DAILY NEWS Nov 22, 2012 4:00 PM - 0 comments

ZINC-LEAD: Selwyn offers new mine plan for ScoZinc reopening

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2012-11-22

NOVA SCOTIA – Selwyn Resources of Vancouver has come up with a new mine plan for reopening the ScoZinc mine and mill that it purchased in June 2011. The project, located near Gays River, has operated for three brief periods since development in the late '70s.

Selwyn's latest preliminary economic assessment contemplates two open pits (Main and Northwest) that will be mined sequentially and a 2,500 t/d concentrator. The project carries a pre-tax net present value (5%) of $69.3 million and a pre-tax internal rate of return of 63.3%.

Restarting the mine and mill will cost $31.5 million, including a $1.1 million contingency and working capital of $3.3 million. If project financing can be arranged early next year, prestripping would being in Q2 2012 and full operation in Q4 2013. A mine life of seven years is expected, although three additional years could be added if the mineralization in the Getty deposit is mined.

The latest resource numbers are posted at SelwynResources.com.



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