DAILY NEWS Nov 1, 2012 4:58 PM - 0 comments

COPPER STUDY: Development recommended at Carmacks

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YUKON – The updated feasibility study recommends development of the Carmacks copper project, says owner Copper North Mining of Vancouver. The property lies 220 km north of Whitehorse. The study concludes that the project will have an after-tax internal rate of return of 15.6%, based on 100% equity financing. The after-tax, net present value is $55.0 million using an 8% discount rate.

Pre-production capital expenditures will be $177.6 million to create a project with an eight-year mine life. Total operating costs will be $29.15/tonne of ore to produce 30 million lb of copper per year if recovery is 85%. Proven and probable reserves are 11.55 million tonnes averaging 0.997% Cu.

Additional details are available in the news release dated Nov. 1, 2012, posted at CopperNorthMining.com. Meanwhile, Copper North is proceeding with the environmental assessment and permitting activities.

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