VANCOUVER, British Columbia CORRIENTE RESOURCES has awarded the contract for a bankable feasibility study of the Mirador project to AMEC E&C SERVICES. The feasibility study will include a significant drilling campaign that is planned to start immediately. The drill program is designed to provide samples for additional metallurgical tests, confirm resource estimates and test outlying targets such as the recently-discovered Mirador North Zone.
The AMEC study will build on the results of the preliminary assessment that modeled a 20,000-tonne/day open pit copper-gold mine utilizing half of the Mirador geological resources. This study assumed 98 million tonnes at a grade of 0.78% copper and 0.22 g/t gold and shows a net present value pre-tax of US$222 million (at US$0.90/lb of copper), which is significantly greater than the entire Corriente market capitalization of approximately US$75 million on a fully diluted basis. This comparison does not incorporate any value for the balance of the Mirador deposit or the rest of the deposits in the Corriente Copper Belt.
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