Trevali Mining Corporation ("Trevali" or the "Company")
(TSX:TV)(OTCQX:TREVF)(LMA:TV)(FRANKFURT:4TI) reports preliminary production
results for its second quarter 2014, ended June 30, 2014, of approximately 12
million payable pounds of zinc, 4.4 million payable pounds of lead and 187,000
payable ounces of silver from the Santander Mine in Peru.
Average recoveries for the quarter were 88% for zinc, 84% for lead and 70% for
silver. Q2-2014 throughput at the 2,000-tonne-per-day-rated Santander processing
complex was 175,384 tonnes, delivering a mill utilization factor of 99.7%.
Average head grades of 4.20% Zn, 1.42% Pb and 1.44 oz/ton Ag were realized to
produce approximately 13,048 tonnes of zinc concentrate averaging 49% Zn and
3,680 tonnes of lead-silver concentrate averaging 57% Pb and 48.8 oz/ton Ag.
Table 1: Santander Mine production statistics
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Q2-2014 Q1-2014 2014 YTD
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Tonnes mined 152,733 156,030 308,763
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Tonnes milled 175,384 173,820 349,204
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Average head grades:
Zinc 4.20% 4.76% 4.47%
Lead 1.42% 1.90% 1.66%
Silver 1.44 oz/ton 1.97 oz/ton 1.70 oz/ton
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Average recoveries:
Zinc 88% 87% 87%
Lead 84% 86% 85%
Silver 70% 74% 72%
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Concentrate produced:
Zinc (dry metric tonnes) 13,048 15,640 28,688
Grade (Zn%) 49% 50% 49%
Lead-Silver (dry metric tonnes) 3,680 4,510 8,190
Grade (Pb%) 57% 58% 57%
Grade (Ag oz/ton) 48.8 oz/ton 55.3 oz/ton 52.1 oz/ton
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Payable metal production:
Zinc (pounds) 12,044,583 14,597,890 26,642,473
Lead (pounds) 4,420,428 5,466,350 9,886,779
Silver (troy ounces) 186,824 268,600 455,423
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The decrease in metal production for the second quarter (versus Q1) was
primarily due to modifications and optimization of underground production
workings and mine plan within the Magistral North Deposit. This program was
aimed at incorporating the recently discovered Rosa Zone (high-grade lead and
silver mineralization) into production scheduling, primarily where it intersects
the Magistral North Zone. In these areas the mineral body widths thicken
dramatically from approximately 6-8 metres to 15-18 metres on average. The
modifications to the Magistral North-Rosa mine plan are essentially complete and
the Company expects quarterly metal production units to increase going forward.
Trevali remains well on track for its 2014 Santander production guidance
estimate of approximately 670,000 to 690,000 tonnes of mill throughput, with
average head grades estimated at 4.0% to 4.2% zinc, 1.5% to 1.7% lead and 1.4
oz/ton to 1.6 oz/ton silver to produce, in payable metals, 42-45 million pounds
of zinc; 15-17 million pounds of lead and 700,000 to 720,000 ounces of silver.
(Please see Cautionary Note on Forward Looking Statements at the end of this
document.)
Q2-2014 Financial Results and Conference Call
Trevali will release financial results for its second quarter period ending June
30, 2014 on August 14, 2014 after the close of the trading day in Toronto.
The Company will host a conference call and audio webcast at 10:30 a.m. Eastern
Time on Friday, August 15, 2014 to review the financial results. Participants
are advised to dial in 5-to-10 minutes prior to the scheduled start time of the
call.
Conference call dial-in details:
Toll-free (North America): 1-800-769-8320
Toronto and international: 1-416-340-8530
Audio Webcast: http://www.gowebcasting.com/5673
Qualified Person and Quality Control/Quality Assurance
EurGeol Dr. Mark D. Cruise, Trevali's President and CEO, Paul Keller, P.Eng,
Trevali's Chief Operating Officer are qualified persons as defined by NI 43-101,
have supervised the preparation of the scientific and technical information that
forms the basis for this news release. Dr. Cruise is not independent of the
Company as he is an officer, director and shareholder. Mr. Keller is not
independent of the Company as he is an officer and shareholder.
ABOUT TREVALI MINING CORPORATION
Trevali is a zinc-focused, base metals mining company with one producing
operation currently in Peru and an advanced-stage mine under development in
Canada.
In Peru, the Company is actively producing zinc and lead-silver concentrates
from its Santander mine and 2,000-tonne-per-day metallurgical plant.
In Canada, Trevali owns the Caribou mine and mill, Halfmile mine and Stratmat
deposit all located in the Bathurst Mining Camp of northern New Brunswick. The
Company is currently advancing its 3,000-tonne-per-day Caribou Mill Complex and
mine towards scheduled 2015 production.
All of the Company's deposits remain open for expansion.
