Itafos Announces Filing of Previously Announced Itafos Conda Technical Report, Conversion of Mineral Resources to Mineral Res...
December 16 2019 - 7:30AM
Itafos (TSX VENTURE: IFOS) (the “Company”) announced today the
filing on SEDAR of the independent technical report encompassing
Itafos Conda and Itafos Paris Hills deposits compiled by Golder
Associates Ltd. (“
Golder”) and titled “NI 43-101
Technical Report on the Itafos Conda and Itafos Paris Hills Mineral
Projects, Idaho, USA” (the “
Itafos Conda Technical
Report”). The Company previously announced the results of
the Itafos Conda Technical Report concluding increased existing
Mineral Resource estimates and defining the Husky1/North Dry Ridge
(“
H1/NDR”) deposits as the Company’s path forward
for mine development on October 30, 2019.
Subsequent to the Company’s announcement of the
results of the Itafos Conda Technical Report, certain of the
previously announced Mineral Resource estimates related to Itafos
Conda’s existing mines, including Rasmussen Valley Mine (“RVM”) and
Lanes Creek Mine (“LCM”), have been converted to Mineral Reserve
estimates totaling 14.4 million short tons (equivalent to 13.1
million metric tonnes) at approximately 26.6% P2O5. These Mineral
Reserve estimates are expected to extend Itafos Conda’s mine life
through mid-2026, which represents an additional one and a half to
two years of mine life over Itafos Conda’s historical internal
estimates.
Summary of Mineral Reserve
Estimates
|
|
|
|
|
|
Property |
Classification |
Short Tons (Mt, dry) |
P2O5
(wt.%) |
Waste (MBcy) |
Strip Ratio (MBcy:Mt) |
RVM |
Probable |
0.9 |
26.6 |
n/a |
n/a |
Proven |
11.2 |
26.6 |
n/a |
n/a |
Total |
12.2 |
26.6 |
50.0 |
4.1 |
|
|
|
|
|
|
LCM |
Probable |
0.3 |
28.8 |
n/a |
n/a |
Proven |
0.5 |
28.0 |
n/a |
n/a |
Total |
0.8 |
28.3 |
1.9 |
2.4 |
|
|
|
|
|
|
RVM + LCM |
Probable |
1.2 |
27.1 |
n/a |
n/a |
Proven |
11.7 |
26.7 |
n/a |
n/a |
Total |
13.0 |
26.7 |
51.9 |
4.0 |
|
|
|
|
|
|
Stockpiles |
Proven |
1.4 |
25.9 |
n/a |
n/a |
|
|
|
|
|
|
Total Reserves |
Total |
14.4 |
26.6 |
n/a |
n/a |
|
|
|
|
|
|
Notes:
- RVM = Rasmussen Valley Mine; LCM = Lanes Creek Mine
- The effective date of the Mineral Reserve estimates is July 1,
2019.
- The categorization of Probable and Proven Mineral Reserve
estimates is presented in accordance with the CIM Definition
Standards, 2014.
- n/a = not applicable.
- A moisture content of 10% was assumed to convert from wet short
tons to dry short tons.
- A 97% mining recovery and 0% dilution was applied to the tons
selected as ore.
- A P2O5 cutoff grade of 20% was assigned as the minimum required
grade to be considered ore.
- All blocks that are not selected as ore, including blocks
classified as Inferred, were considered waste.
- A pit optimization analysis was performed on the RVM deposit,
which incorporated the geotechnical parameters, mining costs of
$3.83/t wet overburden, $7.27/t wet ore, ore stockpiling and tipple
costs of $1.32/t wet and royalties that varied with grade and
averaged approximately $1.70/t wet. A gross margin available per
mined P2O5 ton (applied at the point of exchange at the tipple) of
$271/dry ton was used to define the limits of the mining pits.
