Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) has received
the results of a positive Feasibility Study to develop the Pulacayo
silver-lead-zinc deposit located at its 100% controlled Pulacayo property in
southwestern Bolivia.
Highlights of the Feasibility Study (FS) (1,2,3):
-- Pre-tax Internal Rate of Return of 47%
-- After tax Internal Rate of Return of 32%
-- Total Cash Operating Costs of $8.44/oz AgEq. (4,5)
-- 2.6 million silver equivalent ounces(4) produced/yr average for the
first six years
-- After-tax NPV of US$ 72.5 million
-- Annual pre-tax cash flow at production maturity of $39.3 million
-- Annual after-tax cash flow at production maturity of $24.0 million
-- Project capital cost of US$ 46 million
-- Life of Mine - 12 years
The Feasibility Study confirms the technical and financial viability of a
silver-lead-zinc mine and base metals concentrator at Pulacayo that will form a
platform from which full-scale development of the Pulacayo-Paca resource can
take place. The mining scenario presented in the FS considers only 39% of the
silver ounces estimated in the Pulacayo Mineral Resource summary (see Table 4
below). It also excludes the prospective Paca project adjacent to the Pulacayo
property (see the Company's press release dated Feb 19, 2007). The highlights of
the Feasibility Study are summarized in Table 1.
CEO Neil T. Ringdahl stated, "We are delighted with this result for a resource
that still shows so much exploration potential. Although the existing mineral
resources at Pulacayo could support a significantly higher production profile,
it is the Company's preference at this time to build a robust underground
operation with a conservative footprint and reduced capital cost. In this way,
technical execution risk is reduced while allowing subsequent growth to take
place at a pace that respects the needs and concerns of local communities -
something we take very seriously. The initial mining scenario forms the
foundation for future production growth and could provide the Company with the
opportunity to fund future expansion from internally generated cash flow."
Table 1 - Base Case Projected Operating Highlights and Project Performance
of the Feasibility Study
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Financial Analysis
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Internal Rate of Return (IRR), pre-tax 47.1%
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Average annual cash flow, pre tax $ 27.0 million
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Annual pre-tax cash flow at production maturity $ 39.3 million
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Annual after-tax cash flow at production maturity $ 24.0 million
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Net Present Value (NPV@8%), pre-tax $ 126 million
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Internal Rate of Return (IRR), after-tax 32.1%
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Average annual cash flow, after tax $ 17.8 million
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Net Present Value (NPV@8%), after-tax $ 72.1 million
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Silver price assumption(3) $ 28/oz
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Lead price assumption(3) $ 0.89/lb
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Zinc price assumption(3) $ 1.00/lb
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After tax capital payback period 3.9 years
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Net Smelter Return (NSR) ($/tonne milled)(6) $ 171/t
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Capital Costs(7)
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Project capital $ 45.9 million
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$ 55.4 million
Maximum cash funding (incl. working capital) (month 19)
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Sustaining capital (Life of Mine) $ 41.1 million
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Operating Costs (Average over the life of mine)
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Mining ($/t milled) $ 30.65/t
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Processing ($/t milled) $ 15.21/t
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G & A ($/t milled)(8) $ 9.02/t
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Mine operating cost ($/t milled) $ 54.88/t
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Cash operating cost ($/oz AgEq.)(4,5) $ 8.44/oz
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Cash operating cost ($/oz)(5) $ 11.20/oz
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Production Data
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Life of Mine (LoM) 12.5 years
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Number of Years at steady state (1,000tpd) 9 years
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360,000 tpa or
Ore tonnes milled 1,000 tpd
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LoM metallurgical recovery (silver) 86.3%
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LoM metallurgical recovery (lead) 85.6%
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LoM metallurgical recovery (zinc) 85.8%
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Silver produced over the LoM 19.5 million oz
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67,021 t conc./
Lead produced over the LoM 70,9 Mlbs metal
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104,903 t
conc./ 117.9
Zinc produced over the LoM Mlbs metal
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Average annual silver produced (oz AgEq. 1st steady 2.56 million oz
state production)(4) Equiv.
