Gibraltar Reports Lomas Bayas Mineable Reserve and Significantly Increased Geologic Resource.WILLIAMS LAKE Williams Lake is the name of several places: Canada
TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , VSE See DOS/VSE. VSE - Virtual Storage Extended :GBM GBM 1 Glioblastoma multiforme, see there 2. Glomerular basement membrane ) Gibraltar Mines Limited today announced the mineable reserve for it's 100 percent owned Lomas Bayas property located 110 kilometres from Antofagasta in Northern Chile. Total proven and probable mineable reserves at a breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations run-of-mine leach cutoff of 0.08 percent copper are 283.7 million tonnes grading 0.364 percent copper. The waste to ore ratio for this reserve is 0.40 to 1. The reserves are made up of 131.0 million tonnes of heap leach material (above 0.27 percent copper) grading .533 percent copper and 152.7 million tonnes of run-of-mine leach material averaging 0.219 percent copper. Total contained copper in the mineable reserve is 2.28 billion pounds, up from 1.74 billion pounds in the acquisition study resource announced in November, 1994. Run-of-mine leach material carries only its direct costs, resulting in the low cutoff grade of 0.08 percent copper. The Lomas Bayas East geologic resource of 133.5 million tonnes grading 0.275 percent copper has been recalculated taking into account additional geological and geostatistical information from the adjacent Lomas Bayas reserve. The geologic resource within, around, and below the smoothed pit totals an additional 369.5 million tonnes grading 0.285 percent copper or 2.32 billion pounds of copper resource not previously reported. Total geologic resources in and around the Lomas Bayas pit, in the Lomas Bayas East area and in the Fortuna de Cobre property, under option to Gibraltar, total 741 million tonnes at 0.30 percent copper. This represents an additional 4.90 billion pounds of contained copper. Total contained copper in the Lomas Bayas mining reserve and surrounding geologic resource is 7.17 billion pounds. A summary of the mineable reserve and geologic resources is shown below - 266 Oliver Street, Williams Lake, B.C., V2G V2G Video to Go V2G Vehicle to Grid 1M1 (Tel) (604) 398-6211 (Fax) (604) 398-8671 -0-
CONTAINED
CATEGORY CUTOFF TONNES GRADE COPPER
(Percent Cu) (Millions) (percent (Billion
Cu) Pounds)
MINEABLE RESERVE Heap Leach Ore 0.27 131.0 0.533 1.539 Run-of-mine Leach Ore 0.08-0.27 152.7 0.219 .737 _____________________________________________________________ Total Mineable Reserves 0.08 283.7 0.364 2.277 _____________________________________________________________ (Strip ratio = 0.40:1) ADDITIONAL GEOLOGIC RESOURCE Within Mineable Pit 0.08 69.4 0.254 0.388 Around/Below Lomas Pit 0.20 369.5 0.285 2.322 Lomas Bayas East 0.20 133.5 0.275 0.809 Fortuna de Cobre 0.20 168.8 0.370 1.377 _____________________________________________________________ TOTAL GEOLOGIC RESOURCE 741.2 0.300 4.896 _____________________________________________________________ MINEABLE RESERVE PLUS GEOLOGIC RESOURCE 1,024.9 0.317 7.173 _____________________________________________________________ Due to the lack of metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. testing on drilling done in the areas outside the pit a higher cutoff grade of 0.20 percent Cu was used for the resource determination. Gibraltar's President and Chief Executive Officer, Bill Myckatyn said, "The proving up of a significant reserve together with the excellent potential for additional reserves continues to improve our confidence that Lomas Bayas is a mine. While the average ore grades are lower than other Chilean deposits, the rapid leach kinetics kinetics: see dynamics. Kinetics (classical mechanics) That part of classical mechanics which deals with the relation between the motions of material bodies and the forces acting upon them. and very low strip ratio will enable favourable operating costs operating costs npl → gastos mpl operacionales to be achieved. These costs will be determined within the 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. which is on schedule for completion in the fourth quarter of this year. Preliminary discussions with potential lenders have commenced. The timetable for development should be more clearly known by the end of the year." Gibraltar is an intermediate sized copper producer which owns and operates an open pit copper mine at McLeese Lake in central British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography and owns the Lomas Bayas oxide copper deposit in northern Chile. The Company's strategic plan is to become an independent, growth-oriented mining company and it is moving from a one-mine operation to become a geographically-diverse, low cost, multi-mine operator. The Company has assembled a multifaceted mul·ti·fac·et·ed adj. Having many facets or aspects. See Synonyms at versatile. Adj. 1. multifaceted - having many aspects; "a many-sided subject"; "a multifaceted undertaking"; "multifarious interests"; "the multifarious senior management team with international experience to implement this strategic plan. CONTACT: Gibraltar Mines Limited Bill Myckatyn/Paul Sweeney, 604/398-6211 |
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