Vendetta Announces
Positive Preliminary Economic Assessment with Pre-Tax IRR of 31%
and NPV (8%) of $204M on Pegmont Lead-Zinc
Project
Vancouver, BC -- January 28, 2019 -- InvestorsHub
NewsWire -- Vendetta
Mining Corp. (VTT-TSX: V) (Vendetta or the
Company) is pleased to announce the results of an independent
Preliminary Economic Assessment (PEA) for its Pegmont Lead-Zinc
Project (the Project) in Queensland, Australia. The PEA was
prepared in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects (NI
43-101).
The PEA was developed by a team of independent
consultants, including
AMC Mining Consultants (Canada) Ltd., (AMC), GR
Engineering Services (GRES), and AARC Environmental Solutions
(AARC). Unless otherwise noted, all dollar figures reported are
Australian dollars.
Project
Economic Highlights:
- Mine Life 10 years
at 3,000 tonne per day open pit followed by
underground
- Long Term Consensus
Metal Prices: $0.94 /lb Lead, $1.09 /lb Zinc and $16.50 /oz
Silver
- US Dollar to
Australian Dollar exchange rate of 0.75
- Preproduction
Capital of $170M and Life of Mine Sustaining Capital of
$59M
- Pre-Tax NPV (8%)
$201M and IRR 32%
- After Tax NPV (8%)
$124 M and IRR 24%
- After tax payback
period 3.5 years
- Spot price case
after tax NPV (8%) $158 M and IRR
27%
- Spot price case
after tax payback period 3.0 years
- Average annual
production of 124M lbs of lead, 50M lbs of zinc and 298K ounces of
silver
- Life of mine all-in
sustaining Cash Cost (AISC) of $ 0.71 / lb payable lead in
concentrate (after credits)
- Average net smelter
return (NSR) 135 /t of ore
- Opportunities for
continued refinement through further mine plan optimization and
metallurgical test work
- There remain
significant Mineral Resources not included in the PEA mine plan,
which, with further drilling will potentially increase the mine
life or increase production rate
Michael
Williams, Vendetta’s President and CEO commented “The results
outlined in the PEA demonstrate a robust, stand-alone project. The
Project has been able to take advantage of Pegmont’s location in
the centre of well-developed infrastructure to deliver a pre-start
capital that makes this an achievable project to develop for an
aspiring junior miner. We are pleased with the strong results of
the PEA and intend to now move to add incremental tonnes that can
be brought into the mine plan, continue with early permitting work
and expand exploration efforts. In addition to extracting more
value out of the Project Vendetta will move forward with evaluating
value adding opportunities in the region. The PEA
demonstrates low risk economics and well-established mining and
milling techniques in a stable and supportive
jurisdiction.”
Project Technical and Financial
Details
Economic
Results and Sensitivities
Table 1
summarises the key economic inputs.
Base case metal prices and exchange rates are based on
institutional consensus pricing. Income and other taxes presented
in the PEA are preliminary, based on general Australian corporate
tax rates and do not reflect any tax planning
opportunities.
Table 1: Summary of
Key Economic Inputs and Results
|
|
Unit |
Base Case |
Spot Case1 |
Inputs |
Zinc
Price |
US$/lb |
$1.09 |
$1.18 |
Lead
Price |
US$/lb |
$0.94 |
$0.91 |
Silver Price |
US$/oz |
$16.50 |
$15.31 |
Discount Rate |
% |
8 |
8 |
Exchange Rate |
AUD/USD |
0.75 |
0.71 |
Payable Metal – Lead |
% |
95 |
95 |
Payable Metal – Zinc |
% |
85 |
85 |
Minimum Deduction – Lead |
% |
3 |
3 |
Minimum Deduction – Zinc |
% |
8 |
8 |
Australian Corporate Tax |
% |
30 |
30 |
Economics Pre-Tax |
NPV
at 8% |
$M |
201 |
249 |
IRR |
% |
31 |
37 |
Payback Period |
Years |
2.7 |
2.4 |
Economics After-Tax |
LOM
Cash Flows (Undiscounted) |
$M |
288 |
343 |
NPV
at 8% |
$M |
124 |
158 |
IRR |
% |
24 |
27 |
Payback Period |
Years |
3.5 |
3.0 |
LOM Payable Metal |
Lead |
M
lbs |
1,069 |
1,069 |
Zinc |
M
lbs |
317 |
317 |
Silver |
M
oz |
1.1 |
1.1 |
Costs |
Cash
cost2 |
$/lb
payable lead |
0.65 |
0.60 |
AISC
cost3 |
$/t
lb payable lead |
0.71 |
0.66 |
-
As of January
22, 2019, spot lead, zinc and silver prices are London Metal
Exchange cash buyer, and exchange rate is Reserve Bank of Australia
official rate.
