Matamec Explorations Inc. ("Matamec" or the "Company") (TSX
VENTURE:MAT)(OTCQX:MHREF) is pleased to announce the positive results of the
Feasibility Study ("FS") for the Kipawa Joint Venture ("JV") Heavy Rare Earth
Elements Project ("HREE") ("the Project"). The FS was prepared by Roche Ltd. and
GENIVAR Inc. and supported by SGS Geostat and Golder Associates Ltd. FS results
show that the Project is technically and economically feasible. An analyst's
conference call will be held today at 10:00 a.m. ET. All numbers are reported in
Canadian dollars unless otherwise stated.
The goal of the Kipawa JV is to supply Toyota Tsusho Corp. ("TTC") with heavy
rare earths such as dysprosium which is indispensable for hybrid and electric
vehicles. The JV partners are presently in discussions and evaluating next steps
to advance the project.
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KIPAWA HREE PROJECT - FS FINANCIAL MODEL HIGHLIGHTS
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Net Present Value (NPV10%) (Pre-Tax) $260 million
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Internal Rate of Return (IRR) (Pre-Tax) 21.6%
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Revenue $2.55 billion
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EBITDA $1.37 billion
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CAPEX (initial) $374 million
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OPEX (annual) $78.5 million
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Payback Period (Pre-Tax) 3.9 years
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Life of Mine (LOM) 15.2 years
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Concentrate Production (annual avg.) 3,653 tonnes
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-- The Company is committed to bringing the IRR above 25% by continuing to
reduce the required CAPEX and OPEX, while optimizing the overall
recovery rate.
"Matamec has achieved a major milestone today in its 16-year history as the
feasibility study shows that the Kipawa project is technically and economically
feasible," said Andre Gauthier, President and CEO of Matamec. "The Company has
strategically developed a solid business plan which includes a moderate CAPEX
and a manageable scale of annual tonnage while ensuring the required
environmental standards are met. With the completion of the feasibility study
results, we will continue to work with the citizens of the Temiscamingue area to
present the economic benefits this project will create for the region. Matamec
is committed to building a sustainable organization with a particular focus on
green energy applications."
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ECONOMIC SUMMARY OF 2012 PEA VERSUS 2013 FEASIBILITY STUDY RESULTS
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PEA FS
Quantity Quantity
March August
Metric 2012 2013 Unit
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Total Mine Revenue 2.822 2.548 $ billion
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EBITDA 1.68 1.37 $ billion
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Pre-production Capital Expenditures (initial) 315.8 374.4 $ million
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Sustaining Capital Expenditures (incl. rehab.) 38.2 37.7 $ million
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Additional Working Capital Requirement 9.9 11.2 $ million
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Mine Rehabilitation Costs 7.5 23.1 $ million
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Total Operating Costs 1.142 1.181 $ billion
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Total Before-tax Cash Flow 1.335 960 $ million
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Total Basket Price after discount 42.08 50.12 $ /kg
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HREO(i) Basket Price - concentrate - 39.79 $ /kg
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LREO(ii) Basket Price - concentrate - 10.33 $ /kg
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Economics (Pre-Tax)
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IRR 36.9 21.6 %
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NPV @ (PEA 5%) (FS 6%) 811 450 $ million
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NPV @ 8% 606 344 $ million
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NPV @ 10% 500 260 $ million
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NPV @ 12% - 191 $ million
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Payback Period 2.4 3.88 years
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Economics (After-Tax)
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IRR - 16.8 %
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NPV @ (PEA 5%) (FS 6%) - 257 $ million
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NPV @ 8% - 185 $ million
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NPV @ 10% - 128 $ million
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NPV @ 12% - 81 $ million
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Payback Period - 4.12 years
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Mining
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Mineral reserves millions
19.00 19.77 of tonnes
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Production rate (ore) tonnes
4,110 3,650 per day
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Life of Mine 12.9 15.2 years
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Total CAPEX (based on 3,653 tpa) $ /kg
86.50 102.57 (+18%)
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Total OPEX (based on 3,653 tpa) $ /kg (-
24.44 21.53 13%)
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Total Operating Costs 24.44 21.53 $ /kg
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General and Administration $ million
8.84 11.6 per year
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Mining $ million
16.61 18.1 per year
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Process $ million
58.35 48.7 per year
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Total Recovery Rate(iii) 81 70 %
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Heavy average - 74 %
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Light average - 65 %
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(i)HREO - Heavy Rare Earth Oxide (Sm, Eu, Gd, Er, Tb, Dy, Ho, Yb, Tm, Lu and
Y).
(ii)LREO - Light Rare Earth Oxide (Ce, La, Nd and Pr).
(iii)Samples used for PEA represent only the Western part of the deposit
whereas FS samples represent the whole deposit.
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KIPAWA JV FEASIBILITY STUDY RESULTS HIGHLIGHTS
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Environmental and Permitting Process
A complete environmental baseline study will be finalized by fall 2013;
Environmental and Social Impact Assessment is subjected to the Canadian
Environmental Assessment Agency, which will be available Q1 2014. The
project notice to begin the Federal environmental permitting process was
submitted before the end of Q1 2013 and the official application for the
Certificate of Authorization to the Provincial "Ministere du Developpement
durable, de l'Environnement, de la Faune et des Parcs" (MDDEFP) is planned
to be submitted by winter 2014.
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Social Acceptability
Since 2009, Matamec has been committed to engaging the Temiscamingue
communities to include and take into consideration their concerns in the
development of the Project.
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Mineral Resource Estimates
Total measured and indicated resource now stands at 23.857 million tonnes at
0.407% Total Rare Earth Oxide (TREO) representing 88% of total resource.
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Mineral Reserve
Mine - total projected ore tonnage is 19.8 million tonnes with a TREO
diluted grade of 0.4105%.