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Average annual silver produced (oz 1st steady state
production) 1.94 million oz
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Average annual equivalent silver produced (oz AgEq. 2.11 million oz
over LoM)(4) Equiv
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1.63 million oz
Average annual silver produced (oz over LoM) Equiv
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Additional Technical Information Related to the Feasibility Study
Financial Analysis
Projected prices(3) of $28.00 per ounce of silver, $0.89 per pound of lead and
$1.00 per pound for zinc were used as the base case in the Feasibility Study.
The silver price projection is based on a three-year trailing average at Nov 30,
2012, while the base metal price projections are based on independent market
analysis. The financial analysis for the base case indicates a project with an
expected pre-tax IRR of 47.1% and projected to generate $25.7 million of average
annual after-tax cash flow for the first 6 years of production with a payback
period of 3.9 years. Annual after-tax cash flow while in operation is expected
to be $18.8 million. The project is sensitive to silver price, as set out in
Table 2, still positive at a US$20/oz, and increasingly attractive at higher
(current market) silver prices. The project is less sensitive to operational and
capital costs (Table 3).
Table 2 - Project Sensitivity to Silver Price
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Ag - Price NPV IRR
US$/oz $M %
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20 20 16
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24 46 24
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28 (Base Case) 73 32
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32 99 39
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36 125 46
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39 142 50
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Table 3 - Project Sensitivity to Capex and Opex
Fluctuations
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Escalation Factor OPEX CAPEX
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NPV IRR NPV IRR
$M % $M %
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+15% 61 28 64 28
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0% (Base Case) 73 32 73 32
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-15% 84 36 81 37
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Project Location & Infrastructure
The Pulacayo-Paca property currently comprises approximately 22,828 hectares of
contiguous mining concessions centered on the historic Pulacayo mine and town
site. The property is located in southwest Bolivia, approximately 460 km from
the capital city of La Paz, 130 km southwest of the town of Potosi and 18 km
east of the city of Uyuni (Figure 1). It is accessible by good roads from La Paz
which are now paved to the town of Uyuni and Pulacayo. Uyuni has railway
connections with Argentina and Chile. The Pulacayo Mine is supplied by a 44kV
power line that is shared by the Pulacayo town which will be upgraded for the
project. Project designs are also sensitive to the protection of potable water.
This is currently fed via a twelve kilometer pipeline from a reservoir that
collects water from a historical drainage tunnel as well as surface runoff from
precipitation.
Geology
The Pulacayo Deposit supported the second largest silver mine in the history of
Bolivia, with over 600 million reported ounces of past silver production. The
deposit is associated with a low sulphidation epithermal system that hosts both
precious and base metal mineralization within Tertiary sediments of the Quenhua
Formation and intruding andesitic volcanic rocks of the Rotchild and Megacristal
units. Of the 1,000 m vertical extent of sulphide mineralization, the top 450 m
section is hosted within the intruding volcanic unit and the bottom 550 m is
hosted in the underlying sedimentary unit. Mineralization hosted by volcanic
rocks occurs over tens of meters in thickness as a stockwork of narrow veins and
veinlets accompanied by disseminations in associated argillicly-altered marginal
areas. The intruded sedimentary rocks host spatially constrained, bonanza style,
high-grade veins that locally measure up to several meters in width. These
typically bifurcate into the wider stockwork and disseminated zones that
characterize the overlying volcanic sequence. Veins are commonly banded in
texture and can contain semi-massive to massive sulphides, with the primary
minerals of economic importance being galena, sphalerite, tetrahedrite and other
silver sulfosalts. In combination, these comprise the Tajo Vein System that
constitutes the main Pulacayo deposit that is the subject of this Feasibility
Study.
