|Opex + Sustaining Capex||C$/tonne||$91.94||$91.94|
|C1 Copper Cash Costs (net of credits)5||US$/lb||$0.26||-$0.62|
|All-In Sustaining Costs (net of credits)6||US$/lb Cu||$0.90||$0.01|
|LOM Sustaining Capital||C$M||$481||$481|
1 Current prices and FX based on Feb 23, 2022 closing values.
2 CuEa metrics based on commodity prices under each scenario.
3 Blended recoveries detailed in section below.
4 Total Operating costs include mining, processing, G&A and Tailings costs.
5 C1 Cash costs (net of credits) = total operating costs, plus treatment charges & refining costs, less by-product credits, divided by payable copper production.
6 All-in Sustaining Costs = C1 Cash Costs (net of credits), plus LOM sustaining capital, plus royalties, divided by payable copper production.
7 Initial Captial costs included pre-commercial production credits and costs, please refer to section below.