TIDMCLA
RNS Number : 3612G
Celsius Resources Limited
18 July 2023
ASX/AIM RELEASE
18 JULY 2023
MCB Project receives Certificate of Approval for EPEP-FMRDP
HIGHLIGHTS
-- Philippines Mines and Geosciences Bureau has issued a
Certificate of Approval for MCB Project's Environmental Protection
and Enhancement Program-Final Mine Rehabilitation and/or
Decommissioning Plan.
-- The approval of the EPEP-FMRDP is a step towards the next
permitting stage for the MCB Project's mining permit.
_______________________________________________________________________________
Celsius Resources Limited ("Celsius") is pleased to announce
that its Philippine subsidiary, Makilala Mining Company, Inc.
("MMCI or "the Company"), has been issued a Certificate of Approval
for its Environmental Protection and Enhancement Program ("EPEP")
and Final Mine Rehabilitation and/or Decommissioning Plan ("FMRDP")
for its flagship Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB"
or "the Project").
The issuance of the Certificate of Approval indicates that the
Company has instituted the necessary environmental measures
pursuant to the Philippine Mining Act of 1995 ("Philippine Mining
Act"), and its Implementing Rules and Regulations or the Department
of Environment and Natural Resources (DENR) Administrative Order
No. 2010-2. The issuance of the Certificate of Approval indicates
the Company has instituted these environmental measures prior to
the commencement of construction and mining operations, and that
the Company has committed to environmental protection for the life
of the mine.
Among the terms and conditions of the said certificate, is the
establishment of a guarantee funding mechanism, collectively known
as the Contingent Liability and Rehabilitation Fund, to ensure
satisfactory compliance with the commitments and performance of the
activities stipulated in the EPEP-FMRDP. Under the Philippine
Mining Act, applications for a mining permit shall be supported by
an EPEP-FMRDP.
The EPEP is a comprehensive and strategic environmental
management plan that serves as an operational link between the
environmental management provisions of the Philippine Mining Act's
Implementing Rules and Regulations and the conditions stated in the
Environmental Compliance Certificate issued to the MCB project. It
contains contingency and emergency
preparedness as well as environmental monitoring and
implementation costs, while the FMRDP considers mine closure
scenarios and remediation process, for returning the mine sites and
affected area to viable and self-sustaining ecosystems, including
cost estimates for its implementation.
Celsius Executive Chairman Atty. Julito R. Sarmiento, said:
"We are grateful for the Philippine government regulatory bodies
in the prompt review and approval of our environmental permitting
requirements. In turn, we reiterate our firm adherence to and
commitment to go beyond compliance with environmental laws in the
development of the MCB Project."
The approval of the EPEP-FMRDP is another step closer in the
mine permitting process of obtaining a Mineral Production Sharing
Agreement (MPSA) with the Philippine Government which the Company
envisages receiving by the end of August 2023.
MCB COPPER-GOLD PROJECT
The MCB Copper-Gold Project (MCB) is located in the Cordillera
Administrative Region in the Philippines, approximately 320km north
of Manila (Figure 1). It is the flagship project within the
Makilala portfolio which also contains other key prospects in the
pipeline for permit renewal/extension.
A maiden JORC Compliant Mineral Resource Estimate was declared
for the MCB Project in January 2021, comprising 313.8 million
tonnes @ 0.48% copper and 0.15g/t gold, for 1.5 million tonnes of
contained copper and 1.47 million ounces of gold, of which 290.3
million tonnes @ 0.48% copper and 0.15 g/t gold is classified as
Indicated and 23.5 million tonnes @ 0.48% copper and 0.10 g/t gold
is classified as Inferred.
An updated JORC compliant Mineral Resource Estimate was
announced for the MCB Project on 12 December 2022, comprising 338
million tonnes @ 0.47% copper and 0.12 g/t gold, for total of 1.6
million tonnes of contained copper and 1.3 million ounces of gold,
reported to a preferred lower cut-off grade of 0.2% copper.
