Mason Graphite Files an Amended Technical Report for its Lac Gueret Project
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 02/29/16 -- Mason Graphite Inc. ("Mason Graphite" or the "Company") (TSX VENTURE: LLG)(OTCQX: MGPHF) reports that it has filed an amended technical report entitled "NI 43-101 Technical Report: Resources Update and Feasibility Study, Lac Gueret Graphite Project, Quebec, Canada" which has been prepared pursuant to Canadian Securities Administrators'' National Instrument 43-101; this updated version replaces the technical report filed by the Company on November 9th 2015.
Sections 1.9 and 15.3.6 have been modified to reflect the updated classification of the incremental tonnages contained within the pit design beyond the initial 25 years mine life of the Lac Gueret Graphite Project as "In-Pit Mineral Resources beyond Project Life of 25 years" instead of Mineral Reserves. These "In-Pit" Mineral Resources were included in the pit optimization study and are similar in quality and metallurgical response to the Mineral Reserves included in the 25 years pit design, but they have not been included in the economic analysis presented in the Feasibility Study as such analysis could not be reliably conducted for an extended period of time and because the cash flows generated beyond 25 years have little impact on the economic results of the Feasibility Study; therefore those "in-Pit" Mineral Resources cannot be classified as Mineral Reserves. However, no further drilling will be necessary to conduct the economic evaluation required to eventually classify In-Pit Mineral Resources as Mineral Reserves. Moreover, the overall In-Situ graphite tonnage, the tonnage and grade of the Mineral Resources, the economic analysis included in the Feasibility Study (including the IRR, the NPV and the other Feasibility Study Results Highlights included in the Press Release dated September 25, 2015) and the effective date of the technical report all remain unchanged.
The updated Mineral Reserves, the In-Pit Mineral Resources beyond the Project Life of 25 years and the Mineral Reserves as presented in the original technical report dated November 9, 2015 are presented below (totals may not add-up due to rounding).
Mineral Reserves: Project Life - 1st 25 years
6% cut-off grade
In-Pit Mineral Resources Beyond Project Life of 25 years
6% cut-off grade
Mineral Reserves Before Update (Technical Report dated November 9th, 2015)
6% cut-off grade
Mineral Resources Estimates (unchanged)
5% cut-off grade
In addition to the above noted changes, a new section entitled "Risks Specific to the Project" has been added, which summarizes the risks factors disclosed in the various sections of the technical report and provides an overview of the risk factors associated with the project related to health & safety, to environment, to technical and operational elements, to commercial, competition and demand, to social aspects as well as financial and legal elements.
The preparation of the technical report was directed by Mr. Jean L''Heureux, Eng., M. Eng., Executive Vice-President, Process Development. For further details, please access the Technical Report having an effective date of September 25th, 2015 and a re-issue date of February 29th, 2016 available on under Mason Graphite''s profile and on the Company''s corporate website at .
QUALIFIED PERSONS CONSENT
The scientific and technical information contained in this news release pertaining to the Lac Gueret project has been reviewed and approved by the following Qualified Persons, as defined by National Instrument 43-101, who consent to the inclusion of their names in this release: Claude Duplessis, Eng. of Goldminds Geoservices Inc., Jeffrey Cassoff, Eng. formerly of Met-Chem Canada Inc., Genevieve Gauthier, Eng. and Pierre Roy, Eng. of Soutex, Edward Lyons, P. Geo. of Tekhne Research Inc. and Mohamed Bouna Aly, Eng. of Gesmine Inc., each of whom are independent of Mason Graphite.
Jean L''Heureux, Eng., M. Eng., Executive Vice-President, Process Development for Mason Graphite, and a Qualified Person, as defined by NI 43-101, was responsible for verifying the technical data herein and has read and approved this press release.
Cautionary Statements Regarding Mineral Reserves and Mineral Resource Estimates
The Mineral Reserves are the basis of the 25-year Mine Life of the Feasibility Study published on September 25th, 2015 and are not included in the "In-Pit" Measured and Indicated Mineral Resources of 58.1 Mt grading 16.3% Cg (which have an equivalent drilling definition). The Mineral Reserves and the "In-Pit" Mineral Resources are included in the total Measured and Indicated Mineral Resources of 65.7 Mt grading 17.2% Cg (19.1 Mt of Measured Resources grading 17.9% Cg and 46.6 Mt of Indicated Resources grading 16.9% Cg) that were reported in the Company''s press release dated December 15th, 2014. The reference point for the Mineral Reserves estimate is the mill feed. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability and were not included in the mine life or the economics of the Feasibility Study. Environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues may materially affect the estimate of Mineral Resources. The same issues would need to be considered when conducting an eventual economic evaluation in order to classify the In-Pit Mineral Resources as Mineral Reserves. In addition, there can be no assurance that Mineral Resources in a lower category may be converted to a higher category, or that Mineral Resources may be converted to Mineral Reserves.
About Mason Graphite and the Lac Gueret Project
Mason Graphite is a Canadian mining and processing company focused on the development of its 100% owned Lac Gueret natural graphite deposit located in northeastern Quebec. The Company is led by a highly experienced team that has over five decades of experience in graphite production, sales, and research and development. For more information, visit .
Mason Graphite Inc. On Behalf of the Board
"Benoit Gascon, CPA, CA", President & Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Simon Marcotte, CFA
Vice-President Corporate Development
+1 (514) 289-3580
For more information relating to local communities:
Luc Veilleux, CPA, CA
Executive Vice-President and CFO
+1 (514) 289-3582
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Datum: 29.02.2016 - 20:36 Uhr
Sprache: Deutsch
News-ID 1418534
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