Post by Franko10 ™ on Apr 4, 2006 7:33:07 GMT -5
Blue Note Files 43-101 Report on Caribou and Restigouche Mines
08:30 EDT Tuesday, April 04, 2006
Micon International Report shows reopening viable
Shares Outstanding: 13.6 Million
Symbol & Exchange: BNT-TSXV
MONTREAL, April 4 /CNW/ - Blue Note Metals Inc. reports that it has filed the "Technical Report on the Business Plan for the Acquisition and Re-opening of the Caribou and Restigouche Mines". This report, which is 43-101 compliant, was prepared by Micon International Limited (Micon) of Toronto, Ontario. The report is available at www.sedar.com.
Micon's pre-feasibility report illustrates that, with a capital outlay of C$47.45 million (in 2005 terms, including working capital of C$8.95 million), the mine and processing facilities can be reopened and operate for a period of five years based on proven and probable reserves.
Based on the following life-of-mine average prices; zinc US$0.65/lb, lead US$0.38 per pound and US$7.00 a troy ounce silver, Micon estimates the project can generate life-of-mine net cash flow of $44.7 million after tax (100% equity basis), yielding an IRR of 28.7% and a NPV (10%) of $19.9 million.
Based on the proven and probable mineral reserves at Caribou and Restigouche given below, the project will produce over 476 million pounds of zinc, 223 million pounds of lead and 5 million ounces of silver over its five year mine life. The metallurgical recovery rates are 79.9% for zinc and 64.5% for lead produced.
The proven and probable reserves given in Micon's report are classified as follows:
<<
-------------------------------------------------------------------------
Caribou Restigouche
------------------------------------------------------------------
Tonnes Zinc Lead Silver Tonnes Zinc Lead Silver
(000) % % g/t (000) % % g/t
-------------------------------------------------------------------------
Proven 2,495 6.75 3.04 84 838 6.48 4.98 113
Probable 1,095 6.29 2.44 75 495 6.61 5.17 77
-------------------------------------------------------------------------
Total 3,590 6.61 2.86 81 1,333 6.53 5.05 100
-------------------------------------------------------------------------
-------------------------------------------------------------------------
----------------------------------------
Total
---------------------------------
Tonnes Zinc Lead Silver
(000) % % g/t
----------------------------------------
Proven 3,333 6.68 3.53 91
Probable 1,590 6.39 3.29 76
----------------------------------------
Total 4,923 6.59 3.45 86
----------------------------------------
----------------------------------------
Micon's report goes on to state that potential exists to extend this five year period by firming up and expanding on the inferred resource at Caribou which is estimated to be 3,944,000 tonnes grading 7.36% zinc, 3.59% lead, and 107 g/t silver. A preliminary assessment suggests that the project life could be extended to nine years if all the inferred resource can be converted to measured and indicated resources. However, it should be noted that inferred resources are too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as mineral reserves, and that there is no certainty that the outcome of any preliminary assessment will be realized.
Subject to the availability of the required financing and the completion of the definitive purchase agreement with Breakwater, Blue Note Metals intends to proceed with the mine dewatering, the detail engineering and construction of the concentrator and the environmental projects, reconditioning and refurbishing of the mines and related infrastructure.
To see the complete report please go to www.sedar.com and look under Blue Note Metals public documents.
The Qualified Persons responsible for the report are Christopher Jacobs MIMMM C.Eng (Micon); David W. Hendriks, P. Eng. (independent consultant); William J. Lewis, B.Sc., P.Geo. (Micon); Carl Pelletier, B.Sc., P.Geo. (InnovExplo Inc.) and Peter E. Pheeney, P.Eng. (Jacques Whitford).
Christopher Jacobs MIMMM C.Eng of Micon.has approved the contents of this press release.
John Martin, BASc, P.Eng, President of Blue Note Metals Inc. and Qualified Person has edited and reviewed the technical information contained in this press release.