-
Cash costs
include all operating costs, smelter, refining and transportation
charges, net of byproduct (zinc
and silver)
revenues.
-
All in
Sustaining Costs (AISC) include total cash costs and all sustaining
capital
expenditures.
As indicated
in Table 2, project cashflow and NPV are particularly sensitive to
changes in exchange rate and lead price, while relatively less
sensitive to changes in zinc price, operating and capital
expenditures. The table below shows the effect on the after-tax
economics of the Project of increasing or decreasing metal prices,
capital and operating costs and exchange rates against the
disclosed base case assumption.
Table 2: After-Tax
NPV (8%) Sensitivities
Input |
Input Factor |
85% |
90% |
95% |
100% |
105% |
110% |
115% |
Lead
Price ($US / lb) |
42.7 |
70.0 |
97.3 |
124.4 |
151.1 |
177.8 |
204.5 |
Zinc
Price ($US / lb) |
95.3 |
105.1 |
114.8 |
124.4 |
134.0 |
143.6 |
153.2 |
Capex (life of mine) |
145.9 |
138.7 |
131.6 |
124.4 |
117.1 |
109.7 |
102.2 |
Opex
(per tonne milled) |
174.9 |
158.1 |
141.2 |
124.4 |
107.4 |
90.2 |
73.1 |
Exchange Rate (US$:A$) |
234.7 |
197.9 |
161.2 |
124.4 |
87.1 |
49.5 |
12.0 |
Capital
and Operating Cost Estimates
Initial and Sustaining
Capital
GRES provided
capital estimates for all project infrastructure, mineral
processing, bore field, gas pipeline, camp, fuel storage, offices
and workshops. Equipment pricing was based on quotations and actual
equipment costs from recent similar GRES projects considered
representative of the Project. The capital estimate is deemed to be
of a level of accuracy consistent with industry standards for a
PEA. Underground sustaining capital, including decline access,
ventilation and electrical was estimated by AMC based on
benchmarked data.
Contingencies
were applied to the capital cost estimate as an allowance by
assessing the level of confidence in the engineering estimate basis
and vendor or contractor information.
Table 3: Initial and
Sustaining Capital
Area |
Initial
($M) |
Sustaining
($M) |
Total
($M) |
Site
Infrastructure (on and off site) |
39.6 |
1.2 |
40.8 |
Mineral Processing |
69.9 |
2.1 |
72.0 |
Mining (establishment and underground) |
18.3 |
37.0 |
55.3 |
Project Indirects (EPCM & Owner Costs) |
32.3 |
- |
32.3 |
Closure |
- |
14.5 |
14.5 |
Contingencies (mine, process &
infrastructure) |
10.3 |
3.9 |
14.2 |
TOTAL PROJECT |
170.3 |
58.7 |
229.0 |
Operating Costs
Operating costs
were estimated by GRES and AMC are summarised in Table
4
Table 4: Operating
Cost Summary
Area |
Units |
Cost |
Open
Pit Mining |
$/tonne mined |
$3.08 |
Underground Mining |
$/tonne mined |
$50 |
Processing |
$/tonne milled |
$26.30 |
Common Site G&A |
$/tonne milled |
$6.24 |
All-In OPEX |
$/tonne milled |
$74.30 |
Off-site Charges
Projected
Treatment Charges (TCs) and transport charges for the lead and zinc
concentrates were provided to AMC by Ocean Partners, specialist
consultants and traders in base metal
concentrates.
