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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (35969)	4/23/2009 3:04:37 PM
From: LoneClone	Read Replies (1) \| Respond to of 194002

SMI completes work programs for Tampakan Project Thursday, 23 Apr 2009 steelguru.com Sagittarius Mines Inc has delivered to its funding shareholder representatives the results of its work programs associated with the extended pre-feasibility study for the Tampakan copper-gold project in southern Mindanao. These results, which are still subject to a final feasibility study, outline a potential mining operation based on: 1. An annual average copper production of 340,000 tonnes per annum and 350,000 ounces per annum of gold, based on a 20 year operation. 2. Open pit mining and land-based waste rock and tailings storage. 3. Mill recovery rates of 83-90% for copper and 60-80% for gold, with a copper concentrate grade of 37-34%. 4. An initial stage-one capital outlay of US$5.2 billion, including provision for associated infrastructure. 5. A potential schedule for development with commissioning and first production in early 2016. Mr Peter Forrestal president of SMI said that “We are pleased to have completed the work programs associated with our extended pre-feasibility study and to have delivered the results to our management committee, comprising representatives from Xstrata Copper, Indophil Resource NL and Alsons Corporation. Those organizations are currently evaluating the results of this study.” He added that “SMI is planning to commence the public consultation phase for the project’s Environmental and Social Impact Assessment process later this year. This phase will involve a series of extensive, open and transparent public consultations with the project’s stakeholders. The consultation will cover the proposed mining process, the scale and extent of the proposed project including the infrastructure requirements, the potential environmental and social impacts and benefits of the project; SMI’s planned environmental management systems and socio-economic development programs. Most importantly, it will give our stakeholders the opportunity to understand the project better, and to express their views and any suggestions they may have in respect of the proposed project.” Mr Peter said that “Our aim is to develop the Tampakan project in line with leading environmental and social practices, working in partnership with our stakeholders to create mutual benefits for shareholders, the communities associated with the project and the Philippines.”