Blue Note Metals is a mineral exploration and mine development company with properties in New Brunswick. The company's shares trade on the TSX Venture Exchange under the symbol BNT.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
For further information: PLEASE CONTACT LORNE WOODS, VICE PRESIDENT, CORPORATE DEVELOPMENT, BLUE NOTE METALS, (800) 937-3095, LWOODS(AT)BLUENOTEMETALS.CA, WWW.BLUENOTEMETALS.CA
08:30 EDT Tuesday, April 04, 2006
Micon International Report shows reopening viable
Shares Outstanding: 13.6 Million
Symbol & Exchange: BNT-TSXV
MONTREAL, April 4 /CNW/ - Blue Note Metals Inc. reports that it has filed the "Technical Report on the Business Plan for the Acquisition and Re-opening of the Caribou and Restigouche Mines". This report, which is 43-101 compliant, was prepared by Micon International Limited (Micon) of Toronto, Ontario. The report is available at www.sedar.com.
Micon's pre-feasibility report illustrates that, with a capital outlay of C$47.45 million (in 2005 terms, including working capital of C$8.95 million), the mine and processing facilities can be reopened and operate for a period of five years based on proven and probable reserves.
Based on the following life-of-mine average prices; zinc US$0.65/lb, lead US$0.38 per pound and US$7.00 a troy ounce silver, Micon estimates the project can generate life-of-mine net cash flow of $44.7 million after tax (100% equity basis), yielding an IRR of 28.7% and a NPV (10%) of $19.9 million.
Based on the proven and probable mineral reserves at Caribou and Restigouche given below, the project will produce over 476 million pounds of zinc, 223 million pounds of lead and 5 million ounces of silver over its five year mine life. The metallurgical recovery rates are 79.9% for zinc and 64.5% for lead produced.
The proven and probable reserves given in Micon's report are classified as follows:
<<
-------------------------------------------------------------------------
Caribou Restigouche
------------------------------------------------------------------
Tonnes Zinc Lead Silver Tonnes Zinc Lead Silver
(000) % % g/t (000) % % g/t
-------------------------------------------------------------------------
Proven 2,495 6.75 3.04 84 838 6.48 4.98 113
Probable 1,095 6.29 2.44 75 495 6.61 5.17 77
-------------------------------------------------------------------------
Total 3,590 6.61 2.86 81 1,333 6.53 5.05 100
-------------------------------------------------------------------------
-------------------------------------------------------------------------
----------------------------------------
Total
---------------------------------
Tonnes Zinc Lead Silver
(000) % % g/t
----------------------------------------
Proven 3,333 6.68 3.53 91
Probable 1,590 6.39 3.29 76
----------------------------------------
Total 4,923 6.59 3.45 86
----------------------------------------
----------------------------------------
Micon's report goes on to state that potential exists to extend this five year period by firming up and expanding on the inferred resource at Caribou which is estimated to be 3,944,000 tonnes grading 7.36% zinc, 3.59% lead, and 107 g/t silver. A preliminary assessment suggests that the project life could be extended to nine years if all the inferred resource can be converted to measured and indicated resources. However, it should be noted that inferred resources are too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as mineral reserves, and that there is no certainty that the outcome of any preliminary assessment will be realized.
Subject to the availability of the required financing and the completion of the definitive purchase agreement with Breakwater, Blue Note Metals intends to proceed with the mine dewatering, the detail engineering and construction of the concentrator and the environmental projects, reconditioning and refurbishing of the mines and related infrastructure.
To see the complete report please go to www.sedar.com and look under Blue Note Metals public documents.
The Qualified Persons responsible for the report are Christopher Jacobs MIMMM C.Eng (Micon); David W. Hendriks, P. Eng. (independent consultant); William J. Lewis, B.Sc., P.Geo. (Micon); Carl Pelletier, B.Sc., P.Geo. (InnovExplo Inc.) and Peter E. Pheeney, P.Eng. (Jacques Whitford).
Christopher Jacobs MIMMM C.Eng of Micon.has approved the contents of this press release.
John Martin, BASc, P.Eng, President of Blue Note Metals Inc. and Qualified Person has edited and reviewed the technical information contained in this press release.
Blue Note Metals is a mineral exploration and mine development company with properties in New Brunswick. The company's shares trade on the TSX Venture Exchange under the symbol BNT.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
For further information: PLEASE CONTACT LORNE WOODS, VICE PRESIDENT, CORPORATE DEVELOPMENT, BLUE NOTE METALS, (800) 937-3095, LWOODS(AT)BLUENOTEMETALS.CA, WWW.BLUENOTEMETALS.CA