TORONTO, ON / ACCESSWIRE / December 14, 2016 / Crown Mining Corp. (OTC PINK: CWMZF) (TSX-V: CWM) (“Crown” ), is pleased to announce that it has begun a metallurgical study (“Study”) to verify metal recoveries previously determined by Placer-Amex in the 1960’s on its Moonlight-Superior copper project, located in Plumas County, Northern California. Dr. Corby Anderson, through Allihies Engineering Incorporated, will conduct this metallurgical review, which will include updating processing cost estimates on the Moonlight and the Superior copper deposits. Crown expects this Study will be completed in the first quarter of 2017.
Crown has also recently received an engineering and economic report (“Report”) from Mine Development Associates (“MDA”). This Report was commissioned as an internal evaluation for determining whether the existing Moonlight-Superior resources are viable under reasonable economic and mining assumptions and, if so, to assist management in planning near-term future programs to justify commissioning a 43-101 preliminary economic assessment (“PEA”).
MDA is a Reno, Nevada based geology and mining engineering consulting firm that serves the mining industry worldwide. The Report relied heavily on resource estimates presented in 43-101 technical reports (Cavey and Giroux, 2007 and Tanaka, 2013) and included the construction of Whittle pit shells using different copper prices. Sensitivity analysis was also done to consider variations in grade, capital and operating costs, throughput, and other variables.
In addition, Crown is planning a small drilling campaign to better define and assess the higher grade portions of the deposits.
Crown is focused on advancing its 100% controlled Moonlight-Superior Copper Project in Northeast California, which includes 4 known copper deposits. The Moonlight deposit hosts a current National Instrument 43-101 (“NI 43-101”) indicated resource of approximately 161 million tons (146.5 million tonnes) averaging 0.324% copper, 0.003 ounces of gold, and 0.112 ounces of silver per ton, and an inferred resource of 88 million tons (80 million tonnes) averaging 0.282% copper per ton. Further details of this resource can be found in the Technical Report on the Moonlight Copper Property dated April 12, 2007 at Sedar.com. The Superior and Engels deposits have a current NI 43-101 inferred mineral resource of 57 million metric tonnes at an average copper grade of 0.43%. Further details of this resource can be found in the Technical Report on the Superior Project dated November 7, 2014 filed on Sedar which also discloses a historical estimated resource for the fourth deposit.
Mr. George Cole is the Qualified Person pursuant to NI 43-101 responsible for the technical information contained in this news release, and he has reviewed and approved this news release.
For more information please see the Crown website at www.crowngoldcorp.com.
For Further Information Contact:
Mr. Stephen Dunn, President
CEO and Director
Crown Mining Corporation
(416) 361-2827 or email [email protected]
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This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including “will,” “anticipates,” “expected to,” “plans,” “planned,” and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company’s management discussion and analysis as filed with the Canadian securities regulatory authorities, which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.
This news release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The flow-through common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.