Calliope Metals - Kvaerner Davy detailed engineering study demonstrates enhanced project throughput and economics.VANCOUVER, British Columbia--(BUSINESS WIRE)--June 11, 1997--Calliope Metals Corp. (VSE See DOS/VSE. VSE - Virtual Storage Extended :CYO., AUSTRALIA STOCK EXCHANGE CIO CIO: see American Federation of Labor and Congress of Industrial Organizations. (Chief Information Officer) The executive officer in charge of information processing in an organization. ) is pleased to summarize the results of detailed engineering cost studies received from Kvaerner Davy Pty Ltd relating to Calliope's proposed Nickel/Cobalt refinery to be sited at Gladstone, Queensland Australia. Kvaerner Davy's study, to an engineering accuracy of +/- 15 percent, demonstrate significant improvements in project throughput and economics in a number of key areas as compared with Kvaerner Davy's pre-feasibility study provided to Calliope calliope, in music calliope, in music, an instrument also called steam organ or steam piano in which steam is forced through a series of whistles controlled by a keyboard. in October 1996. Key areas of improvement reported by Kvaerner Davy include: - an increase in plant throughput which will result in a 7 percent increase in annual nickel production from 18,740 tonnes to 20,050 tonnes and a 5.8 percent increase in cobalt production from 1,890 tonnes to 2,000 tonnes. - a 4.7 percent reduction in unit operating costs to mixed sulphide product (after cobalt credits) from US$1.29 per lb. nickel to US$1.23 per lb. nickel. - a 6.7 percent increase in the project net present value (after tax, unleveraged) from A$150 million to A$160 million. - a 10.84 percent increase to the annual cash operating surplus from A$83 million to A$92 million per year. - These improvements have been realized with only a modest 4 percent increase to the project capital cost from A$316 million to A$329 million, with a A$26 million contingency. The Calliope technical staff have identified a number of opportunities to further optimize project economics. These include recovery and sale of chromite chromite (krō`mīt), dark brown to black mineral. It is an iron-chromium oxide, FeCr2O4, with traces of magnesium and aluminum. at the front end of the treatment plant and use of neutralized tailings for landfill. Calliope will vigorously pursue these and other optimization strategies concurrent with finalization of the bankable feasibility study. Calliope is undertaking a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. into the development of a nickel/cobalt processing facility near Gladstone using pressure acid leach technology under license from Sherritt International Corporation to process lateritic nickel/cobalt ore transported from New Caledonia. The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has neither approved nor disapproved the contents of this News Release. CONTACT: Calliope Metals Corporation James W. Prier pri·er also pry·er n. One who pries, especially a person who is unduly interested in the affairs of others. , 604/ 689-9188 or Calliope Metals Corporation Gavin Becker, 011/61-7-3220-0023 |
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