Mineral Resources & Reserves
Mineral resources (Table 4) were reported by Michael Cullen (P.Geo) of Mercator
Geological Services Limited and Eugene Puritch (P.Eng.) of P&E Mining
Consultants Inc. at an effective date of September 28th, 2012. Mineral reserves
based on the September 28th, 2012 resource estimate were reported by Professor
Jim Porter of TWP at an effective date of December 11, 2012 (Table 5). Please
refer to the Company's press releases dated September 28th, 2012 and November
14, 2012 regarding disclosure of the resource estimate and associated technical
report.
Table 4 - Pulacayo Mineral Resource Summary as of September 28,
2012(11,12,13,14)
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Resource Class Type Tonnes Ag g/t Pb %
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Combined Open Pit and Underground Resources including Oxide and Sulphide
Zones
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Open Pit Resources (Base case 42 degrees Average Pit Wall Slope Angle)
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Open Pit Indicated Oxide 1,500,000 95.9 0.96
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Open Pit Inferred Oxide 248,000 71.2 0.55
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Open Pit Indicated Sulphide 9,283,000 44.1 0.66
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Open Pit Inferred Sulphide 2,572,000 33.4 0.92
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Waste Rock 71,679,000 approx. approx.
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Underground Resources (all blocks below 4159 m ASL with NSR greater than
$US 58)
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Underground
Indicated Sulphide 6,197,000 213.6 0.86
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Underground Inferred Sulphide 943,000 193.1 0.43
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Oxide +
Total Indicated Sulphide 16,980,000 110.5 0.74
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Oxide +
Total Inferred Sulphide 3,763,000 75.9 0.797
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Ag Pb Zn
Resource Class Zn % (Oz) (lbs.) (lbs.)
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Combined Open Pit and Underground Resources including Oxide and Sulphide
Zones
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Open Pit Resources (Base case 42 degrees Average Pit Wall Slope Angle)
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Open Pit Indicated 0.13 4,626,000 approx. approx.
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Open Pit Inferred 0.31 569,000 approx. approx.
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Open Pit Indicated 1.32 13,168,000 135,896,000 269,540,000
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Open Pit Inferred 1.36 2,765,000 51,989,000 76,878,000
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Waste Rock approx. Strip Ratio 5.3 : 1
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Underground Resources (all blocks below 4159 m ASL with NSR greater than
$US 58)
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Underground
Indicated 1.74 42,547,000 117,492,000 237,717,000
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Underground Inferred 1.61 5,853,000 8,939,000 43,471,000
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Total Indicated 1.49 60,341,000 253,388,000 507,257,000
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Total Inferred 1.43 9,187,000 60,928,000 120,349,000
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The resource estimate is based on validated results of 69,739 meters of diamond
drilling and 606.34 meters of surface trenching carried out by Apogee Silver
through various programs between 2006 and 2012. This includes 226 surface drill
holes, 42 underground drill holes and 6 surface trenches.
Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
The probable mineral reserve which constitutes 57% of the Underground Indicated
Mineral Resource and 21% of the estimated Total Indicated Mineral resource, is
set out in Table 5 below.
Table 5 - Mineral Reserve Summary as of December 11, 2012(15,16)
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Probable Mineral Ag Pb Zn Ag (oz
Reserve(tonnes) (g/t) (%) (%) Ag (oz) agEq.)(3) Pb (t) Zn (t)
----------------------------------------------------------------------------
3,557,683 239 1.09 1.91 27,385,190 35,457,378 38,927 67,905
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Mining
The mining strategy adopted for the Pulacayo deposit has accommodated the
complexity of the stockwork of veins, the exceptionally weak geotechnical
condition of the ore and the existence of some 100 years of planned and
unplanned mining activities. Considerable execution risk has been mitigated
through the adoption of a highly selective mining method. Furthermore, a
conservative approach to the production build up that considers stope redundancy
necessitated by the potential intersection of unplanned voids during stope
development was considered. Together with the risk assessment, the strategy
optimises capital investment in proportion to the mining production plan.