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Mining
Projected to produce an avg. 1.33 million tonnes of ore per year (3,650
tonnes per day) and avg. stripping ratio of 0.94 with 15.2 years mine life
(excluding pre-production period).
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Metallurgical Plant Site
The final products of the process plant will be a chloride concentrate of
HREE and a concentrate of LREO. FS results show a lower recovery compared to
the PEA study, but it also shows that the process is working for the entire
ore body, and highlights where the process has to be optimized in order to
improve the recovery. From the previous results, a new Master Composite of
ore is ready for further piloting planned for fall 2013 to improve the
process.
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PROJECT DEVELOPMENT - PLANNED NEXT STEPS
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Milestone Timeline
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Second Pilot Plant Fall 2013
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Environmental and Social Impact Study Q1 2014
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Environmental Process - Federal and Provincial Now to Q1 2015
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Development of off-take agreement 2014
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Financing CAPEX Process 2014
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Detailed Engineering 2014 to mid-2015
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Construction of Mine Q1 2015 to Q4 2016
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Start-up of Mining Operation Q4 2016
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Mr. Gauthier commented, "The Company will work with government authorities to
ensure that all required areas are covered to receive environmental permits. We
have assembled a highly qualified team who are focused on identifying every risk
possible to ensure the environment is given the utmost respect and protected for
future generations. The Company will continue its outreach efforts with the
community which we have been developing over the past four years to create
greater comprehension and visibility for the project. We welcome and value the
concerns of the citizens of the Temiscamingue region and look forward to working
together in building a sustainable plan."
Additional Upside Opportunities for the Kipawa Mine Project
Matamec has identified a number of opportunities that have the potential to add
additional value to the project.
1. The second metallurgical pilot plant testwork should be conducted in
addition to the bench scale and first pilot plant testwork conducted up
to now. This second pilot plant testwork will be important to confirm,
prior to detailed engineering, final sizing of some process equipment.
For the time being overcapacities have been built into the design, but
it could be reduced during the detailed engineering, pending the pilot
plant results. The second pilot plant will also help to confirm
improvements in regards of recovery rates since conservative numbers
were used for the FS.
2. It would be significant to consider some testworks to separate
individual Rare Earths (RE) to increase the value of the project.
3. Depending on the RE market conditions, it will be important to continue
the evaluation of other LREE concentrates and HREE concentrates
production scenarios in order to optimize the IRR before detailed
engineering.
4. In the future and when the project is well in progress, testwork can be
performed to evaluate the possibility to recovering zirconium and other
minor metal by-products in the RE mineralized zones and in the syenite
body.
5. Mineral resources on the Kipawa deposit can be increased by verification
of lateral and down dip extensions by drilling.
6. From the last results in the FS it is known that there is the potential
room for improvement in the open pit design when entering the detailed
engineering phase.
Considering the above mentioned points, the Company strongly believes it can
achieve greater success with bringing the IRR above 25% by only slightly
reducing the CAPEX and OPEX while improving the recovery.
Review of the FS Project Development Model
The FS covers all aspects of project development, including mining, mineral
concentration, hydrometallurgical processing and separation of heavy and light
rare earth as well as all related infrastructure. Roche developed its capital
and operating cost estimates from first principle capital quotations, estimates
from suppliers, manufacturers, contractors and experience based on comparable
operations in Canada and abroad. The capital and operating cost estimates were
completed to a level consistent with an intended level of accuracy of +/- 15%.
Project Location
The Kipawa deposit is located on the Zeus Property (see map below), 50 km east
of the town of Temiscaming and 140 km south of Rouyn-Noranda, Quebec. All claims
are in good standing. Resources are not subject to any third party royalties.
To view the map of the Kipawa deposit, kindly click on the following link:
http://media3.marketwire.com/docs/kipawa0904.jpg.
General Project Infrastructure Description
About 50 km of the Maniwaki road will be used to access the Kipawa Project and
share with public and other logging companies. Then a 4 km road will be built
from the Maniwaki road to reach the process plant site.
The Kipawa mining site will consist of the open pit mine, a waste dump, a low
grade stockpile and a high grade truck loading facility. The mine equipment
maintenance facility will also be located at the mine site.
The metallurgical process plant site will be located south of the mine site and
south of the Kipawa River and a 10 km haul road will be built to link the two
sites. The metallurgical site will consist of the ore process plant which will
combine the crushing, grinding, magnetic separation and hydrometallurgical
circuits. At this site, there will also be the administration and service
building, a warehouse and the assay laboratory.
There will be two dewatered tailing storage facilities; one storage facility
will be for the rejects of the magnetic separation process located just by the
process plant and one other storage facility for the hydrometallurgical tailing
located about 4 km south of the process plant.
The employee's parking and the main electrical sub-station will be located near
the town of Temiscaming. In the present study it is planned to build a 44kV
power line along the Maniwaki logging road to provide power to the mining and
processing facilities.
Geology, Mineralogy and Mineralization
The ore deposit is defined by three enriched horizons within the "Syenite
Complex", which contains the fifteen rare earths elements present. The Kipawa
Alkaline Intrusive Complex consists of peralkaline syenite and granite on
average is less than 200 metres thick. It's an elongated, V-shaped body folded
around a major southeast plunging anticline. The west limb of this fold includes
the Kipawa deposit, which is entirely included within the lower syenite layer of
the complex. This mineralized syenite layer is a concordant sheet 50 to 80
meters thick that gently dips 20 to 30 degrees to the south-west. The deposit
outcrops over 1.4 km along strike with an additional outcrop discovered 220 m to
the north-west during the summer 2011 exploration campaign.