Off-site charges
include concentrate transport to smelters, located in Mt Isa (Lead)
and Townsville (Zinc), treatment and refining charges and potential
penalties as shown in the Table 5 below.
Table 5: Off-Site
Cost Summary
Off-site
Charges |
Units |
Lead
Concentrate |
Zinc
Concentrate |
Transport to
Smelter |
$/wmt conc. |
$50 |
$100.58 |
Smelter Treatment
Charge |
US$/dmt
conc. |
$165 |
$181 |
Silver
Refining |
US$/oz |
$0.80 |
$0.80 |
Minimum
Deduction |
units |
3 |
8 |
Lead in Zinc
Concentrate |
US$/dmt
conc. |
- |
$2/1% lead >
3.5% |
Chloride (Cl) +
Fluorine (F) Penalty |
US$/dmt
conc. |
$2/100 ppm
Cl+F
> 500 ppm |
- |
Iron (F)
Penalty |
US$/dmt
conc. |
- |
$1.50/1% iron
>9% |
Note wmt: wet metric tonne, dmt: dry metric
tonne
Mineral
Resource Update
The basis for
the PEA is the Mineral Resource estimate completed by AMC. The
Company reported details of the Mineral Resource update in a news
release dated August 9, 2018. Table 6 summarises the current
Mineral Resource, including those Mineral Resources that were not
included in the PEA mining inventory. Full details of the Mineral
Resource estimate are detailed in the Technical
Report.
The Company
continued to drill subsequent to the effective date. Results from
these additional holes and future planned programs will be used in
future updates to the Mineral Resource. Assay results have been
released and will be described in the Technical
Report.
Table 6: 2018
Mineral Resource Estimate, as of July 31, 2018 (see notes for
details)
Classification |
Material
type |
Tonnes (kt) |
Pb (%) |
Zn (%) |
Ag (g/t) |
Indicated |
Transition |
1,111 |
4.9 |
2.3 |
8 |
Sulphide |
4,647 |
6.9 |
2.6 |
12 |
Total |
5,758 |
6.5 |
2.6 |
11 |
Inferred |
Transition |
1,829 |
5.2 |
2.0 |
7 |
Sulphide |
6,447 |
5.1 |
3.1 |
9 |
Total |
8,277 |
5.1 |
2.8 |
8 |
1.
CIM Definition Standards (2014) were used to report the Mineral
Resources.
2.
Cut-off grade applied to the open pit Mineral Resources is 3% Pb+Zn
and that applied to the underground is 5%
Pb+Zn.
3.
Based on the following metal prices: US$0.95/lb for Pb, US$1.05/lb
for Zn, and US$16.5/oz for
silver.
4.
Exchange rate of US$0.75 :
A$1.0
5.
Metallurgical recoveries vary by zone and material type as
follows:
- Lead to lead
concentrate: from 80.6% to 91.3% for transition and 88.0% to 92.7%
for sulphide.
- Zinc to zinc
concentrate: from 19.3% to 75.2% for transition and 61.8% to 78.5%
for sulphide.
6.
Using drilling results up to April 15,
2018.
7.
Mineral Resource tonnages have been rounded to reflect the accuracy
of the estimate, and numbers may not add due to
rounding.
Mine
Planning
AMC utilized the
Geovia Whittle™ pit optimization process to define ultimate pit
limits. The mine scheduling package Minemax was then used to target
the most economic ore early in the mine life with constraints
applied for the timing of in-pit tailings
storage.
The open pit has
been designed to be a conventional contractor truck-and-shovel
operation. Average open pit mining recovery and dilution applied
were 95% and 5% respectively. Material is delivered by haul truck
to a run of mine (ROM) pad to be loaded into the primary crusher,
with discharge from the crusher conveyed to a coarse stockpile
adjacent to the mill.
Mining commences
in the Burke Hinge Zone pit (BHZ), a satellite pit to the main
zones which allows for 410 kt of sulphide and 80 kt of transition
plant feed to be stockpiled on the ROM pad for start of processing.
Mining then moves to another separate pit, Main 1, followed by Main
2 and a pushback into Main 3 to complete the locations for life of
mine in-pit tailing storage. The largest pit has four stages (Main
4 to 7).