- A pit optimization analysis was performed on the LCM deposit,
which incorporated the geotechnical parameters, mining costs of
$4.56/t wet overburden, $11.34/t wet ore (including royalty), ore
stockpiling and tipple costs of $1.32/t wet. A gross margin
available per mined P2O5 ton (applied at the point of exchange at
the tipple) of $271/dry ton was used to define the limits of the
mining pits.
- All stockpiles which includes LCM ex-pit, Wooley Valley, and
Plant stockpiles, total dry tons and average P2O5 grades are
displayed.
Qualified Persons Statement
The responsible Qualified Person, as defined by
NI 43-101, who has reviewed and consented to the use of extracts
from, or a summary of, the parts of the Itafos Conda Technical
Report for which he is responsible contained in this news release
is Edward Minnes. Mr. Minnes is a Professional Engineer (P.E)
licensed by the State of Missouri, US and has sufficient experience
to the subject matter of the Itafos Conda Technical Report to
qualify as a Qualified Person as defined by NI 43-101. Mr. Minnes
is a full-time employee of Golder and is independent of Itafos and
its affiliates.
About Itafos
The Company is a vertically integrated phosphate
fertilizers and specialty products company with an attractive
portfolio of long-term strategic businesses and projects located in
key fertilizer markets worldwide.
The Company owns, operates and is developing the
following businesses and projects:
- Itafos Conda – a vertically integrated phosphate mine and
fertilizer business with production and sales capacity of
approximately 550kt per year of monoammonium phosphate
(“MAP”), MAP with micronutrients
(“MAP+”), superphosphoric acid
(“SPA”), merchant grade phosphoric acid
(“MGA”) and specialty products including ammonium
polyphosphate (“APP”) located in Idaho, US;
- Itafos Arraias – a phosphate fertilizer business with
production and sales capacity of approximately 500kt per year of
single superphosphate (“SSP”), SSP with
micronutrients (“SSP+”), premium PK compounds and
approximately 40kt per year of excess sulfuric acid located in
Tocantins, Brazil;
- Itafos Farim – a high-grade phosphate mine project located in
Farim, Guinea-Bissau;
- Itafos Paris Hills – a high-grade phosphate mine project
located in Idaho, US;
- Itafos Santana – a vertically integrated high-grade phosphate
mine and fertilizer plant project located in Pará, Brazil;
- Itafos Mantaro – a large phosphate mine project located in
Junin, Peru; and
- Itafos Araxá – a vertically integrated rare earth elements and
niobium mine and extraction plant project located in Minas Gerais,
Brazil.
For more information, or to join the Company’s
mailing list to receive notification of future news releases,
please visit the Company’s website, www.itafos.com.
Forward Looking Information
Certain information contained in this news
release constitutes forward looking information. All information
other than information of historical fact is forward looking
information. The use of any of the words “intend”, “anticipate”,
“plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”,
“should”, “would”, “believe”, “predict” and “potential” and similar
expressions are intended to identify forward looking information.
This information involves known and unknown risks, uncertainties
and other factors that may cause actual results or events to differ
materially from those anticipated in such forward looking
information. No assurance can be given that this information will
prove to be correct and such forward looking information included
in this news release should not be unduly relied upon.
Forward looking information is subject to a
number of risks and other factors that could cause actual results
and events to vary materially from that anticipated by such forward
looking information. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. Factors that may cause actual
results to differ materially from expected results described in
forward-looking statements include, but are not limited to, those
risk factors set out in the Company’s Management Discussion and
Analysis and other disclosure documents available under the
Company’s profile at www.sedar.com. Readers are cautioned that the
foregoing list of risks, uncertainties and assumptions are not
exhaustive. The forward-looking information included in this news
release is expressly qualified by this cautionary statement and is
made as of the date of this news release. Itafos undertakes no
obligation to publicly update or revise any forward-looking
information except as required by applicable securities laws.
NEITHER THE 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.
For further information, please
contact:
Itafos Investor
Relationsinvestor@itafos.comwww.itafos.com
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