Rare earth-yttrium-zirconium mineralization at the Kipawa deposit is contained
in medium grained silicate minerals. Grains are distinct and generally well
crystallized. Three minerals are presently considered economical in the Kipawa
deposit, namely eudialyte (a sodic silicate), yttro-titanite/mosandrite
(titanite silicate) and britholite (calsic silico-phosphate) for the rare-earth
and yttrium, with minor amounts of apatite also present. Vlasovite/gittensite
(sodic silicates) and eudialyte (sodic silicate) are also considered for a
potential zirconium by-product.
Three vertically-stacked mineralized zones have been defined based on their
spatial characteristics: the Eudialyte (60% of existing rare earth-yttrium
resources), Mosandrite (25% of existing rare earth-yttrium resources) and
Britholite (15% of existing rare earth-yttrium resources) zones. Despite their
name, the different zones contain a mix of the potentially economic minerals.
The name simply indicates the dominant REE mineral present in that zone. The
main Eudialyte zone, for example, consists of intermixed eudialyte (51%) and
mosandrite/yttro-titanite (39%) with trace britholite (10%). It sits near the
top of the syenite body and is not associated with any large calco-silicate
horizon. Note that all zones outcrop at surface.
The Kipawa deposit contains very low-levels of uranium and thorium in the main
REE-Zr mineralization. Average values of Th (193 ppm, or 0.019%) and especially
U (22 ppm, or 0.002%): though higher than in the surrounding rocks remains very
low in the mineralized syenite portion of the Kipawa deposit. Initial results
suggest that most of the thorium is contained in coarse-grained urano-thorite
and ekanite crystals, while the uranium is disseminated within said
urano-thorite and rare-earth minerals.
The terms "Mineral Resource" and "Mineral Reserve" are defined in the CIM
Definition Standards - For Mineral Resources and Mineral Reserves adopted by the
CIM council of the Canadian Institute of Mining, Metallurgy and Petroleum.
Mineral Resources
The Kipawa Deposit resource are 10,478,000 tonnes at 0.46% TREO in the measured
category, 13,379,000 tonnes at 0.36% TREO in the indicated category and
3,268,000 tonnes at 0.31% TREO in the inferred category. The total of measured
and indicated resource now stands at 23,857,000 tonnes at 0.41% TREO
representing 88% of the total resource. These results are at a 0.2% TREO cut-off
and are not limited by an open pit. The overall total tonnage is about 10%
greater than the last resource calculation (see press releases dated June 30 and
July 7, 2011).
The Kipawa deposit's mineral resource estimates were updated by SGS Geostat. The
drilling done since the 2011 PEA (see press release dated January 30, 2011)
totaling 14,293 m was included and permitted to outline some measured resources
for the first time in the history of the project. The database now totals 293
drill holes totaling 24,571 m and 13 trenches totalling 631 m. Historical Unocal
holes are not in the count and were not used for the estimates. The mineralized
zones were interpreted on vertical sections and meshed into volumes as per
industry standards. Ordinary Kriging was used to estimate the block model with
block size set at 10 m x 5 m x 5 m. The measured and indicated resources
required drill grids of 25 m and 50 m, respectively. Resources extrapolated
beyond 30 m of those drill grids are considered inferred.
Mineral Reserves
By using SGS Geostat model, the mineral reserve for this FS was prepared,
estimated and supervised by Roche using a cut-off value of $48.96/t with 5%
dilution and a mining recovery of 95.2%. The Kipawa open-pit design utilized a
marginal (or milling) cut-off value of $48.96/t and a break even cut-off value
of $60.70/t. Included in the reserves are 632,000 tonnes of low grade material
lying between these 2 cut-offs values. This material will be sent to a low grade
stockpile, close to the mine site and will be processed at the end of operation
after mine depletion.
----------------------------------------------
In-pit Mineral Reserves Metric Tonnes
----------------------------------------------
Proven (51.7% of the deposit) 10,219,000
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Probable (48.3% of the deposit) 9,550,000
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Total 19,769,000
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Total Grade
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Cerium (Ce2O3) 0.1195
----------------------------------------------
Lanthanum (La2O3) 0.0588
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Praseodymium (Pr6O11) 0.0146
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Neodymium (Nd2O3) 0.0550
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Samarium (Sm2O3) 0.0123
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Europium (Eu2O3) 0.0015
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Gadolinium (Gd2O3) 0.0119
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Terbium (Tb4O7) 0.0022
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Dysprosium (Dy2O3) 0.0147
----------------------------------------------
Holmium (Ho2O3) 0.0032
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Erbium (Er2O3) 0.0101
----------------------------------------------
Thulium (Tm2O3) 0.0016
----------------------------------------------
Ytterbium (Yb2O3) 0.0096
----------------------------------------------
Lutetium (Lu2O3) 0.0013
----------------------------------------------
Yttrium (Y2O3) 0.0943
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TREO 0.4105
----------------------------------------------
Design Basis
The Total Rare Earth Oxides (TREO) diluted grade is 0.4105% including a
dysprosium (Dy2O3) diluted grade of 0.0147%. The calculation is using a dilution
grade of 0.093% TREO. The recoveries for each element vary from 65% to 74% for a
TREO average of 70% for the 10 main REO which are (La2O3, Ce2O3, Pr6O11, Nd2O3,
Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Y2O3). A total production of TREO is
expected to be 55,529 tonnes over the mine life. When the mine will be in full
production (year 2-15) an average of 3,760 tonnes per year of TREO will be
produced.
Mining
The mine will produce an average of 1,332,250 tonnes of ore per year (3,650
tonnes per day) and has an average stripping ratio (waste : ore - without the
overburden) of 0.94 with a mine life of 15.2 years. A standard 55 tonne mining
truck and shovel operation will bring the drilled and blasted material out of
the mine to their respective destinations (waste dump, low grade stockpile or
high grade loading facility). Then the ore is transported by 40 tonne HD dump
trucks to the metallurgical plant site.