The open pit
contractor mining fleet includes 90 t class trucks, loaded by 200 t
diesel-hydraulic shovels. Drill and blast will be undertaken with
track mounted drill rigs drilling 150 mm holes. Explosives are
planned as down hole service by an explosives supplier. Haul roads
are designed to be 23 m wide to allow for two-way traffic at a
maximum gradient of 10%. Where possible waste is also placed onto
in-pit dumps to reduce overall costs.
Over the mine
life, a total of 8.9 Mt of material is sent to the mill from the
open pits and a total waste movement of 110.8 Mt, for a life of
mine strip ratio of 12.5:1. Figure 1 illustrates a plan view of the
open pit areas.
The underground
areas were assessed by comparing open pit value to the value
generated using the DatamineTM Mine Shape Optimizer
(MSO) software. The combined value at each depth then determines
the maximum value. The underground Mineral Resources are primarily
flat dipping (23° to 30°) and vary in thickness across each zone (3
m to 12 m), lending themselves to room and pillar mining. The more
steeply dipping portions of Zone 3 are suitable for long hole open
stoping. Three separate areas could be optimally mined from
underground; one directly beneath the main pit (Zone 3A) and one to
the side of the main pit (Zone 3B), and the Bridge
Zone.
A minimum 20 m
crown pillar is left between the pit and stopes. For room and
pillar extraction AMC has applied a dilution factor of 10% at zero
grade to the Mineral Resource and a mining recovery factor of 86%
has been applied to the stopes. For long hole mining AMC has
applied a dilution factor of 12% at zero grade to the Mineral
Resource and a mining recovery factor of 95% to the stopes. Long
hole stopes are backfilled with waste rock.
Contractor
mining using trackless diesel loaders and trucks and
diesel-electric drilling equipment is planned. Declines provide
fresh air intake, with each panel having a ventilation shaft fitted
with a primary exhaust fan on surface.
Figure 2 shows
the underground panels in relation to the open pit
stages.
Open pit mining
accounts for 84% or 8.9 Mt and underground for 16% or 1.7 Mt of the
total 10.6 Mt of material processed.
The Mineral
Resource used for the PEA mine design does not include any of the
Zone 5 resource which is included in the Mineral Resources above
(Table 6). Screening work indicated that this zone needs to be
expanded to arrive at a potential extraction strategy, with the
possibility that these resources may ultimately be brought into a
future mining plan.
Figure 1: Open Pit
Areas
Figure 2:
Underground Mining Areas, view looking
west
Processing
Two
metallurgical test work programs have been conducted on samples
from Pegmont, as reported by the Company on March 6, 2017 and March
5, 2018, and summarised in Table 7. The later test work being more
detailed locked cycle test work on the zones forming the basis of
the mining inventory of the PEA, and were used as the basis for
developing the process design criteria for the
PEA.
Table 7: Recoveries
and concentrate grades by Zone mined in the
PEA
Zone |
Test Type |
Bond Ball Mill Work Index
kWh/t |
Lead
Concentrate |
Zinc
Concentrate |
Pb Recovery
% |
Pb
Grade % |
Zn Recovery
% |
Zn Grade % |
Sulphide |
Zone 1 |
Locked Cycle |
18.4 |
91.8 |
66.3 |
75.5 |
54.5 |
Zone 2 |
Locked Cycle |
20.9 |
90.8 |
67.8 |
71.3 |
54.9 |
Zone 3 |
Locked Cycle |
20.1 |
89.7 |
68.2 |
73.7 |
54.8 |
Bridge Zone |
Locked Cycle |
19.1 |
92.7 |
68.0 |
70.4 |
52.3 |
BHZ |
Locked Cycle |
16.6 |
91.5 |
70.6 |
61.8 |
50.7 |
Transition |
Zone 1 |
Locked Cycle |
- |
91.3 |
72.5 |
75.2 |
53.3 |
BHZ |
Open Cycle |
- |
80.6 |
57.0 |
19.3 |
48.9 |
|
|
|
|
|
|
|
|
The process
plant operating costs were developed by GRES based on a design
processing rate of 3,000 tonnes per day of material for the
flotation plant. The plant will normally operate 24 hours/day, 365
days/year.
