AURCANA CORPORATION FILES REVENUE-VIRGINIUS MINE FEASIBILITY STUDY TECHNICAL REPORT ON SEDAR
October 2, 2018
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Revenue-Virginius Mine Feasibility Study – Post-Tax NPV(5) of $74.9 million, IRR of 71.2% and Pre-Production Capex of $36.8 million
Vancouver, B.C., October 2, 2018 – Aurcana Corporation (TSX: AUN - "Aurcana" or the "Company") is pleased to announce the filing of a technical report in support of a Feasibility Study (“FS”) for the Revenue-Virginius Mine (the “RV Mine”) located in Colorado, United States, which is 100% owned by Ouray Silver Mines Inc. (“OSM”), a private company incorporated under the laws of Colorado. In a news release dated July 30, 2018 (the “July 30 News Release”), the Company announced its proposed acquisition (the “Acquisition”) of OSM by way of a statutory plan of arrangement under the Canadian Business Corporations Act (the “CBCA”). Upon the completion of the Acquisition, OSM will become a wholly-owned subsidiary of the Company and the Company will indirectly own 100% of the RV Mine. The results of the FS were previously disclosed in the July 30 News Release.
The technical report is titled “NI 43-101 Technical Report Feasibility Study Revenue-Virginius Mine Ouray, Colorado”, effective date June 15, 2018 (the “Technical Report”). The Technical Report was prepared for Aurcana and OSM by Ben Parsons, MAusIMM, Eric Olin, SME-RM, John Tinucci, PE, Jeff Osborn, MMSAQP, Brian Prosser, PE, Joanna Poeck, SME-RM, Terry Braun, PE, and John Pfahl, SME-RM of SRK Consulting (U.S.), Inc., and Dave Mickelson, PE, of Barr Engineering. Mssrs. Parsons, Olin, Tinucci, Osborn, Prosser, Poeck, Braun, Pfahl and Mickelson are Qualified Persons as defined under National Instrument 43-101- Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
The Technical Report is available under the Company’s profile at www.sedar.com and will also be available on the Company’s website at www.aurcana.com.
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