Correction from Source Pan American Plans Feasibility Study on San Antonio Copper Project and Announces Proposed Financing -- The Complete and Correct version follows.TORONTO--(BUSINESS WIRE)--Aug. 15, 1996--Based on the results of recently completed reserve definition drilling on its San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. oxide copper project, Pan American Resources Inc. plans to proceed with 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. in anticipation of a production decision in early 1997. The proposed mining project will be a 100 metre deep, 5,000 tonne per day open pit, with heap leach pads and solvent extraction Solvent extraction A technique, also called liquid extraction, for separating the components of a liquid solution. This technique depends upon the selective dissolving of one or more constituents of the solution into a suitable immiscible liquid solvent. and electrowinning of copper (Cu). The final product at the mine will be cathode copper. Preliminary metallurgical testwork has indicated over 80 percent metal recovery. The copper oxide Noun 1. copper oxide - an oxide of copper oxide - any compound of oxygen with another element or a radical mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. is contained within the San Antonio vein system. A preliminary estimate indicates in-place, mineable, open pit reserves of 6.7 million tonnes grading 0.5 percent Cu along a strike length 1,000 metres to a depth of 100 metres. Operating costs on similar projects of this type in Chile are in the order of US$ 0.60 per pound of recovered copper. At a production rate of 5,000 tonnes per day the operation would produce 7,300 tonnes (16 million pounds) of cathode copper per year for a pretax operating cashflow of US$ 6.4 million per year (cathode Cu price US$ 1.00/pound). Exploration drilling on the Forrestal and Cruzeta veins has confirmed the potential for significant additional reserves of oxide mineralization. Geologically inferred reserves in the Forrestal and Cruzeta oxide zones are estimated to be 6 million tonnes of at least 0.5 percent Cu. There is also a large copper oxide zone in the northern part of the property related to a copper bearing porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. intrusive. This zone will be drill-tested in the future. The Company also announces that it has retained Griffiths McBurney & Partners as its agent in connection with the proposed private placement, subject to regulatory approval, of up to 6,857,142 units at a price of $ 1.75 per unit for gross proceeds of up to $12,000,000. Each unit will be comprised of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the Company during a two year period from closing at an exercise price of $2.00 per share. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from this offering will be used by the Company for exploration and development expenses, as well as land acquisition, royalty and option payments, on its mineral properties in Chile. CONTACT: Pan American Resources Inc. Ken Webb, 416/867-8829 |
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