Processing
Once at the metallurgical plant site, the ore will be dumped into a crusher dump
hopper feeding a two stage crushing circuit. The crushed ore will then be stored
into a silo. The crushed ore will feed the process plant at the rate of 3,650
tpd in a single stage grinding circuit. A magnetic separation circuit will
recover the rare earth as a first concentrate. The reject from the mag-sep
circuit will be pumped to the dewatering circuit and transported by truck to the
mag-sep rejects storage facility located outside and nearby the process plant.
The magnetic rare earth concentrate will be sent into the regrind mill followed
by a thickening circuit and then to the hydrometallurgical process (acid
leaching, neutralization, impurities removal and the final precipitation) will
then produce the rare earth carbonate concentrates. This hydromet concentrate
will then be processed through a purification circuit which will remove the last
impurities and also separate the heavies from the lights. The final products of
the process plant are a concentrate of heavy rare earth and a concentrate of
light rare earth.
The tailings produced from the hydrometallurgical process will be pumped to a
thickening facility located by the hydromet tailings storage facility (TSF). The
solids will be dewatered in few steps using different technologies and then
transported by truck and disposed mechanically into the TSF. This TSF is thus
believed to be subject to progressive restoration throughout the mine life. Then
the final section is to be restored at the end of the mine life as well as the
other sites with varying infrastructures. The hydromet tailing storage facility
will require further investigation and design work as the project advances into
the next stages.
A total of 10 MW will be needed to power both the mine site and the
metallurgical site and will be provided by a new power line to be connected to
the Hydro-Quebec network.
In 2010, testwork at SGS Canada Inc. in Lakefield (Ontario) was directed toward
examining a known recovery process employing aggressive conditions for
extraction of rare earth elements (acid baked leaching). By early 2011, it had
become evident that much less aggressive conditions than anticipated were
possible for the extraction of the particular minerals present in the Kipawa ore
(room temperature leaching); this allowed a substantial improvement in
simplifying the projected process plant design.
The present study is based on metallurgical test work results dating prior to
June 1, 2013. A pilot plant was performed during the summer of 2012 with a
Composite of ore taken from a bulk sample coming from surface trenches. Then a
series of variability samples were taken from trenches and core samples from 18
large caliber drill holes in order to make eight (8) Composites and also a
Global Composite in order to verify if the process was valid for the entire ore
deposit. Results showed lower recovery compared to the PEA study but it also
showed that the process works for the entire ore body and also where the process
needs to be optimized in order to improve the recovery.
From these previous results, a new Master Composite representing the ore body is
ready for further piloting which is planned for the fall of 2013, to further
improve the ore processing plant.
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ANNUAL OPERATING SUMMARY
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Production Year 2
to 15
Unit Year -1 Year 1 (avg.) Year 15.2
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Reserve mined Mt 0.022 0.870 1.348 0.000
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Waste mined Mt 0.468 0.928 1.233 0.000
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Strip Ratio (waste : ore) 1.1 0.9
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Tonnes processed Mt 0.000 0.884 1.332 0.232
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Overburden Mt 1.328 0.000 0.000 0.000
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Mixed REE concentrate t 0 2,657 3,759 250
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Mixed LREE concentrate t 0 1,507 2,203 146
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Mixed HREE concentrate t 0 1,150 1,556 104
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ANNUAL PRODUCTION REE LIGHT AND HEAVY CONCENTRATES (t)
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REO Year 2-15 Year 1-15.2
Year 1 (avg.) Year 15.2 (avg.)
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Light Concentrate
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Cerium (Ce2O3) 727 1,049 69 1,018
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Lanthanum (La2O3) 337 541 36 523
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Praseodymium (Pr6O11) 94 131 9 127
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Neodymium (Nd2O3) 349 482 33 469
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Heavy Concentrate
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Samarium (Sm2O3) 83 113 8 110
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Europium (Eu2O3) 11 15 1 14
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Gadolinium (Gd2O3) 83 115 7 112
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Terbium (Tb4O7) 16 22 1 21
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Dysprosium (Dy2O3) 106 144 9 141
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Holmium (Ho2O3) 24 32 2 31
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Erbium (Er2O3) 73 97 7 95
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Thulium (Tm2O3) 11 14 1 14
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Ytterbium (Yb2O3) 62 81 7 79
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Lutetium (Lu2O3) 7 9 1 9
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Yttrium (Y2O3) 674 913 60 890
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Capital Cost Expenditures (CAPEX)
The capital cost estimate covers the development of the mine, ore processing
facilities and infrastructure required for the Kipawa HREE project based on the
application of standard methods of achieving a feasibility study with an
accuracy of +/- 15%. The capital costs have been estimated at $374.4 million, of
which $257.99 million are direct costs and $67.56 million are indirect costs
such as engineering, procurement, construction management, owner's costs and an
overall 15% contingency cost of $48.83 million as outlined below:
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Cost
Capital Cost Items (Million $ CAD)
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Off-Site Installation near Temiscaming town
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Main Sub-Station / Hydro-Quebec Power / Parking 9.76
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Inter-Site Services
---------------------------------------------------------------------------
Power line 44kV / Communications / Part of Access road 13.35
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Mine Site
---------------------------------------------------------------------------
Mining Equip / Pre-Prod./ Roads / Shop / ...and other 41.92
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Processing Plant Site
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Support Infrastructures 23.27
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Process Plant 137.21
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Fresh Water Supply 4.79
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Tailing Storage Facilities / Pipelines / Effluent treatment 27.69
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Plant Site Sub Total 192.96
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Total Direct Costs 257.99
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Total Indirect and Owner's Costs 67.56
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Overall Contingency (15%) 48.83
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Total Costs 374.4
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Operating Cost Expenditures (OPEX)
The operating cost estimate was made for each step and compiled by Roche. The
operating cost for the Matamec Kipawa operation covers mining, ore
transportation, ore processing, tailings and water management, general and
administration fees as well as infrastructure and services. The project
operating cost estimate is based on the following main parameters:
-- Tonnes of mineralized rock and waste mined per year: 2.5 million;
-- Tonnes of mineralized rock milled per year: 1.3 million;
-- Tonnes of mixed HRE concentrate: 1,516 tpa;
-- Tonnes of mixed LRE concentrate: 2,137 tpa;
-- Total manpower required for operation: 229 employees.