The mining method employed is predominantly mechanised, underhand cut and fill
mining using longhole drilling and a cemented paste backfill. Limited
conventional shrinkage stoping is also employed on the top level. Access is by
means of spiral ramp systems from surface together with the existing underground
infrastructure.
Processing and metallurgy
The design of the concentrator plant is modular (500 t/d each, 2 modules), each
circuit is conventional with a single ball grinding mill and a differential lead
and zinc flotation circuit, followed by concentrate pressure filtration to
produce final lead and zinc concentrates. The results of the locked cycle tests
were used to create a grade-recovery prediction model, which was applied to the
range of feed grades over the life of mine. The average life of mine feed grades
and their predicted recoveries are shown in Table 6 below. Further testing to
improve silver recoveries will be conducted.
Table 6 - Predicted Recovery on Average LoM Plant Feed Grade
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Lead Zinc
Circuit Lead Circuit Zinc Overall Silver
Feed Floatation Feed Floatation Plant Concentrate Grade in
Grade Recovery Grade Recovery Recovery Grade Concentrate
% % % % % % g/t
----------------------------------------------------------------------------
Silver
g/t 240 68.5 77 18.2 74.34
Lead % 1.1 85.6 0.16 22.4 88.86 48 8,382
Zinc % 1.92 7.6 1.81 86.8 89.43 51 454
----------------------------------------------------------------------------
Extensive sampling and metallurgical test work was undertaken on the deposit to
define the most suitable base metals recovery technology into which the silver
reports. Bench batch scale, open circuit and locked cycle, flotation test
results indicate that a conventional differential flotation process provides the
best performance for recovery and grade. Locked cycle tests were performed under
the proven differential flotation flowsheet by Maelgyn Minerals Services Africa,
an accredited laboratory. The results were used as the metallurgical input data
for the economic evaluation conducted on the project. Four metallurgical
programs have been completed. Additional testing was carried out to establish
the concentrates filtration rate, tailings settling characteristics and cemented
paste backfill preparation technologies.
Next Steps
The completion of the Feasibility Study marks an important milestone in the
development of the Pulacayo-Paca Project. The next important step for the
Company will be the completion and submission of the Environmental Impact
Assessment (ESIA) Report as part of the Project's permitting process. The
submission of this report to the Bolivian Ministry of Mother Earth is expected
before the end of first quarter 2013. With the completion of the Feasibility
Study, the Company will now progress financing discussions both in Bolivia and
abroad.
The Company expects to file the full NI 43-101 compliant technical report
(Feasibility Study report) on the SEDAR profile of the Company at www.sedar.com
in respect of the Pulacayo Deposit within 45 days of this press release. A
corresponding press release will be issued when that filing has been made.
Notes to this press release
1. All currency figures are expressed in US dollars, unless noted otherwise
2. Please see caution regarding forward looking information
3. Base silver prices for the feasibility economic study are the three-year
trailing average of Ag $28/oz at Nov 30, 2012. A lead price projection
of $0.89/lb and $1.00/lb for zinc was used; both projections are based
on an independent review conducted by Exen Consulting Services of
Ontario, Canada and TWP.
4. The application of "silver equivalent ounces", or silver equivalent (oz
AgEq.(1)) means the US dollar value of lead & zinc metals divided by
the price of silver and added to the pure silver ounces in any
applicable category. Unless otherwise indicated, all economic
calculations are done using metal prices discussed in Note 3; where
operating costs per oz AgEq are quoted, equivalent ounces refer to
equivalent ounces produced after mining and processing modifying
factors. The calculation for lead equivalent ounces is Lead AgEq. =
(Lead Tonnes x 2204lbs/t x $0.89/lb) / $28oz and for zinc equivalent
ounces is Zinc AgEq. = (Zinc Tonnes x 2204lbs/t x $1.00/lb) / $28oz
5. Due to the inclusion of royalties in cash costs per ounce, cash costs
increase or decrease as the price of silver fluctuates up or down.
