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Bard Earns One Hundred Percent Interest in the Lone Pine Property | Northern BC Business
Home » Mining » Bard Earns One Hundred Percent Interest in the Lone Pine Property

Bard Earns One Hundred Percent Interest in the Lone Pine Property

July 11, 2012
Bard Earns One Hundred Percent Interest in the Lone Pine Property

July 11, 2012 – Vancouver, British Columbia, Canada: Bard Ventures Ltd. (the “Company”) is pleased to announce that it has completed its earn-in of a 100% interest in the Lone Pine Property (the “Property”) (see news release dated September 6, 2006). The Property is located approximately 15km north-northwest of Houston, BC.

The Company has provided its Notice of Interest Earned to the Vendor, has completed the required exploration expenditures and issued its final share payment under the terms of the Option Agreement, and the Optionor is now in the process of transferring 100% title to the Company.

The Company previously completed a NI 43-101 positive Preliminary Economic Assessment (“PEA”) on the Lone Pine property covering the Molybdenum (“Mo”), Copper (“Cu”) rich Alaskite Zone (the “Property”) has been filed on SEDAR at www.sedar.com. The independent PEA was prepared by PE Mining Consultants Inc. (“PE”), of Brampton, Ontario, with EHA Engineering Ltd. (“EHA”) providing the metallurgical components. PE concludes that the Property has favourable economic potential as an open pit mine producing Mo and Cu concentrates.

The base case economic analysis contemplates an average life-of-mine strip ratio of 4.98:1 (including the pre-stripping), a 40,000 tonnes per day mill feed rate and a 12 year mine life. Pre-production capital expenditures, including contingencies, are estimated to be $435 million. The Property has an estimated pre-tax net present value (“NPV”) of $505 million (at a 5% discount rate) and an internal rate of return (the “IRR”) of 12.4% using a base case Mo price of US$19.00 per pound and Cu price of US$3.00 per pound. These prices correspond to the approximate three year trailing average prices of these metals as of December 31, 2010. Mineral resources that are not mineral reserves do not have demonstrated economic viability. (Please see news release dated 21st January, 2011 for a complete discussion of the report.)

PE recommends that the Company advance the project with additional exploration and delineation drilling, as well as with studies in metallurgical, geotechnical and environmental matters, with the intention to continue the project to the feasibility stage.

Highlights of the PEA

The mine has been planned as a conventional open-pit mining operation producing 40,000 tonnes per day of mill feed at full production. The plan anticipates mining 14.0 million tonnes of ore annually based on a 350 day operating year. Overall pit slopes have been designed at approximately 50 degrees.

Mining operations will commence with an initial mill feed grade of 0.035% Mo, which increases as the mine deepens. In the last 7 years of the mine life, the average Mo grade will be approximately 0.091%. Cu grades will remain relatively constant throughout the mine life at approximately 0.034%. The project is expected to produce 214 million pounds of Mo and 72 million pounds of Cu over a 12 year mine life. Process recoveries of 85% for Mo and 65% for Cu were utilized in the cash flow model while the metal payables were 98.5% for Mo and 85% Cu.

Estimated mine closure and site rehabilitation cost allowances have been included in the economic analysis. During mine operation, health and safety and environmental protection costs, including effluent treatment, have also been estimated.

The Property has an ideal location for operations with established infrastructure including:

  • Highway 16;
  • a natural gas pipeline;
  • a major hydro power transmission line and transformer sub-station; and
  • is located only 15 kilometers from the CN rail line in Houston, BC.

The Lone Pine exploration work is being conducted under the supervision of Qualified Person, Rick Kemp, P.Geo., Vice-President-Exploration of Bard.

Qualified Persons and Report

PE Mining Consultants Inc. is an internationally recognized, well established geological and mine engineering consulting firm specializing in the areas of NI 43-101 geological reports, resource estimates, preliminary economic analyses of mining projects and preliminary feasibility studies. This PEA was completed under the direction of Eugene Puritch, P.Eng. and Kirk Rodgers, P.Eng. of PE who were responsible for mine design, production scheduling and overall financial analysis.

Alfred Hayden, P. Eng. of EHA was responsible for metallurgical process capital and operating costs.

Each of the individuals named above is a Qualified Person, as defined in National Instrument 43-101; is independent of the Company; and is responsible for the technical disclosure contained in this news release. Eugene Puritch, P.Eng has reviewed and approved the contents of this press release.

On behalf of:
Bard Ventures Ltd.

“Eugene Beukman”
Eugene Beukman, President

For further information please visit our website at www.bardventures.com.

This release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.

Article source: http://www.bardventures.com/s/NewsReleases.asp?ReportID=536314

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