The overall operating cost for the Project is estimated at $78.5 million per
year or $21.53/kg mixed TREO concentrate. A summary of the operating costs for
the project is shown below:
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Unit Average
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Net Metal Return (NMR)(i) $ /kg TREO 46.97
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Mining $ /kg TREO 4.97
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Processing(ii) $ /kg TREO 13.35
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G&A $ /kg TREO 3.18
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Cash Costs $ /kg TREO 21.53
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Production of mixed contained Total Rare
Earths concentrate tpa 3,653
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(i)NMR = Grade x Recovery x Revenue
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(ii)Processing includes tailings management costs
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Market Study
The Rare Earth Elements (REEs) are typically defined as the fifteen lanthanide
elements including yttrium and scandium; they form a group of technology
enabling materials that are critical inputs for a wide range of everyday
consumer products as well as a large number of cutting edge technologies. Strong
magnetic, optical, electronic and catalytic properties have made certain rare
earth compounds indispensable to a substantial portion of global industry,
including but not limited to the automotive, consumer electronics, medical
equipment and green technology sectors.
The demand for heavy rare earth materials is expected to benefit from strong
growth, particularly in the case of dysprosium, terbium and yttrium, which are
likely to realize swiftly expanding consumption from both the permanent magnet
and phosphor powder sectors. The permanent magnet sector (neodymium and
dysprosium and to a lesser degree terbium) is generally forecasted to realize
strong gains in annual consumption through the entirety of the next seven years.
The combination of tightening Chinese supply along with growing demand suggests
terbium, dysprosium and several other HREEs will see appreciating price levels.
Though demand for yttrium is expected to expand.
The Rare Earth Oxide prices used for the economic evaluation are based on a
contracted market survey by Asian Metals (one of world's largest metallurgical
information providers) in conjunction with discussions with key industrial
end-users which were important in defining the forecasted final prices of each
rare earth oxide. Other sources consulted for review of the historical pricing
data were websites and reports from Metal Pages, Roskill Information Service
Limited and Industrial Minerals.
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REO PRICES - 2016 FORECAST
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FS Market REO Price(i)
Price Ex-Works Ex-Works Mine- Quantity Sold
Mine-Site Refining Site LOM (est.)
Rare Earth Oxides (US$/kg REO) Cost (%) (US$/kg REO) (t REO)
----------------------------------------------------------------------------
Cerium Ce $5.90 30 $4.13 15,479
----------------------------------------------------------------------------
Lanthanum La $5.95 30 $4.17 7,952
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Praseodymium Pr $75.40 30 $52.78 1,930
----------------------------------------------------------------------------
Neodymium Nd $75.00 30 $52.50 7,132
----------------------------------------------------------------------------
Samarium Sm $6.85 30 $4.80 1,679
----------------------------------------------------------------------------
Europium Eu $1,100.00 30 $770.00 215
----------------------------------------------------------------------------
Gadolinium Gd $59.40 30 $41.58 1,696
----------------------------------------------------------------------------
Terbium Tb $1,076.00 30 $753.20 321
----------------------------------------------------------------------------
Dysprosium Dy $713.00 30 $499.10 2,137
----------------------------------------------------------------------------
Holmium Ho $53.60 40 $32.16 474
----------------------------------------------------------------------------
Erbium Er $63.60 40 $38.16 1,063
----------------------------------------------------------------------------
Thulium Tm $1,200.00 40 $720.00 32
----------------------------------------------------------------------------
Ytterbium Yb $56.70 40 $34.02 555
----------------------------------------------------------------------------
Lutetium Lu $1,400.00 40 $840.00 55
----------------------------------------------------------------------------
Yttrium Y $29.40 30 $20.58 13,522
----------------------------------------------------------------------------
(i)REO price after deduction of refining and transport - Ex-works Matamec
plant-site
----------------------------------------------------------------------------
Furthermore, the refining cost to reach 99.9% oxides or even higher purity
levels was not evaluated within the FS since refining was not considered in the
scope of the FS. It was decided that since the forecasted prices are for 99.9%
(min.) pure, individual oxides and Matamec will be producing two mixed Rare
Earths concentrates; a mixed light rare earth concentrate that will contain the
following REE's: Ce, La, Nd and Pr. With the second product, a mixed heavy rare
earth concentrate that will contain the elements of: Sm, Eu, Gd, Er, Tb, Dy, Ho,
Yb, Tm, Lu and Y. The projected selling prices for the concentrates will be
based on their contained oxide pricing and will be reduced by a refining factor
of 30% for the majority of the Rare Earths, but 40% for the REE's: Ho, Er, Yb,
Tm and Lu. The higher discount was applied considering that these materials
would require more costs associated to process them due to the higher degree of
purity that is required by their associated end uses. It is considered that the
respective discounts will cover all logistical costs for the material to be
shipped to their intended point of separation.