A Study for the MCB Project was announced by CLA on 1 December
2021, which identified the potential for the development of a
copper-gold operation with a 25-year mine life. The Study was based
on an underground mining operation and processing facility to
produce a saleable copper-gold concentrate.
Highlights from the Study include a Post tax NPV (8%) of US$464m
and IRR of 31%, assuming a copper price of US$4.00/lb and gold
price of US$1,695/oz. Initial capital expenditure is estimated to
be US$253m with a payback period of approximately 2.7 years. The
designed mine production is matched to a 2.28Mtpa processing plant
which will treat ore with an estimated average grade of 1.14%
copper and 0.54g/t gold for the first 10 years of planned
production with a C1 0F [1] cash costs at just US$0.73/lb copper,
net of gold credits.
Figure 1. Location of the MCB Project in the province of
Kalinga, Northern Luzon, Philippines.
This announcement has been authorised by the Board of Directors
of Celsius Resources Limited.
Listing Rule 5.23 Disclosure
The Company confirms that it is not aware of any new information
or data that relates to Exploration Results and Mineral Resources
at the MCB Project and that all material assumptions and technical
parameters underpinning the Mineral Resource continue to apply. The
Company notes that, as disclosed in this announcement and in
previous announcements, a drilling program is currently underway at
the MCB Project the results of which will be incorporated into an
updated Mineral Resource in the future and that the current Scoping
Study may provide new assumptions and parameters for use in that
Mineral Resource.
Forward Looking Statements
Some of the statements appearing in this announcement may be in
the nature of forward-looking statements. You should be aware that
such statements are only predictions and are subject to inherent
risks and uncertainties. Those risks and uncertainties include
factors and risks specific to the industries in which the Company
operates and proposes to operate as well as general economic
conditions, prevailing exchange rates and interest rates and
conditions in the financial markets, among other things. Actual
events or results may differ materially from the events or results
expressed or implied in any forward-looking statement.
No forward-looking statement is a guarantee or representation as
to future performance or any other future matters, which will be
influenced by a number of factors and subject to various
uncertainties and contingencies, many of which will be outside the
Company's control.
The Company does not undertake any obligation to update publicly
or release any revisions to these forward-looking statements to
reflect events or circumstances after today's date or to reflect
the occurrence of unanticipated events. No representation or
warranty, express or implied, is made as to the fairness, accuracy,
completeness or correctness of the information, opinions or
conclusions contained in this announcement. To the maximum extent
permitted by law, none of the Company's Directors, employees,
advisors, or agents, nor any other person, accepts any liability
for any loss arising from the use of the information contained in
this announcement. You are cautioned not to place undue reliance on
any forward-looking statement. The forward-looking statements in
this announcement reflect views held only as at the date of this
announcement.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018.
Celsius Resources Contact Information
Level 5, 191 St. Georges Terrace
Perth WA 6000
PO Box 7059
Cloisters Square PO
Perth WA 6850
P: +61 2 8072 1400
E: info@celsiusresources.com.au
W: www.celsiusresources.com
Celsius Resources Limited
Peter Hume P: +61 2 8072 1400
E: info@celsiusresources.com.au
W: www.celsiusresources.com
Multiplier Media
(Australia Media Contact) M: +61 402 075 707
Jon Cuthbert E: jon.cuthbert@multiplier.com.au
Tavistock Communications
(UK Media and Investor Relations) +44 (0) 207 628 3396
Charles Vivian M: 0044 7977297903
E: charles.vivian@tavistock.co.uk
Tara Vivian-Neal M: 0044 7394408654
E: tara.vivian-neal@tavistock.co.uk
Beaumont Cornish Limited
(Nominated Adviser)
Roland Cornish/Felicity Geidt/Andrew
Price +44 (0) 207 628 3396
[1] C1 costs include all direct costs in mining, processing,
general and administration, and selling (including freight).
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