The common shares of Trevali are listed on the TSX (symbol TV), the OTCQX
(symbol TREVF) and on the Lima Stock Exchange (symbol TV). For further details
on Trevali, readers are referred to the Company's web site (www.trevali.com) and
to Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
TREVALI MINING CORPORATION
Mark D. Cruise, President
This news release contains "forward-looking statements" within the meaning of
the United States private securities litigation reform act of 1995 and
"forward-looking information" within the meaning of applicable Canadian
securities legislation. Statements containing forward-looking information
express, as at the date of this news release, the Company's plans, estimates,
forecasts, projections, expectations, or beliefs as to future events or results
and the company does not intend, and does not assume any obligation to, update
such statements containing the forward-looking information. Such forward-looking
statements and information include, but are not limited to statements as to: the
accuracy of estimated mineral reserves and resources, anticipated results of
future exploration, and forecast future metal prices, anticipated results of
future electrical sales and expectations that environmental, permitting, legal,
title, taxation, socio-economic, political, marketing or other issues will not
materially affect estimates of mineral reserves. These statements reflect the
Company's current views with respect to future events and are necessarily based
upon a number of assumptions and estimates that, while considered reasonable by
the Company, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies.
These statements reflect the Company's current views with respect to future
events and are necessarily based upon a number of assumptions and estimates
that, while considered reasonable by the company, are inherently subject to
significant business, economic, competitive, political and social uncertainties
and contingencies. Many factors, both known and unknown, could cause actual
results, performance or achievements to be materially different from the
results, performance or achievements that are or may be expressed or implied by
such forward-looking statements contained in this news release and the company
has made assumptions and estimates based on or related to many of these factors.
Such factors include, without limitation: fluctuations in spot and forward
markets for silver, zinc, base metals and certain other commodities (such as
natural gas, fuel oil and electricity); fluctuations in currency markets (such
as the Peruvian sol versus the U.S. dollar); risks related to the technological
and operational nature of the Company's business; changes in national and local
government, legislation, taxation, controls or regulations and political or
economic developments in Canada, the United States, Peru or other countries
where the Company may carry on business in the future; risks and hazards
associated with the business of mineral exploration, development and mining
(including environmental hazards, industrial accidents, unusual or unexpected
geological or structural formations, pressures, cave-ins and flooding); risks
relating to the credit worthiness or financial condition of suppliers, refiners
and other parties with whom the Company does business; inadequate insurance, or
inability to obtain insurance, to cover these risks and hazards; employee
relations; relationships with and claims by local communities and indigenous
populations;
availability and increasing costs associated with mining inputs and labour; the
speculative nature of mineral exploration and development, including the risks
of obtaining necessary licenses and permits and the presence of laws and
regulations that may impose restrictions on mining,; diminishing quantities or
grades of mineral reserves as properties are mined; global financial conditions;
business opportunities that may be presented to, or pursued by, the Company; the
Company's ability to complete and successfully integrate acquisitions and to
mitigate other business combination risks; challenges to, or difficulty in
maintaining, the Company's title to properties and continued ownership thereof;
the actual results of current exploration activities, conclusions of economic
evaluations, and changes in project parameters to deal with unanticipated
economic or other factors; increased competition in the mining industry for
properties, equipment, qualified personnel, and their costs. Investors are
cautioned against attributing undue certainty or reliance on forward-looking
statements. Although the Company has attempted to identify important factors
that could cause actual results to differ materially, there may be other factors
that cause results not to be as anticipated, estimated, described or intended.
The Company does not intend, and does not assume any obligation, to update these
forward-looking statements or information to reflect changes in assumptions or
changes in circumstances or any other events affecting such statements or
information, other than as required by applicable law.
Trevali's production plans at Caribou-Halfmile-Stratmat and Santander are based
only on Indicated and Inferred Mineral Resources and not Mineral Reserves and do
not have demonstrated economic viability. Inferred Mineral Resources are
considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as Mineral Reserves,
and there is therefore no certainty that the conclusions of the production plans
and Preliminary Economic Assessment (PEA) will be realized. Additionally where
Trevali discusses exploration/expansion potential, any potential quantity and
grade is conceptual in nature and there has been insufficient exploration to
define a mineral resource and it is uncertain if further exploration will result
in the target being delineated as a mineral resource.
We advise US investors that while the terms "measured resources", "indicated
resources" and "inferred resources" are recognized and required by Canadian
regulations, the US Securities and Exchange Commission does not recognize these
terms. US investors are cautioned not to assume that any part or all of the
material in these categories will ever be converted into reserves.
This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities
described herein have not been and will not be registered under the United
States Securities Act of 1933, as amended, or the securities laws of any state
and may not be offered or sold within the United States, absent such
registration or an applicable exemption from such registration requirements.
The TSX has not approved or disapproved of the contents of this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Trevali Mining Corporation
Steve Stakiw
Vice President, Investor Relations and
Corporate Communications
(604) 488-1661 / Direct: (604) 638-5623
sstakiw@trevali.com
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