The Project is subject to a joint venture agreement (the "JVA") between Matamec
and Toyotsu Rare Earth Canada Inc. ("TRECan"), a subsidiary of TTC (see press
release dated July 12, 2012 for more details on the JV and the JVA). As at the
date hereof, Matamec holds a 51% and TRECan a 49% interest in the Project (see
press release dated August 8, 2013). The JVA contains a provision under which
TTC shall become the off taker of the production from the Project, under the
terms and conditions set out in the JVA and in the off-take agreement to be
negotiated and executed by the parties. Negotiations to convert the agreement
into contractual volumes will follow the completion of the FS. TRECan is a
well-recognized strategic partner that has funded $16.0 million to Matamec to
complete the FS.
----------------------------------------------------------------------------
ECONOMIC ASSUMPTIONS
----------------------------------------------------------------------------
PEA Market FS Market
Price Price Quantity
Forecast Forecast Sold per Est.
(FOB China (Ex-Works year (avg. Revenue
2016 US$/kg Mine-Site est.) LOM(ii)
Rare Earth Oxides REO) US$/kg REO) (t REO) ('000's)
----------------------------------------------------------------------------
Cerium (Ce2O3) $5.00 $5.90 1,018.4 $63,926
----------------------------------------------------------------------------
Lanthanum (La2O3) $10.00 $5.95 523.2 $33,120
----------------------------------------------------------------------------
Neodymium (Nd2O3) $75.00 $75.00 469.2 $374,453
----------------------------------------------------------------------------
Praseodymium (Pr6O11) $75.00 $75.40 127.0 $101,886
----------------------------------------------------------------------------
Samarium (Sm2O3) $9.00 $6.85 110.5 $8,049
----------------------------------------------------------------------------
Europium (Eu2O3) $500.00 $1,100.00 14.1 $165,486
----------------------------------------------------------------------------
Gadolinium (Gd2O3) $30.00 $59.40 111.6 $70,521
----------------------------------------------------------------------------
Terbium (Tb4O7) $1,500.00 $1,076.00 21.1 $241,636
----------------------------------------------------------------------------
Dysprosium (Dy2O3) $750.00 $713.00 140.6 $1,066,608
----------------------------------------------------------------------------
Holmium (Ho2O3) $65.00 $53.60 31.2 $15,246
----------------------------------------------------------------------------
Erbium (Er2O3) $40.00 $63.60 70.0 $40,565
----------------------------------------------------------------------------
Thulium (Tm2O3)(i) - $1,200.00 2.1 $22,824
----------------------------------------------------------------------------
Ytterbium (Yb2O3)(i) - $56.70 36.5 $18,870
----------------------------------------------------------------------------
Lutetium (Lu2O3) $320.00 $1,400.00 3.6 $46,496
----------------------------------------------------------------------------
Yttrium (Y2O3) $20.00 $29.40 889.6 $278,292
----------------------------------------------------------------------------
Exchange Rate (CAD $/US $) - 1.0 / 1.0
----------------------------------------------------------------------------
Discount Rate (%) 8% 10%
----------------------------------------------------------------------------
(i)At PEA, no value was attributed to Tm and Yb because no prices were
available at date of publication.
----------------------------------------------------------------------------
(ii)Est. Revenue LOM is calculated from the (Price After Refining x Quantity
Sold LOM) - Quantity Sold is rounded to nearest tonne (see table pg. 11).
----------------------------------------------------------------------------
Economic Analysis
An economic/financial analysis of the project has been carried out using a cash
flow model. The model is constructed using annual cash flow in constant money
terms (second quarter 2013). No provision is made for the effects of inflation.
As required in the financial assessment of investment projects, the evaluation
is carried out on a so called "100% equity" basis, i.e. the debt and equity
sources of capital funds are ignored.
----------------------------------------------------------------------------
TECHNICAL ASSUMPTIONS
----------------------------------------------------------------------------
Item Base Case Value Unit
----------------------------------------------------------------------------
Total Ore Mined 19.77 M tonnes
----------------------------------------------------------------------------
Processing Rate 1.332 M tonnes / year
----------------------------------------------------------------------------
Life of Mine 15.2 years
----------------------------------------------------------------------------
Average Combined Process Recovery 70 %
----------------------------------------------------------------------------
Average Mining Cost 7.03 ($ / tonne mined)
----------------------------------------------------------------------------
Average Processing Cost 36.57 ($ / tonne milled)
----------------------------------------------------------------------------
Average General & Administration Costs 8.71 ($ / tonne milled)
----------------------------------------------------------------------------
Financial Model and Results
A capital cost breakdown by item provides a preliminary capital spending
schedule over a 2-year pre-production period. The total pre-production capital
expenditures are evaluated at $374.4 million, excluding the working capital. The
total sustaining capital requirement is evaluated at $37.7 million which
includes rehabilitation expenditures. A working capital equivalent of 3 months
of total annual operating costs is maintained throughout the production period.
Apart from the first fills and spare parts included in the pre-production
capital expenditures, an additional working capital outlay of $11.2 million is
required. The total operating costs are estimated at $1.181 billion for the life
of the mine or an average of $58.9/tonne milled. The financial results indicate
a positive before-tax NPV of $260 million at a discount rate of 10%, a
before-tax IRR of 21.6% and a payback period of 3.88 years.