A conventional
sequential flotation circuit has been selected for the recovery of
the lead and zinc minerals from the Pegmont
deposit.
The process
plant shall consist of a conventional three stage crushing and a
single stage ball mill grinding circuit, followed by differential
flotation of the lead and zinc minerals to produce separate
saleable lead and zinc concentrates. The concentrates from the lead
and zinc flotation circuits will be thickened and subsequently
filtered on site for road transport to off-site
smelters.
The lead
concentrate will be transported by road to the Mt Isa, while the
zinc concentrate will be transported by road to a rail siding
located at the nearby town of Malbon, and then transported by rail
to Townsville, Queensland. The containerised transport of
concentrate and rail loading infrastructure will allow the
transport lead and / or zinc concentrate to alternative smelters
out of the port of Townsville if commercially more advantageous to
do so.
Tailings from
the flotation plant will be thickened to approximately 53% solids
by weight. Water recovered in the tailings thickener will be
recycled to the process plant. Tails will be disposed of in mined
out open pits.
Figure 3: View of
the processing plant layout, looking
east
Broken Hill type
deposits typically have iron in the zinc concentrate, attracting a
penalty when present at over 9%. Iron in zinc concentrate ranges
from 5.5% to 11.0% in the zones at Pegmont. Fluorine + chlorine
attract a penalty in the lead concentrate over 500 ppm, this is
below detection limits for standard geochemical analysis for
fluorine, precise fluorine analysis is pending for most of the PEA
mine plan, precise fluorine assayed 50 ppm and 147 ppm in BHZ
transition and sulphide respectively. In the absence of precise
fluorine analysis in the other zones flouring levels of 500 ppm
were assumed. Cadmium is present in the zinc concentrates at levels
of between 2740 ppm and 3830 ppm in the PEA mine plan, it attracts
a penalty over 4000 ppm, hence no penalty is
applied.
Figure 4: Production
Summary
Infrastructure
Access
Road access to
the Project is via public roads from the Selwyn Toolebuc Road,
approximately 130 km south-southeast of
Cloncurry.
The PEA includes
developing a 10.5 km all-weather unsealed road, 3.2 km of which is
new and includes a crossing of Sandy Creek from the Selwyn Toolebuc
Road to the plant which then continues onto the accommodation
village.
The Project will
be a fly in – fly out operation, with flights from Townsville to
the existing Osborne Airport, a fully sealed all weather airport,
capable of servicing jet powered aircraft, currently servicing
Chinova’s Osborne operations. These locations are shown on a map in
Figure 5.
Power
Located
approximately 16 km to the south of the Project is a high-pressure
natural gas pipeline, the “Cannington Lateral”, which provides gas
to the Osborne and Cannington Mine sites. The line runs from the
main north south line supplying Mt Isa. A 16 km long spur line is
planned to supply Pegmont with natural gas for power
generation.
Electrical power
for the operation will be gas fired generator sets, estimated to be
an average load of 6.1 MW for the processing plant and
associated services, and excludes the future underground mining
requirement. Electrical power will be generated by gas fired
generator sets, each rated at 2,500 kW at full load and
expected to run at 80% load and 2000 kW each. Including mining and
camp demand power, nominally four sets will be required to be
running with five sets installed for demand and standby
application.
Process
Water
Process water
shall comprise recovered water from the tailings thickener, return
water from the tailings storage facility and topped up by raw water
from a borefield. Both Osborne and Cannington Mines obtain process
water from borefields located in the Great Artesian Basin. The PEA
contemplates constructing a borefield comprising five bores sunk in
the Great Australian Artesian Basin, reporting to a transfer tank,
and then be pumped via a 27 km long pipe line and stored in a 1,000
m3 raw water tank located adjacent to the process water
pond. No specific groundwater investigation for process water was
performed for the PEA.
