ONTARIO — Toronto-headquartered Marathon PGM Corp. has received the definitive feasibility study for its platinum group-copper property located 10 km north of Marathon. The study, prepared by Micon, supposes annual production of 42 million lb of copper, 201,000 oz of platinum group minerals plus gold, and 310,000 oz of silver.
Diluted proven and probable reserves are estimated to be 79.3 million tonnes grading 0.266% Cu, 0.079 g/t Au, 0.234 g/t Pt, 0.757 g/t Pd, 1.48 g/t Ag and 0.0062 g/t Rh. A conventional, phased open pit is planned. A 22,000-t/d concentrator has been designed to include primary and secondary crushing, high-pressure grinding rolls, ball milling, flotation, dewatering and tailings disposal. Preproduction capital expenditures are expected to total $385.8 million including $1.9 million for pre-stripping, $8.6 for mine equipment, $289.4 for the processing plant, $14.3 for tailings management, and the balance for the owner’s costs and contingency. The mine and mill will employ approximately 191 people.
This year Marathon hopes to order long lead time equipment such as the ball mills, and mobilize the site by the end of 2010. Start-up could be completed as early as September 2012.
The detailed technical report may be read at www.Marathonpgm.com/reports.htm.