Bellavista prefeasibility study completed
Wheaton River Minerals Ltd WRM
Shares issued 30,390,348 Apr 28 close $0.47
Wed 29 Apr 98 News Release
See Canarc Resource Corp (CCM) News Release
Mr. Robert Carriere reports
A prefeasibility study completed by Canarc's partner, Wheaton River
Minerals, on the Bellavista project in Costa Rica indicates that the mine
should generate strong profits over its 8.7 year minimum mine life.
Canarc owns an 18.3 per cent carried interest in Bellavista, and receives
annual pre-production payments of $117,000 (U.S.) from Wheaton River.
The study indicates that a profitable open pit and underground gold mine
can produce gold, using heap leach processing, at a total cash cost of $168
(U.S.) per ounce, generating an attractive 28 per cent rate of return on
capital. Total gold production will exceed 550,000 oz at an annual output
of 64,000 oz per year. Proven and probable mineable resources are estimated
to be 780,000 oz and heap leach recoveries should exceed 75 per cent.
Wheaton River, the operator, will commence a 7,600m underground infill
drilling program in June in order to move underground resources into the
mineable reserve category. A final feasibility study should be completed in
the first quarter of 1999. |