----------------------------------------------------------------------------
REVENUES AND EXPENDITURES
----------------------------------------------------------------------------
Item Base Case Unit
----------------------------------------------------------------------------
Total Mine Revenue 2.548 billions $ CAD
----------------------------------------------------------------------------
Pre-production Capital Expenditures 374.4 millions $ CAD
----------------------------------------------------------------------------
Sustaining Capital Expenditures (Incl. Rehab.) 37.7 millions $ CAD
----------------------------------------------------------------------------
Additional Working Capital Requirement 11.2 millions $ CAD
----------------------------------------------------------------------------
Mine Rehabilitation Costs 23.1 millions $ CAD
----------------------------------------------------------------------------
Total Operating Cost 1.181 billions $ CAD
----------------------------------------------------------------------------
Total Before-tax Cash Flow 960 millions $ CAD
----------------------------------------------------------------------------
Before-tax NPV @ 10% 260 millions $ CAD
----------------------------------------------------------------------------
Before-tax NPV @ 8% 344 millions $ CAD
----------------------------------------------------------------------------
Before-tax NPV @ 6% 450 millions $ CAD
----------------------------------------------------------------------------
Before-tax IRR 21.6 %
----------------------------------------------------------------------------
Before-tax Payback Period 3.88 years
----------------------------------------------------------------------------
Total After-tax Cash Flow 602 millions $ CAD
----------------------------------------------------------------------------
After-tax NPV @ 10% 128 millions $ CAD
----------------------------------------------------------------------------
After-tax NPV @ 8% 185 millions $ CAD
----------------------------------------------------------------------------
After-tax NPV @ 6% 257 millions $ CAD
----------------------------------------------------------------------------
After-tax IRR 16.8 %
----------------------------------------------------------------------------
After-tax Payback Period 4.12 years
----------------------------------------------------------------------------
Sensitivity Analysis
A sensitivity analysis has been carried out on the base case scenario described
above to assess the impact of changes in REE market prices, total pre-production
capital costs and operating costs on the project's NPV @ 10% and IRR. Each
variable was examined independently. An interval of +/-30% with increments of
10% were used for all three variables. The project's before-tax viability is not
significantly vulnerable to the under-estimation of capital and operating costs,
taken independently. The net present value is more sensitive to variations in
operating expenses. As expected, the NPV is most sensitive to variations in REE
prices, followed by operating costs and by capital costs.
Environment, Permitting and Social Acceptability
Environment and Permitting
Matamec has always been proactive and has respected the rules outlined by the
different government authorities.
After the first drilling campaign outlined a good quality deposit (2009),
Matamec decided to begin a baseline study of the territory around the deposit.
Envireo Conseil, an independent firm from Rouyn-Noranda, Quebec, was hired to
perform the study of water, fish, aquatic plants and mud samples which were
taken from 5 sites, instead of the 3 recommended by regulation.
Then in spring 2012, Matamec hired the firm Golder Associates Ltd to complete
the baseline study that was started two years before and also to perform an
Environmental and Social Impact Assessment which is planned to be completed by
Q1 2014.
A comprehensive program of geochemical characterization has been conducted
during the last year in order to classify all the varying rock types to be
mined, the ore, the overburden and also all the different waste and residue to
be generated by the mine and process operation. The waste rock, ore, and magsep
tailings are classified as non-acid generating. The hydromet tailings sample
analyzed is classified as acid generating based on its high sulfur content but
all sulphur occurs as sulphate which is already oxidized and therefore not
expected to generate acidity in the future.
Further radiological analyses of leachates were carried out for safety purpose
and as required under Directive 019 of the MDDEFP to evaluate the level of risk
associated with possible leaching of radiogenic parameters from mine wastes,
magnetic separation rejects and hydrometallurgical tailings. None of the samples
analysed are classified as high risk waste based on radionuclide analyses in
leachate. Analyses were also done on the solids themselves and so far the
hydrometallurgical tailings are classified as potentially radiogenic, but
manageable. The implementation of proper management programs in regards to
radioactive elements will ensure the safety of the workers and of the population
during operation and after the mine closure. Furthermore, additional geochemical
analysis will be conducted before detailed engineering in order to determine all
the final classification and design parameters for the infrastructures related
to the tailings management.
Hydrological and hydrogeological studies were carried out as well. From the
collected information, a water management plan has been put together and will be
optimized at further stages in the project. A site-wide water quality evaluation
study is underway to determine future water treatment needs at the mine site and
hydrometallurgical waste storage sites.
From all the information collected during the FS, it was decided to proceed with
dewatered tailings even if it is much more expensive in operating costs in order
to minimize environmental risks related to the tailings management. It will also
allow the operator to consider progressive site restoration during mine
operation.
The mining lease was filed before the end of March 2012. The project notice to
begin the Federal environmental permitting process was submitted before the end
of Q1 2013. The restoration plan and environmental impact study commenced at the
beginning of May 2012 and are still ongoing but are well advanced. The official
application for the Certificate of Authorization to the MDDEFP is planned to be
submitted by winter 2014.
Social Acceptability
Since 2009, the Matamec Team is making social acceptability a priority for the
Kipawa Project, as well, the Company is committed to being visible to the people
in the region as a socially responsible neighbour.
In March 2012, our regional office was opened in downtown Temiscaming, creating
visibility and allowing easy accessibility to information for people in the
region. Regular meetings and discussions are held with the First Nations
Communities, with the signature of a Memorandum of Agreement with them. Under
this agreement, the First Nations communities completed their own cultural
impact assessment study describing the past and current traditions and resources
used in the project area. They also completed their socio-economic baseline
report for the project. These studies will contribute to the preparation of the
environmental effects assessment of the Kipawa project.
There is an open and constant communication between the Matamec team and the
citizens. Public information meetings are held throughout the region,
highlighting our commitment to dialogue and opportunities for questions about
the project.
We strive to understand all stakeholders concerns and maintain our strategy of
transparency executed through active and consistent communication.
NI 43-101 Disclosure
The technical information in this news release has been prepared in accordance
with Canadian regulatory requirements by the following persons, or under the
supervision of, all of whom are independent Qualified Persons as set out in
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101").