Government imposed royalties include a 6% export royalty on all silver
metal exported, 5% export royalty on lead & zinc metal exported, apart
from an additional 2.5% of NSR to COMIBOL (Corporacion Mindera de
Bolivia), and 1.5% of NSR to the Pulacayo Cooperative. Royalties are
exclusive of amortization, reclamation, capital, and exploration and
development costs.
6. Net Smelter Return (NSR) is the gross revenue (total revenue minus
production costs) that the owner of a mining property receives from the
sale of the mine's metal/non metal products less transportation and
refining costs. It does not include royalties. Unless otherwise
indicated, all NSR calculations are done using metal prices in Note 3.
7. The pre-production and sustaining capital costs do not include the
salvage value of plant and equipment.
8. G & A cost means general and administrative costs and includes items
such as administration, labour, accommodation, safety, training, office,
legal, material transport and other third party services costs.
9. Cash operating costs per ounce represent the mine site operating costs
such as mining, processing, metal transport, refining, administration,
and government imposed royalties(14).
10. Government imposed royalties due, namely 6% export royalty on all silver
metal exported, 5% export royalty on lead & zinc metal exported, value
due 2.5% of NSR to COMIBOL (Corporacion Mindera de Bolivia), 1.5% of NSR
to the Pulacayo Cooperative and are exclusive of amortization,
reclamation, capital, and exploration and development costs. Due to the
inclusion of royalties in cash costs per ounce, cash costs increase or
decrease as the price of silver fluctuates up or down.
11. Modeling was performed using Gemcom Surpac(R) 6.3 modeling software with
silver, lead and zinc grades estimated independently by inverse distance
squared (ID2) interpolation from 1.0 meter down hole assay composites
capped at 1500 g/t, 15 %, and 15 % respectively. Block size was 5 meters
(x) by 3 meters (y) by 3 meters (z) with one unit of standard sub-
blocking allowed. Block model results were checked using ordinary
Kriging and Nearest Neighbour interpolation methods.
12. A bulk density model was interpolated by ID2 methodology from 1.0 meter
down hole bulk density composites using the grade interpolation
parameters for each metal.
13. Mineral Resource estimate (Table 4) values for the blocks occurring
within the sulphide zone were determined by means of a net smelter
calculation using a 36 month trailing average silver price of $25.00
USD/oz and prices of $0.89 USD/lb lead and $1.00 USD/lb zinc.
14. Open pit resources to an elevation of 4159m ASL (top of crown pillar)
were determined within a Whittle optimized maximum NPV pit shell
utilizing $1.80 USD/tonne mining cost, $1.60 USD/tonne surface haulage
cost, $2.50 USD /tonne G&A, and $19.00 USD/tonne and $9.10 USD/tonne
respectively for oxide and sulphide processing costs. Pit slopes varied
from 42 to 43 degrees. In the pit optimization process, only silver
derived NSR values were used in the oxides, while silver, lead and zinc
derived NSR values were used in the sulphides.
15. The estimation of the Probable Mineral Reserve was conducted by TWP
under the supervision of Qualified Person Professor J. Porter and
includes modifying factors including and NSR cutoff of US$ 70/t, 2%
mining dilution, 2% mining loss, 2% lashing loss and 5% void loss due to
historical mining. A silver price of US$25/oz, lead US$0.89/lb, and zinc
US$0.89/lb was used in the determination of the NSR of mining blocks.
Professor Porter is independent of Apogee.
16. The Company is not aware of any imminent undisclosed risk could
materially affect development of the reserve. The development of the
mineral reserve nevertheless could be affected by risks including
possible delays to environmental permitting, legal risks, lease title
rights risks, potential changes to taxation and royalty laws, possible
sociopolitical unrest, potential marketing challenges, or other relevant
issues.