Airstrip,
Camp and Services
During
construction rooms at the existing 300-person Osborne camp will be
rented from Chinova. A new 204-person accommodation village will be
built to the north of the Project and shielded from both noise and
light by a series of local hills. The village is located
approximately 2 km from the processing plant, providing ease of
access for personnel.
Communications
to the Project is planned to be provided by a installing a spur
(approximately 16.6 km long) of the existing Telstra Fibre optic
cable which runs in parallel to the high-pressure gas line, offset
by 150 m.
Potable water
will be generated onsite from the raw water supply via a reverse
osmosis plant before being pumped to the plant and mining amenities
as well as the accommodation village.
Separate
packaged sewerage treatment system will be installed to treat both
the accommodation village and the processing plant/mining
demands.
Diesel fuel
for light vehicles and the mining fleet is stored in self bunded
modular tanks.
Figure 5: Map of
Local Area Infrastructure
Closure
Planning
The Project will
remove and stockpile topsoil from mining and infrastructure areas
for use in reclamation work. Waste dumps, including in-pit dumps
above pit lake water level, will be re-sloped and topsoil spread
prior to revegetation. In-pit tails areas, once stable will be
capped with waste rock, sloped to shed water off the tails area,
and topsoil spread prior to revegetation. A closure bund will be
placed around the pits.
Opportunities for Project
Enhancement
Additional
optimization studies are anticipated to improve the overall
economics. Specific areas of advancement include;
- Geostatistical review of the
Mineral Resource estimate, investigating grade envelope
definition
- Further infill drilling with
diamond core
- Additional metallurgical
test work to advance optimisation of recovery, including
variability test work
- Investigate post primary
crusher material sorting
- Investigate flash flotation
of lead and optimal grinding size to improve zinc
floatation
- Reduce reagent and collector
dosages to reduce mill OPEX
- Mining; waste dump
placement, scheduling of open pit and underground interaction, more
detailed underground mine planning
Permitting
The Pegmont
Project will be subject to federal, state and local regulatory
requirements. A new mining license covering parts of the existing
exploration permit will be required, at the same time application
for an infrastructure mining licences over the bore field pipeline,
gas pipeline corridor will be made. The applications trigger a
Right to Negotiate process with the Native Title party and
landholder compensation negotiations. ARC Environmental Solutions
have undertaken flora and fauna base line surveys over parts of the
Project located on the exploration permit and the mining licences,
indicating no threatened flora or fauna species are present.
Baseline flora and fauna surveys will need to be expanded to
include the infrastructure corridor containing the bore field water
and gas pipelines, and the fibre optic telecommunication cable.
Other baseline surveys and cultural heritage surveys over the
Project area will be required.
Project
development requires the existing Environmental Authority will be
amended by way of an Environmental Impact Assessment (EIA),
describing the Project design, baseline results and potential
impacts.
About
Preliminary Economic
Assessments
While the
results of the PEA are highly encouraging, by definition a PEA is
considered preliminary in nature and includes Mineral Resources,
including inferred Mineral Resources that are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as Mineral
Reserves. Mineral Resources that are not Mineral Reserves have not
yet demonstrated economic viability. Due to the uncertainty that
may be attached to Mineral Resources, it cannot be assumed that all
or any part of a Mineral Resource will be upgraded to Mineral
Reserves. Therefore, there is no certainty that the results
concluded in the PEA will be realized.
About
Vendetta Mining Corp.
Vendetta Mining
Corp. is a Canadian junior exploration company focused on advanced
stage exploration and development at the Pegmont Lead Zinc Project
in Australia. Vendetta has an option to acquire a 100% interest by
completing certain work requirements and making option and advance
royalty payments. Additional information on the Company can be
found at www.vendettaminingcorp.com
Qualified
Persons and Technical
Report
Peter Voulgaris,
MAIG, MAusIMM, a Director of Vendetta, is a non-independent
Qualified Person as defined by NI 43-101, who participated in the
preparation of the Mineral Resource update and PEA. Mr. Voulgaris
has reviewed the technical content of this press release, and
consents to the information provided in the form and context in
which it appears.
The following
Qualified Persons, under the terms of National Instrument 43-101,
participated in the preparation of the Technical Report and have
reviewed the technical content of this press release for the
Pegmont Project and consent to the information provided in the form
and context in which it appears.
