BRITISH COLUMBIA – The results of the Ruby Creek feasibility study are in, and the outlook is positive for this molybdenum project near Atlin. Vancouver-based ADANAC MOLY CORP. is taking the recommendation of WARDROP ENGINEERING and plans to begin detailed engineering by the middle of this year.
The study concludes that at a milling rate of 20,000 tonnes/day the Ruby Creek open pit mine would have a life of 21 years. It would produce 75.9 million kg of molybdenum in concentrates annually. Pre-production capital expenditures are estimated to be $434.4 million. The deposit has proven and probable reserves of 143.7 million tonnes at 0.059% Mo. Another 206.4 million tonnes grading 0.063% Mo have been classified as measured and indicated resources. Average operating costs during the first five years of operation would be $11.61/tonne milled, falling afterwards to $8.05/tonne.
Further details of the project are available in the news release of April 7, 2006, at www.AdanacMoly.com.