Trek Mining Announces Filing of NI 43-101 Technical Report
August 11 2017 - 7:30AM
Trek Mining Inc. (TSX-V:TREK) (“Trek Mining” or
the “Company”) has filed a National Instrument 43-101 Technical
Report regarding the feasibility study and mineral reserve estimate
for its 100% owned Aurizona Gold Mine (“Aurizona”) located in
northeastern Brazil, the results of which were announced on
July 31, 2017.
The technical report is available for download
on SEDAR at www.sedar.com and on Trek Mining’s website at
www.trekmining.com.
About the Aurizona Gold
Mine
The Aurizona feasibility study is based on a new
mine plan and updated mineral reserve estimate and outlines the
design of an open-pit gold mine producing on average approximately
136,000 ounces of gold per year, with an initial 6.5-year mine life
and significant exploration upside, as demonstrated with recent
drill results. Initial capital to fund construction and
commissioning is estimated at US$130.8 million due to the Company’s
ability to leverage significant existing infrastructure in place at
the brownfields mine site. Life-of-mine sustaining capital is
estimated at US$51.3 million, including closure costs.
All-in-sustaining costs are estimated at US$754 per ounce over the
life of mine, which is in the lowest quartile of the industry
average. Aurizona demonstrates strong returns in the current gold
price environment, with an after-tax internal rate of return
of 34% and an after-tax net present value using a 5% discount rate
of US$197.1 million using a base case gold price of US$1,250 per
ounce. First gold pour at Aurizona is targeted for year-end
2018.
About Trek Mining Inc.
Trek Mining is a Canadian mining company with a
portfolio of production, near-production and exploration-stage
projects in North and South America. The Company is producing gold
from its Koricancha Mill, a custom-built gold and silver ore
processing facility in Peru, and expects to commence construction
in the second half of 2017 at its past-producing Aurizona Gold Mine
in Brazil with the objective of pouring gold at Aurizona by the end
of 2018. Trek Mining’s exploration properties include both
near-mine and district exploration opportunities at Aurizona; the
Warintza porphyry copper-molybdenum exploration project in
Southeastern Ecuador; the Ricardo porphyry copper-molybdenum
exploration project in Chile; and Elk Gold, a past-producing
high-grade gold mine in British Columbia, Canada. Further
information about Trek Mining’s business strategy and portfolio of
assets is available at www.trekmining.com or by email
at ir@trekmining.com.
On Behalf of the Board of Trek Mining Inc.
“Christian Milau”
CEO & Director
Trek Mining Contacts
Christian Milau, Chief Executive OfficerRhylin
Bailie, Vice President Investor RelationsTel: +1 604-558-0560Email:
ir@trekmining.com
Cautionary Notes
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as such term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This document contains certain forward-looking
information and forward-looking statements within the meaning of
applicable securities legislation (collectively “forward-looking
statements”). The use of the words “will”, “expects”, “estimated”,
“objective” and similar expressions are intended to identify
forward-looking statements. Forward-looking statements contained in
this press release include statements regarding planned exploration
activities and results at Aurizona; planned development activities
and commencement of construction at Aurizona; the anticipated
restart of production at Aurizona; the anticipated capital costs,
sustaining costs, all-in-sustaining costs per ounce, net present
value, and internal rate of return for Aurizona; and production
rates at Aurizona. Although Trek Mining believes that the
expectations reflected in such forward-looking statements and/or
information are reasonable, undue reliance should not be placed on
forward-looking statements since Trek Mining can give no assurance
that such expectations will prove to be correct. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements, including the
risks, uncertainties and other factors identified in Trek Mining’s
periodic filings with Canadian securities regulators, and
assumptions made with regard to: the anticipated Board of Directors
decision to approve construction of Aurizona; the ability to raise
the capital required to fund construction and development of
Aurizona; the ability to restart production at Aurizona; timing of
the anticipated restart of production; and the Company’s ability to
achieve the results outlined in the feasibility study. Furthermore,
the forward-looking statements contained in this news release are
made as at the date of this news release and Trek Mining does not
undertake any obligations to publicly update and/or revise any of
the included forward-looking statements, whether as a result of
additional information, future events and/or otherwise, except as
may be required by applicable securities laws.