Sherwood Reports Phase 2 Mill Expansion at Minto Copper-Gold Mine Completed Ahead of Schedule
December 18 2007 - 11:21AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: SWC.DB) today
announced that it has completed the Phase 2 mill expansion, from
1,563 tonnes per day to 2,400 tonnes per day, at its high grade
Minto copper-gold mine ("Minto Mine") ahead of schedule.
Commissioning of the mill expansion is in progress and will
continue into January, resulting in significant copper-gold
production in 2008 and beyond.
"The completion of the Phase 2 mill expansion at our Minto Mine,
ahead of schedule, is a significant achievement in the current
construction environment," said Stephen Quin, President & CEO.
"This should push our production well over 50 million pounds of
copper in 2008, while the recently announced pre-feasibility study
illustrates how additional production growth can be achieved. The
achievement of this significant milestone is a credit to Sherwood's
operating personnel at the Minto Mine, Construction Managers JDS
Energy & Mining, General Contractors Clark Builders, key
contractors Gisbourne and Rees Electric and engineers Hatch Ltd.
Pelly Construction is the mining contractor."
Phase 2 Mill Expansion
As announced August 28, 2006, the detailed feasibility study set
out a phased expansion of the process plant at the Minto Mine, with
Phase 1 commissioning at a throughput rate of 1,563 tonnes per day
followed by an expansion to accommodate increased throughput to
2,400 tpd approximately one year after operations commenced. On
April 11, 2007, Sherwood announced its intent to accelerate the
expansion of the Phase 2 mill expansion, targeting completion by
the end of 2007. On May 31, 2007, Sherwood announced that Phase 1
was essentially complete, ahead of schedule. Commercial production
was declared effective October 1, 2007. The Phase 2 mill expansion
was completed on December 15, 2007, more than two weeks ahead of
the accelerated schedule announced in April, and began processing
ore that day. Commissioning of Phase 2 will continue through
January 2008, with the principal focus being on ensuring sufficient
capacity to handle the filtration of tailings and copper
concentrates, since the current crushing, grinding and flotation
capacity was sized up during the Phase 2 expansion to accommodate
up to the 3,500 tonne per day capacity targeted in a Phase 3
expansion.
The pre-feasibility study, the results of which were announced
December 12, 2007, lays out the basis for a Phase 3 mill expansion,
to 3,500 tonnes per day of throughput, and incorporates a
significant portion of the Area 2 resources, resulting in a more
than 40% increase in copper and gold production versus the detailed
feasibility study. Exploration subsequent to the resource estimates
used in the pre-feasibility study suggests additional potential
beyond that laid out in the pre-feasibility study.
Technical Report Filed
A NI 43-101 compliant Technical Report on the Phase 3 mill
expansion and mining of the Area 2 deposit will be filed on SEDAR
today and should be available for access under Sherwood's profile
at www.sedar.com within two days.
Minto Project
The Minto Mine is a high-grade open pit copper-gold deposit
located in the Yukon Territory of Canada. Sherwood acquired the
Minto Project in June 2005 and, in just two years from its
acquisition, completed a bankable feasibility study, arranged
project financing, and built a $100 million open pit copper-gold
mine. Commercial production commenced on October 1, 2007. In
parallel with these development activities, Sherwood has been
running an exceptionally successful exploration program that has
resulted in multiple discoveries of high grade copper-gold
mineralization across its Minto Mine property. Sherwood plans to
continue this "growth from within" strategy along with further
operational optimizations in its relentless pursuit of value.
Sherwood
Sherwood's successful consolidation of the ownership of the
Minto Project provides a unique investment opportunity -
participation in a high-grade, open pit copper-gold mine located in
Canada with tremendous exploration potential on the property.
Quality Assurance
The technical information in this news release has been prepared
in accordance with Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed by Stephen P. Quin, P.Geo.,
President & CEO for Sherwood Copper Corporation and Ian
Berzins, P.Eng., General Manager of the Minto Mine.
Additional Information
Additional information on Sherwood and its Minto Project can be
obtained on Sherwood's website at
http://www.sherwoodcopper.com.
On behalf of the board of directors
SHERWOOD COPPER CORPORATION
Stephen P. Quin, President & CEO
This news release may contain forward looking statements which
are not historical facts, such as ore reserve estimates,
anticipated production or results, sales, revenues, costs, or
discussions of goals and exploration results, and involves a number
of risks and uncertainties that could cause actual results to
differ materially from those projected. These risks and
uncertainties include, but are not limited to, metal price
volatility, volatility of metals production, project development,
ore reserve estimates, future anticipated reserves and cost
engineering estimate risks, geological factors and exploration
results. See the Company's filings for a more detailed discussion
of factors that may impact expected results.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: Sherwood Copper Corp. Stephen Quin President (604)
687-7545 or (888) 338-2200 Sherwood Copper Corp. Brad Kopp (604)
687-7545 or (888) 338-2200 Sherwood Copper Corp. Kristy Reynolds
(604) 687-7545 or (888) 338-2200 (604) 689-5041 (FAX) Website:
www.sherwoodcopper.com
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