Geology and
Mineral Resource
John Morton
Shannon, P.Geo., Principal Geologist at AMC Mining Consultants
(Canada) Ltd., is an independent qualified person, as defined in NI
43-101.
Dinara
Nussipakynova, P.Geo., Principal Geologist at AMC Mining
Consultants (Canada) Ltd., is an independent qualified person, as
defined in NI 43-101.
Mining
Philippe Lebleu
P.Eng., Principal Mining Engineer at AMC Mining Consultants
(Canada) Ltd., is an independent qualified person, as defined in NI
43-101.
Gary Methven
P.Eng., Principal Mining Engineer at AMC Mining Consultants
(Canada) Ltd., is an independent qualified person, as defined in NI
43-101.
Infrastructure, Metallurgy and Mineral
Processing
Brendan
Mulvihill, MAusIMM CP (Met), Senior Process Engineer at GR
Engineering Services, is an independent qualified person, as
defined in NI 43-101.
A Technical
Report titled “Pegmont Project Mineral Resource Update and
Preliminary Economic Assessment” prepared in accordance with
National Instrument 43-101 Standards for Disclosure for Mineral
Projects (“NI 43-101”) will be filed on SEDAR within 45 days of
this news release. For the final full details and further
information with respect to the key assumptions, parameters, and
risks associated with the results of the PEA, the Mineral Resource
estimates included therein, and other technical information, please
refer to the complete Technical Report to be made available on
SEDAR.
ON
BEHALF OF THE BOARD OF DIRECTORS
“Michael
Williams”
Michael
Williams
President &
CEO
Forward
Looking Information
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this
release.
This release includes certain
statements that may be deemed to be “forwardlooking statements”
within the meaning of the applicable Canadian Securities laws. All
statements in this release, other than statements of historical
facts are forward looking statements, including the anticipated
time and capital schedule to production; estimated project
economics, including but not limited to, mill recoveries, payable
metals produced, production rates, payback time, capital and
operating and other costs, IRR and mine plan; expected upside from
additional exploration; expected capital requirements; and other
future events or developments. Forward-looking statements include
statements that are predictive in nature, are reliant on future
events or conditions, Forwardlooking statements are often, but not
always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect”, “may",
"will", "project", "predict", "potential", "targeting”, “intend",
"could", "might", "should", "believe” and similar
expressions.
These statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forwardlooking statements. Although the
Company believes the expectations expressed in such forwardlooking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the forwardlooking
statements. Factors that could cause actual results to differ
materially from those in forwardlooking statements include, but are
not limited to, changes in commodities prices; changes in expected
mineral production performance; unexpected increases in capital
costs; exploitation and exploration results; continued availability
of capital and financing; differing results and recommendations in
the Feasibility Study; and general economic, market or business
conditions. In addition, forwardlooking statements are subject to
various risks, including but not limited to operational risk;
political risk; currency risk; capital cost inflation risk; that
data is incomplete or inaccurate; the limitations and assumptions
within drilling, engineering and socioeconomic studies relied upon
in preparing the PEA; and market risks. The reader is referred to
the Company’s filings with the Canadian securities regulators for
disclosure regarding these and other risk factors, accessible
through Vendetta Mining’s profile at
www.sedar.com
There is no certainty that any
forwardlooking statement will come to pass and investors should not
place undue reliance upon forwardlooking statements. The Company
does not undertake to provide updates to any of the forwardlooking
statements in this release, except as required by
law.
This news release presents certain
financial performance measures, including all in sustaining costs
(AISC), cash cost and total cash cost that are not recognized
measures under IFRS. This data may not be comparable to data
presented by other silver producers. The Company believes that
these generally accepted industry measures are realistic indicators
of operating performance and are useful in allowing comparisons
between periods. NonGAAP financial performance measures should be
considered together with other data prepared in accordance with
IFRS. This news release contains nonGAAP financial performance
measure information for a project under development incorporating
information that will vary over time as the project is developed
and mined. It is therefore not practicable to reconcile these
forwardlooking nonGAAP financial performance
measures.
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