Qualified Persons
This independent Feasibility Study was prepared by TWP Sudamerica under the
supervision of Professor Jim Porter a Fellow of the Southern African Institute
of Mining and Metallurgy and Director of the Centre for Mechanised Mining
Systems at the University of the Witwatersrand, and Graeme Farr, an independent
qualified Process Engineer with 37 years experience in Mineral Processing, a
Fellow of the South African Institute of Mining and Metallurgy and Senior
Process Consultant for TWP Projects. The technical and scientific information in
this press release has been reviewed and approved by Professor Jim Porter,
Graeme Farr, Michael Cullen (P.Geo) and Eugene Puritch (P.Eng.), each of whom is
independent of the Company and each of whom is a Qualified Person under NI
43-101.
About Apogee Silver Ltd
Apogee Silver Ltd. is a mineral exploration and development stage company listed
on the TSX Venture Exchange under the symbol APE. Apogee targets advanced
silver-zinc-lead projects in South America that demonstrate potential to be
developed to production. Currently its projects are located in the historic
silver producing regions of southwest Bolivia and northern Chile. There are
currently 301,066,809 common shares of Apogee issued and outstanding.
Apogee's most advanced project is the 100% controlled Pulacayo-Paca project in
Bolivia. This project includes the property that covered the second-largest
silver mine in the history of Bolivia with a historical estimate of over 600
million ounces of past production.
About TWP Sudamerica
TWP Sudamerica S.A. based in Lima, Peru is a wholly-owned subsidiary of TWP
Projects and the Basil Read Group, which is a capable international resource and
infrastructure focused engineering project house with 30 years of experience. It
provides a full range of engineering, architectural, finance and project
management solutions. The TWP group employs in excess of 1,400
multi-disciplinary professionals and administrative personnel around the world.
The company has a project portfolio with a capital value of more than
US$15-billion and has offices in South Africa, Australia, Mozambique, Namibia,
Peru and Chile. TWP Sudamerica's Peru office employs more than 150 professionals
and is completing work in Chile, Colombia, Bolivia and Peru and Canada.
TWP Weblink: http://www.twp.co.za
Cautionary Note Regarding Forward-Looking Information:
This press release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. Forward-looking information
includes, but is not limited to, statements, projections and estimates with
respect to results of the feasibility study and the mineral reserve and resource
estimate, the potential effect of the metallurgical results, the impact and
anticipated timing of future metallurgical results, potential effect of the toll
milling and trial mining process and impact upon the future development of the
property, the future financial or operating performance of the Company, its
subsidiaries and its projects, the development of and the anticipated timing
with respect to the Pulacayo-Paca project, the ability to obtain financing; and
the impact of concerns relating to permitting, regulation, governmental and
local community relations. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as "plans", "expects"
or "does not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain actions, events or
results "may", "could", "would", "might" or "will be taken", "occur" or "be
achieved". Estimates underlying the results of the feasibility study arise from
engineering, geological and costing work of TWP Sudamerica, Mercator Geological
Services, P&E Mining Consultants and the Company. See the technical report
relating to the feasibility study for a description of all relevant estimates,
assumptions and parameters. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such forward-looking
information, including but not limited to: general business, economic,
competitive, geopolitical and social uncertainties; the actual results of
current exploration activities; other risks of the mining industry and the risks
described in the annual information form of the Company. Although the Company
has attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking information, there may
be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not undertake to
update any forward-looking information, except in accordance with applicable
securities laws.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/847348FIG1.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Apogee Silver Ltd.
Marilia Bento
Vice President Corporate Development
+1 (416) 309-2694
info@apogeesilver.com
Apogee Silver Ltd.
Neil T. Ringdahl
Chief Executive Officer
+1 (647) 339-4484
info@apogeesilver.com
www.apogeesilver.com
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