AQM Copper Files Technical Report For Preliminary Economic Assessment Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/17/13 -- AQM
Copper Inc. (TSX VENTURE:AQM)(BVL:AQM) ("AQM Copper" or the
"Company") is pleased to announce that it has filed a NI 43-101
compliant technical report on SEDAR on October 15, 2013 in connection
with the Updated Preliminary Economic Assessment for the Zafranal
Project, previously announced on September 12, 2013.
ABOUT AQM Copper: AQM Copper Inc. is a Canadian mineral exploration
company exploring and developing copper deposits in South America.
Through its Peruvian subsidiary, Minera AQM Copper Peru S.A.C.
("MAQM"), the Company is developing the Zafranal Project located in
the Southern Peru Porphyry Copper Belt. MAQM is the operator of a
50/50 Joint Venture with Teck Resources Limited through a sole
purpose Peruvian company, Compania Minera Zafranal S.A.C. MAQM is
owned 60% by AQM, and 40% by Mitsubishi Materials Corporation
("MMC"), pursuant to a transaction as outlined in the Company's press
release of July 2, 2013. As such, the Company has a 30% beneficial
ownership interest in the Zafranal Project.
On September 12, 2013, the Company announced the completion of a
positive, independent Updated Preliminary Economic Assessment ("PEA
Update ") of the Zafranal Project. The PEA Update was completed by
Tetra Tech WEI, and contains production parameters, capital costs,
operating costs, pre-tax and post-tax financial projections for an
open pit mine processing 44,000 t/d of mill feed, producing an
average of 54,556 t/a of copper in concentrate and a heap leach and
electro-winning process expected to yield an average of 5,949 t/a of
copper cathode. Using long-term forecasted copper and gold prices of
US$3.00/lb and US$1,274/oz respectively; and an initial capital cost
of US$ 1,122 million, the Zafranal Project is projected to yield a
post-tax net present value at an 8% discount rate of US$ 616 million
and an internal rate of return of 18.2%. The valuation is based on
100% of the Project and 100% Equity.
The reader should be aware that the preliminary economic assessment
is preliminary in nature, and includes inferred mineral resources
that are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be
categorized as mineral reserves. The reader should also be aware that
there is no certainty that the results forecast in the preliminary
economic assessment will be realized. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
Please refer to the Company's website at www.aqmcopper.com, for
further information regarding the Company and its project.
ON BEHALF OF THE BOARD OF DIRECTORS
Bruce Turner, President and CEO
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
To speak with an Investor Relations
representative, please contact:
Spyros P. Karellas
Pinnacle Capital Markets LTD.
(416) 433-5696 / (416) 800-8921
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