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Company News Releases...
Pacific Booker Minerals Inc. Announces Positive Feasibility Study for the Morrison Copper/Gold Project
Vancouver, BC, February 27, 2009: Pacific Booker Minerals Inc. is pleased to announce the results of an independent Feasibility Study on the Company's 100% owned Morrison Copper/Gold Project located in Central British Columbia, Canada.
The Feasibility Study was completed by Wardrop Engineering Inc., a Tetra Tech Company, with technical support of a team of other consultants. The study describes the scope, design features and financial viability of a conventional open pit mine with a 30,000 tonnes per day mill.
The results of the Feasibility Study are:
- The resource was announced in a News Release in Vancouver, BC, April 13, 2007 and is included in the Feasibility Study as below:
Cut-off % Eq Cu |
Measured + Indicated |
Inferred |
Tonnes> Cut-off |
Average Grade |
Tonnes> Cut-off |
Average Grade |
Cu EQ (%) |
Cu (%) |
Au (g/t) |
Mo (%) |
Cu EQ (%) |
Cu (%) |
Au (g/t) |
Mo (%) |
0.15 |
281,652,590 |
0.40 |
0.34 |
0.17 |
0.005 |
87,806,392 |
0.38 |
0.33 |
0.16 |
0.004 |
0.20 |
265,954,503 |
0.41 |
0.35 |
0.17 |
0.005 |
81,798,181 |
0.40 |
0.34 |
0.17 |
0.005 |
0.25 |
238,475,426 |
0.44 |
0.37 |
0.18 |
0.005 |
61,661,854 |
0.45 |
0.38 |
0.19 |
0.004 |
0.30 |
206,869,448 |
0.46 |
0.39 |
0.20 |
0.005 |
56,524,341 |
0.47 |
0.40 |
0.21 |
0.005 |
0.35 |
170,772,241 |
0.49 |
0.42 |
0.21 |
0.005 |
47,875,646 |
0.50 |
0.42 |
0.22 |
0.005 |
0.40 |
133,351,540 |
0.52 |
0.44 |
0.22 |
0.005 |
38,587,285 |
0.53 |
0.45 |
0.23 |
0.005 |
- The total mineable reserve included in the measured and indicated resource, classified as proven and probable, at Net Smelter Return (NSR) cut-off-value of $CDN5.60/t, is 224.25Mt with an average grade of 0.330% Cu, 0.163g/t Au and 0.004% Mo.
TOTAL |
Cut-off $5.60 NSR |
ROM |
Cu |
Au |
Mo |
(TONNES) |
% |
g/t |
% |
Proven |
115,121,000 |
0.355 |
0.173 |
0.004 |
Probable |
109,130,000 |
0.304 |
0.152 |
0.004 |
Subtotal |
224,251,000 |
0.330 |
0.163 |
0.004 |
Inferred |
7,381,000 |
0.225 |
0.102 |
0.003 |
- The overburden and waste total is 184.12 Mt for a strip ratio of 0.82:1;
- Recoveries are Cu 84.0%, 56.0% Au and 50.0% Mo.
- Recovered metal is 1,370.104 million lb Cu, 658,090 oz Au and 10.047 million lb Mo:
- Mine life of 21 years;
- Capital cost is estimated at CDN$516.68 million (including a CDN$59.92 million contingency allocation).
- A projected exchange rate of C$1.00/ US$0.87;
- Operating cost of CDN$8.15 per tonne milled over the life of the mine;
- Pre-Income Tax Internal Rate of Return (IRR) of 20.05%, based on metal prices of (four year trailing average as of January 12, 2009) Cu $2.75, Au $658.32 and Mo $29.23:
- Net Present Value (NPV) at 8.0% discount rate is CDN$495.9M; and
- Payback period on capital is 4.2 years.
Note: Silver was not included in the financial analysis; however, there is an opportunity for improved economic performance if silver credits are received from the treatment and refining of the copper concentrate. Metallurgical test-work to date has reported silver present in the concentrate.
The mineral reserve estimates have been prepared and classified in accordance with CIM Classification established under National Instrument 43-101 of the Canadian Securities Administrators. The reserve estimate takes into consideration all geologic, mining, milling and economic factors and is stated according to Canadian Standards (NI 43-101). (Under US standards no reserve declaration is possible until financing and permits are acquired.) The qualified person responsible for the mineral reserve estimate is John. W. Nilsson, M.Sc. P.Eng., Nilsson Mine Services Ltd.
The contents of this News Release have been reviewed by Wardrop Engineering Inc., a Tetra Tech Company.
The NI 43-101 Technical Report for the Morrison Copper/Gold Feasibility Study Report will be filed on SEDAR within 45 days of the date of this news release and will also be posted on the Pacific Booker Minerals Inc. web-site at http://www.pacificbooker.com.
On Behalf of the Board of Directors
Erik Tornquist, Director
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