NEWS RELEASE
VSE Trading Symbol: ILP OTC BB: IPNRF
MARCH 30, 1999, VANCOUVER, CANADA:
KAKANDA PROJECT REDESIGNED WITH LOWER CAPITAL COSTS
INTERNATIONAL PANORAMA RESOURCE CORP. (the "Company") reports that a technical redesign of the project has resulted in significantly lower capital and operating costs being projected for the Company's Kakanda copper/cobalt project in the Democratic Republic of Congo. The Company's preliminary estimate of US $43 million in capital costs through the implementation of a precipitation process to produce separate copper and cobalt concentrates, represents a considerable cost saving over the previously considered SX/EW process.
The Kakanda tailings reserve, as documented in the Company's feasibility study, comprises 18.4 million tonnes grading 1.22% copper and 0.15% cobalt which will provide for over 14 years production. Plant throughput will remain at 1.3 million tonnes of tailings annually, resulting in a production of 1,500 tonnes cobalt in concentrate and 14,000 tonnes copper in concentrate per year. The reduction in the capital costs is expected to facilitate the financing and implementation of the project.
Recently completed bench scale testing conducted by International Metallurgical and Environmental Inc. of British Columbia, demonstrated the technical viability of leaching, precipitation and flotation of copper sulphide concentrate. The tests indicated recoveries of 94% for copper and 80% for cobalt. The Company's preliminary assessment of operating costs are US $15 per tonne feed and revenues are estimated at over US $36 per tonne, calculated on copper at $0.65 per pound and cobalt at $15 per pound. Capital payback is anticipated within two years from commencement of production.
In addition to the tailings reserve, the Kakanda project contains a hard-rock resource, currently measured at 11.3 million tonnes of mineable ore, grading 3.14% copper and 0.19% cobalt. The hard-rock resource is not included in the above economic assessment.
INTERNATIONAL PANORAMA RESOURCE CORP.
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Kenneth MacLeod
President & CEO
Safe Harbor Statement under the United States Private Securities Litigation Act of 1995:
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified above and in the corporation's periodic filings with the British Columbia Securities Commission and the U.S. Securities Exchange Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The corporation does not intend to update this information and disclaims any legal liability to the contrary.
International Panorama trades on the Vancouver Stock Exchange (ILP) and the U.S. OTC Bulletin Board (IPNRF). For further details please telephone Steve Smith at 800-931-1818 or 604-687-7294 or visit our website at www.intlpanorama.com. |
