Crew Development Corporation Commences Bankable Feasibility Study on the Mindoro Nickel Project.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--June 21, 2000 Study Includes Evaluation of Resource Expansion Potential and Head-Grade Enhancement for Mining Operation Crew Development Corporation ("Crew") (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CRU.) (Frankfurt:KNC KNC Knowledge Navigation Center KNC Kensey Nash Corporation KNC Kawan Ng Cordero (Philippines: Flock of Lamb) ) is pleased to announce that it has commenced the bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. for the 100% controlled Mindoro Nickel Project in the Philippines. As announced in March 2000, Crew has awarded the feasibility study contract to Kvaerner Philippines Construction Inc. (KPCI), the same company that completed the positive pre-feasibility study on the project in August 1998. It is Crew's objective to complete the study within 18 months, and subsequently secure a strategic partner for the development of this second generation high-pressure acid leaching (HPAL HPAL High Pressure Acid Leaching (ore processing) HPAL Health Physics Analysis Laboratory HPAL Handle to a Palette ) nickel laterite laterite Soil layer rich in iron oxide and sometimes aluminum, derived from a wide variety of rocks by leaching. It forms in tropical and subtropical regions where the climate is humid. project. The study will independently assess the project's ore resources, test the upgrading potential of the resource, develop mine plans and production schedules, and estimate capital and operating costs. With regard to the enhancement potential of the ore, a systematic testing program is being undertaken to quantify the head-grade from mining operations by removing waste rock from the in-situ resource. A resource expansion drilling program will also be conducted resource expansion drilling program will also be conducted simultaneously with a goal of doubling the current measured and indicated resources. The Environmental Impact Assessment (EIA (Electronic Industries Alliance, Arlington, VA, www.eia.org) A membership organization founded in 1924 as the Radio Manufacturing Association. It sets standards for consumer products and electronic components. ) study is being conducted by the international environmental consulting firm, Woodward-Clyde. KPCI will carry out the feasibility study in association with Kvaerner E & C Australia who will take a significant role in conducting and managing the study and specialised sub-contractors. Together these Kvaerner companies bring together significant world nickel laterite expertise and local in-country experience. Kvaerner has a strong track record in the laterite nickel industry, with the successful design and construction of the Cawse Nickel Project in Western Australia (achieved design capacity in April 2000). The Kvaerner project team has been associated with a significant number of nickel laterite projects and can draw on the company's extensive experience in this field. Kvaerner also has an impressive track record for engineering projects in the Philippines. A number of key sub-consultants have been appointed as follows: International Mining Consultants (IMC (Internet Mail Consortium, Santa Cruz, CA, www.imc.org) An industry trade association founded in 1996 by Paul Hoffman and Dave Crocker that promotes Internet e-mail standards and features. ) will independently assess the resource. IMC is an international group with extensive experience in defining and assessing geological modelling, ore reserves and mine planning for a wide range of nickel laterite ore bodies. Coffey Philippines International will carry out the geo-technical evaluation of the mine site, overland ore slurry pipeline and refinery sites. URS URS Yours URS Ultimate Roulette System URS Uniform Reporting System URS User Requirement(s) Specification URS Undergraduate Research Symposium URS Unified Registration Statement URS Undergraduate Research Scholars will carry out the design of the overland slurry pipeline and tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. disposal pipeline. URS has been associated with the design of numerous overland pipelines and has extensive experience in tailings disposal from most of the lines currently in use in the region. The Mindoro Nickel Project The Mindoro Nickel Project is located on Mindoro Island in the Philippines, approximately 200 km south of Manila. The nickel and cobalt bearing laterite deposit is located about 30 km from the coast in the central part of the island. Crew has defined total resources in the measured and indicated categories of 72.6 million dry metric tonnes (DMT See DSL. ) with an average "in-situ" grade (before upgrading) of 0.94% nickel and 0.06% cobalt, including 21.4 million DMT at 1.16% nickel and 0.06% cobalt. A significant portion of this higher-grade resource has up to 60% low-grade bedrock material, which when removed during the de-agglomeration of the ore should cause a substantial increase in the head-grade from mining. The global resources on the concession have been estimated in excess of 200 million DMT. Planned Operations Ore will be mined, de-agglomerated and upgraded at the mine site, and ore slurry will be pumped about 40 km by an overland pipeline to the refinery located at Pili Point on the coast. The HPAL process will be designed to produce approximately 40,000 tonnes of nickel briquettes and 3,000 tonnes of cobalt briquettes per year. A by-product by·prod·uct or by-prod·uct n. 1. Something produced in the making of something else. 2. A secondary result; a side effect. by-product Noun 1. of the process will be about 126,000 tonnes of fertiliser grade ammonium sulphate, which will enable the Mindoro Project to supply approximately 30% of the Philippines' annual consumption, all of which is currently imported. The project infrastructure will include a port, power station and accommodation village to support the operation. The highlights of the Kvaerner Metals pre-feasibility study based on life-of-mine averages and nickel at US$2.50/lb. and cobalt at US$10/lb. are as follows (does not include ammonium sulphate credits): Base Case NPV(10%) US$467 million Nickel 40,000 tpy IRR 39% Cobalt 3,050 tpy Capital Cost US$665 million Cash cos US$1.06/lb. Ni Life of Mine 20 Years (after Co credits) US$0.30/lb. Ni Current metal prices are approximately US$3.70/ lb. for nickel and US$15/lb. for cobalt. Corporate Overview Crew is a mid-tier diversified international mining company, based in Vancouver, Canada. The company controls six quality development projects and holds a 41% controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in seven profitable mines. Crew is active in Norway, Greenland, the Philippines and Africa. Crew has a demonstrated ability to discover new grassroots projects, advance projects to the development stage, and operate mines efficiently. Upon completion of a C$5 million private placement announced May 17, 2000, the company will have raised C$18 million since February 2000 from both existing and new shareholders. The company is debt free and is well positioned for further growth. The primary listing for Crew shares is the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSE) and since January 2000 has been listed on the Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. (OSE OSE - Open Systems Environment ). The company is also listed in Germany and in the US. Crew currently has about 3,500 private and institutional shareholders. John M. Darch, President and C.E.O. This News Release was prepared by the Board of Directors on behalf of Crew Development Corp. which is solely responsible for its contents. |
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