----------------------------------------------------------------------------
Qualified Person Consulting Firm Contribution
----------------------------------------------------------------------------
Guy Saucier, Eng. Roche Ltd. Project Supervisor
----------------------------------------------------------------------------
Yann Camus, Eng. SGS Geostat Mineral Resource
----------------------------------------------------------------------------
Pierre Casgrain, Eng. Roche Ltd. Mining
----------------------------------------------------------------------------
Al Hayden, P. Eng. EHA Engineering Ltd. Metallurgy
----------------------------------------------------------------------------
Eric Poirier, Eng. GENIVAR Inc. Infrastructure
----------------------------------------------------------------------------
Michel Mailloux, Eng. Golder Associates Environment
----------------------------------------------------------------------------
Marc Rougier, Eng. Golder Associates Geotechnical
----------------------------------------------------------------------------
Mayana Kissiova, Eng. Golder Associates Tailings & Water Management
----------------------------------------------------------------------------
Valerie Bertrand, P. Geo. Golder Associates Geochemistry
----------------------------------------------------------------------------
Gaston Gagnon, Eng. SGS Geostat Marketing
----------------------------------------------------------------------------
Michel Bilodeau, Eng. Roche Ltd. Financial Model
----------------------------------------------------------------------------
The Mineral Resource and Mineral Reserve estimates set out in this news release
were classified according to the CIM Definition Standards - For Mineral
Resources and Mineral Reserves (as adopted by CIM Council in November 2010).
Readers are advised that Mineral Resources not included in Mineral Reserves do
not demonstrate economic viability. Mineral Resource estimates do not account
for mineability, selectivity, mining loss and dilution. These Mineral Resource
estimates include Inferred Mineral Resources that are normally considered too
speculative geologically to have economic considerations applied to them that
would enable them to be categorized as mineral reserves. There is no certainty
that Inferred Mineral Resources will be converted to Measured and Indicated
categories through further drilling, or into Mineral Reserves, once economic
considerations are applied.
Technical information in this press release was reviewed and adopted by Bertho
Caron, VP Project Development & Construction (Eng.) and Aline Leclerc, VP
Exploration (Geo.), Matamec's Qualified Persons for this press release.
The full feasibility study, prepared in accordance to the NI 43-101 compliant
technical report, will be filed under Matamec Explorations' profile on SEDAR at
www.sedar.com within 45 days.
Conference Call
Matamec will be hosting an analyst conference call on Wednesday, September 4,
2013 at 10:00 a.m. (Eastern Time). Participants may join the call by dialing
toll free 1-800-381-7839 or 1-416-981-9000. A live webcast of the call will be
available through our website at: www.matamec.com. A copy of the presentation
will be available on our website one hour prior to the webcast.
A taped replay of the conference call will be available starting that same day
at 12:00 p.m. ET by dialing 1-800-558-5253 or 416-626-4100 and entering passcode
21667794#, until September 18 at midnight.
About Matamec
Matamec Explorations Inc. is a junior mining exploration company whose main
focus is in developing the Kipawa HREE deposit with TRECan.
In parallel, the Company is exploring more than 35 km of strike length in the
Kipawa Alkalic Complex for rare earths-yttrium-zirconium-niobium-tantalum
mineralization on its Zeus property. Since 2008, Matamec discovered many
potential showings. Particularly, it drilled the PB-PS Zone in the fall of 2012
and identified similar Eudialyte-Mosandrite/Yttro-Tantanite/Britholite
associated mineralization founded at the HREE Kipawa Deposit. This type of
mineralization is presently known over 200 metres long and it opens laterally
and at depth. The Company plans to drill these extensions later this year.
The Company is also exploring for gold, base metals and platinum group metals.
Its gold portfolio includes the Matheson JV property located along strike and in
close proximity to the Hoyle Pond Mine in the prolific gold mining camp of
Timmins, Ontario. In Quebec, the Company is exploring for lithium and tantalum
on its Tansim property and for precious and base metals on its Sakami, Valmont
and Vulcain properties.
Cautionary Statement Concerning Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of
Canadian Securities legislation. Generally, forward-looking statements can be
identified by the use of forward-looking terminology such as "scheduled",
"anticipates", "expects" or "does not expect", "is expected", "scheduled",
"targeted", 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". Forward-looking statements contained herein
include, without limitation, statements relating to mineral reserve estimates,
mineral resource estimates, realization of mineral reserve and resource
estimates, capital and operating costs estimates, the timing and amount of
future production, costs of production, success of mining operations, the
ranking of the project in terms of cash cost and production, permitting,
economic return estimates, power and storage facilities, life of mine, social,
community and environmental impacts, rare metal markets and sales prices,
off-take agreements and purchasers for the Company's products, environmental
assessment and permitting, securing sufficient financing on acceptable terms,
opportunities for short and long term optimization of the Project, and continued
positive discussions and relationships with local communities and stakeholders.
Forward-looking statements are based on assumptions management believes to be
reasonable at the time such statements are made. There can be no assurance that
such statements 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
statements. Although Matamec 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: Matamec's ability to secure
sufficient financing to advance and complete the Project, uncertainties
associated with Matamec's resource and reserve estimates, uncertainties
regarding global supply and demand for rare earth materials and market and sales
prices, uncertainties associated with securing off-take agreements and customer
contracts, uncertainties with respect to social, community and environmental
impacts, uncertainties with respect to optimization opportunities for the
Project, as well as those risk factors set out in the Company's year-end
Management Discussion and Analysis dated December 31, 2012 and other disclosure
documents available under the Company's profile at www.sedar.com.
Forward-looking statements contained herein are made as of the date of this news
release and Matamec disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or results or
otherwise, except as required by applicable securities laws.
"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."
FOR FURTHER INFORMATION PLEASE CONTACT:
Andre Gauthier
President
(514) 844-5252
info@matamec.com
Edward Miller
Director IR
(514) 844-5252 ext. 205
edward.miller@matamec.com
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