Wellgreen Platinum Announces Positive Preliminary Economic Assessment Update on its Wellgreen PGM-Nickel Project
- Average Annual Production of 208,880 Ounces Platinum, Palladium and Gold (3E), plus 73 Million Pounds of Nickel and 55 Million Pounds of Copper over the First 16 Years of Mining
- Low All-in Sustaining Cost(3) of US$457 per Ounce of 3E on a Co-Product Basis with Base Metals
- Estimated Base Case Pre-Tax NPV7.5% of CAD$2.1 Billion and IRR of 32.2% and After-Tax NPV7.5% of CAD$1.2 Billion and IRR of 24.6%
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 2, 2015) - Wellgreen Platinum Ltd. (TSX:WG)(OTCQX:WGPLF) is pleased to announce the positive results of an updated Independent Preliminary Economic Assessment (2015 PEA) on its 100%- owned Wellgreen PGM-Nickel project, located in Canada's Yukon Territory. The new study strengthens the Company's vision that the Wellgreen project has the potential to become one of the largest and lowest cost, open-pit platinum group metals (PGMs) and nickel producing mines in the world.(1)Work on the 2015 PEA was carried out in reference to the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101), and was conducted by independent engineering firm JDS Energy & Mining Inc., under the direction of John Sagman, P.Eng., Senior Vice President and Chief Operating Officer of Wellgreen Platinum. Other contributors to the 2015 PEA were SNC- Lavalin, Knight Piésold Ltd., SRK Consulting (U.S.) Inc., Eggert Engineering Inc., and GeoSim Services Inc.
The Wellgreen project is envisioned as a conventional open pit operation, with some selective higher grade underground mining. Milling would start at 25,000 tonnes per day (tpd) for the first five years of operation, then would scale up to 50,000 tpd for an additional 20 years. Under the base case of the 2015 PEA, the mill would produce a bulk Ni-Cu-Co- PGM-Au concentrate through conventional sulphide flotation for shipping via existing deep sea ports south of the project in Alaska. It should be noted that the study also details a number of opportunities to further enhance economics (see below) and the current Mineral Resource remains open along strike and at depth.
Highlights of the 2015 PEA:
- Average annual production of 208,880 ounces of platinum+palladium+gold (3E) (42% Pt, 51% Pd and 7% Au), along with 73 million pounds of nickel and 55 million pounds of copper over the first 16 years of operation at a production grade of 1.88 g/t platinum equivalent (Pt Eq.) or 0.50% nickel equivalent (Ni Eq.) (0.63 g/t 3E (46% Pt, 45% Pd and 8% Au), 0.27% Ni and 0.18% Cu), which equates to a net smelter return (NSR) of CAD$38.60 per tonne milled using the base case metal price assumptions set out below.
- Average strip ratio of 0.75 to 1 over the 25 year base case life of mine (LOM).
- LOM production to average 177,536 ounces of 3E (42% Pt, 51% Pd and 7% Au), 68 million pounds of nickel and 44 million pounds of copper per year over 25 years with the potential to add an additional 15 years using bulk underground mining or 31 years through additional open pit mining of Inferred Mineral Resources.
- Total LOM production of 4.4 million ounces of 3E (42% Pt, 51% Pd and 7% Au), with 1.7 billion pounds of nickel and 1.1 billion pounds of copper in concentrate from approximately 34% of the current pit constrained Mineral Resource.
- In terms of platinum production, based on the 2015 PEA, the Wellgreen project could be one of the two largest platinum producing mines (along with the Stillwater Mine in the United States) outside of South Africa or Russia(2)..
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