TIDMCLA
RNS Number : 8615N
Celsius Resources Limited
28 September 2023
ASX/AIM RELEASE
28 SEPTEMBER 2023
MCB Project receives DMPF approval
HIGHLIGHTS
-- Philippine Mines and Geosciences Bureau has issued the
approval of the Declaration of Mining Project Feasibility as the
last step in the permitting process towards the achievement of the
MCB Project's mining permit
_______________________________________________________________________________
Celsius Resources Limited (" CLA " or " Celsius ") (ASX, AIM:
CLA) is pleased to announce that its Philippine subsidiary,
Makilala Mining Company, Inc. (" MMCI or the " Company "), has
received approval of the Declaration of Mining Project Feasibility
("DMPF") for its flagship Maalinao-Caigutan-Biyog Copper-Gold
Project (" MCB " or the " Project ").
The DMPF is the written notice submitted by MMCI to the
Philippine Mines and Geosciences Bureau proclaiming the feasibility
of commercial utilisation of the minerals in the tenement area by
internationally accepted sound mining practices, socially
acceptable, environmentally safe, and economically sound methods as
specified in the Mining Project Feasibility Study and supported by
other requirements as prescribed in the Implementing Rules and
Regulations of the Philippine Mining Act[1].
In support of the DMPF application, Celsius has amongst other
requirements, received the approval of the MCB Project's Mining
Project Feasibility Study, Environmental Compliance Certificate,
Environmental Protection and Enhancement Program, Final Mine
Rehabilitation Plan, Social Development and Management Program, and
Care and Maintenance Program. (See CLA Announcements dated 3
January, 31 May, 18 July, and 15 August 2023).
The issuance of the DMPF enables the Company to move forward
with obtaining a Mineral Production Sharing Agreement (" MPSA ")
with the Philippine Government which would allow the Company to
develop and operate the MCB Project. The MPSA application has been
submitted and the Company envisages receiving the MPSA within the
coming weeks.
Celsius Executive Chairman Atty. Julito R. Sarmiento, said:
"This is one of the key final milestones in the MCB Project
permitting process. Following the approval, we are anticipating the
mining permit to be delivered within a short period of time. With
investors now showing genuine interest, we are hopeful to move the
MCB Project forward to development and operations so that we can
create value for shareholders and provide positive impacts for our
project stakeholders."
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 a total of 1.6
million tonnes of contained copper and 1.3 million ounces of gold,
of which 249 million tonnes @ 0.44% copper and 0.11 g/t gold is
classified as Indicated, 42 million tonnes @ 0.52% copper and 0.11
g/t gold is classified as Inferred, and 47 million tonnes @ 0.59%
copper and 0.19 g/t gold is classified as Measured.
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[2] 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.
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.
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.
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 P: +44 (0) 207 628 3396
Price
SPAngel (Broker)
John Meyer/Ewan Leggat/Harry
Davies-Ball P: +44 20 3470 0470
[1] See Section 30 of the Consolidated Department of Environment
and Natural Resources Administrative Order No. 2021-10, or the
Revised Implementing Rules and Regulations or RA 7942, otherwise
known as the Philippine Mining Act of 1995.
[2] C1 costs include all direct costs in mining, processing,
general and administration, and selling (including freight).
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