AVB - Long Awaited Ann released this morning ... Share price responding Strongly to the news.
The Company is pleased to report encouraging results from analysis of theAntas North high grade Copper Project (Stage I). The exercise forms part of the Feasibility Study and projects a mining operation with low technical risk, low costs and very attractive economics. This outcome is further complemented by the existing Trial Mining License which facilities a rapid development opportunity.
Ø? Avanco is pursuing development of it first 100% owned (Stage I) copper mine in the Carajas Province, Brazil. Ø? Independent review of key Feasibility Study areas is complete. Ø? The Study projects open pit mining of high grade ~3% Cu + 0.7gpt Au ore with a low strip ratio. Ø? Simple flotation plant with high recoveries, producing clean concentrates. Ø? Minimal infrastructure costs due to proximity of existing utilities. Ø? Early cash costs estimated to fall within 1st Quartile OPEX indices. Ø? Strong economic performance evident from high NPV to Capital Ratio. Ø? These positive outcomes justify continued study and progression to production as soon as possible. Ø? Existing Trial Mining License offers opportunity for accelerating the build programme. Ø? Responsibility for engineering, procurement and construction assigned to recently appointed Operations Director. Ø? Stage I is the Company’s most advanced project ahead of the much bigger Stage II – Pedra Branca Project.
