Taking a closer look.
Prophecy Platinum’s 100%-owned Shakespeare project is a fully permitted open pit platinum group metals and nickel mine located just 70 km west of Sudbury, Ontario. During the 12 months of operation ending January 31, 2012, a total of 151,910 tonnes of ore was delivered to Xstrata’s Strathcona Mill and gross revenue of $11,162,363 on the sale of metals from Shakespeare was recorded. In total, over 300,000 tonnes of ore from the project has been produced and trucked to the Mill.
While currently on care and maintenance, according to the 2008 Feasibility Study Update by Micon International Ltd., Shakespeare has a potential annual average production profile of 23,000 oz. PGM+Au, 8Mlb Ni and 10Mlb Cu. The study defined a diluted Probable Reserve of 11,828,000 tonnes grading 0.33% nickel, 0.35% copper, 0.02% cobalt, 0.33 g/t platinum, 0.36 g/t palladium and 0.18 g/t gold.
Having acquired the project in June 2012, Prophecy is undertaking a comprehensive review of the property, historical operations and agreements with the goal of bringing the mine back into production when nickel metal prices are higher and the mine can generate meaningful positive cash flow.
Comments