TORONTO, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Kerr Mines Inc. (TSX: KER, OTC: KERMF, FRA: 7AZ1) (“Kerr” or the “Company”) is pleased to announce results of advanced metallurgical testing for the Copperstone Mine located in Arizona, USA. In addition, the Company will be participating in the 2019 Prospectors and Developers Association of Canada (“PDAC”) annual conference.
Advanced Metallurgical Testing:
- Achieved 97% gold recovery and lower reagent consumption;
- Improved recoveries and lower reagent consumption are expected to significantly increase profitability life of mine;
- Milling cost reduction of US$2.00 to US$2.50 per ton compared to the previously published 2018 Preliminary Feasibility Study;
- Enables detailed design of the gold ore leach and dore production circuits;
- Compliments previously announced receipt of the state air permit modification which authorizes construction of the new gold ore leach and dore production circuits (see press release February 5, 2019).
|Parameter||2018 PFS Results||February 2019 Results|
|Gold recovery to dore||95%||97%|
|Gold Leach Cyanide Consumption||2.0 kg/tonne milled||1.5 to 2.0 kg/tonne milled|
|Reagent Consumption for Destruction of Residual Cyanide in Tailings||0.56 US$/tonne milled||0.77 to 0.99 US$/tonne milled|
|Carbon Consumption||0.5 kg/tonne milled||0.05 to 0.1 kg/tonne milled|
“These metallurgical testing results confirm and further enhance the economics of the Copperstone Mine, as previously published in 2018,” said Martin Kostuik, President. “Stronger gold recoveries and lower consumption costs will further increase profitability and returns for our stakeholders. As we continue to work towards mine life extension, these results will add considerable value to the Copperstone Mine. Having achieved this important milestone, we will strive to further de-risk and advance the Copperstone Mine towards production. ”
Sulfidization-Acidification-Recycle-Thickening (“SART”) Test Work:
- Test work complete and results pending;
- Purpose is to evaluate the economic viability of incorporating a SART circuit to the planned new gold ore leach processing plant.
- The SART circuit can further reduce operating costs by reducing reagent consumption and can add revenue through the recovery of copper from the gold ore.
About Kerr Mines Inc.
Kerr Mines is an Emerging American Gold Producer currently advancing the 100% owned, fully permitted past-producing Copperstone Mine project to production. Copperstone is a high-grade gold project located along a detachment fault mineral belt in mining-friendly Arizona. This gold project in Arizona demonstrates tremendous exploration potential targeting multi-million ounce prospects within a 4,775 hectare (11,800 acres) land package.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Jeffery Choquette, P.E. of Hard Rock Consulting, LLC., MMSA QP member, who is a “Qualified Person” as defined by NI 43-101 for this project.
*Kerr Mines National Instrument 43-101 Technical Report dated April 11, 2018: Preliminary Feasibility Study for the Copperstone Project, La Paz County, Arizona, USA
PDF Version of 43-101 technical report available: http://kerrmines.com/wp-content/uploads/KerrCopperstone_PFS_43-101.pdf
YouTube: Copperstone Gold Mine KER:TSX 3 min. Investor Tour Video
For further information contact:
Chief Executive Officer
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements, including current expectations on the timing of the commencement of production and the rate of production, if commenced. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations. Risks and uncertainties about Kerr Mines’ business are more fully discussed in the Company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Kerr Mines assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release and no stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.