GOLDEN, Colo., Oct. 21, 2014 /PRNewswire/ -- Atna
Resources Ltd. ("Atna" or the "Company") (TSX:ATN /
OTCQB:ATNAF) is pleased to announce the SEDAR filing of its
Technical Report for its Pinson Underground Project and the results
of a positive pre-feasibility study for the Mag Open Pit Project at
Pinson, located in Humboldt County,
Nevada. The report can be found in its entirety on SEDAR and
on the Company's website at www.atna.com/s/Pinson.asp
As previously announced on September
15th, 2014 a summary of the Technical Report follows:
Pinson Underground Summary
- Criteria and grade shells used to develop the mineral resource
model reflect tighter grade shell constraints and reduced
projections along strike and down dip to reflect experience gained
during the mining campaign of 2012 to 2013
- Proven and Probable reserves contain 160,000 ounces at a grade
of 0.403 oz/ton
- 4 year mine life with upside: a high resource to reserve
conversion potential with infill drilling
- Mining methods: Long hole stoping with delayed fill and
underhand drift and fill
- Gold Production: 30,000 to 45,000 ounces per year
- Average cash cost: $658/oz;
Average full cost: $767/oz
- Sustaining capital: $14.3 million
over 4 years
- Pre-tax NPV @ 8% discount: $61
million at $1,300 Au.
After-tax NPV @ 8% discount: $51.7
million.
- Project economics remain positive over a wide range of
operating costs, capital costs and gold prices
Mag Open Pit Summary
- Constrained to private land section only, which contains
approximately 50% of resource base
- Conventional open pit, crush, heap leach operation
- Total 183,600 gold ounces recovered over 6-year life
- Pre-tax NPV @ 8% discount, $28.1
million, IRR=19.5%. After-tax NPV @ 8% discount,
$18.3 million, IRR=16%
- Total CAPEX: $66.9 million
including mining equipment, crushing plant and ADR gold recovery
plant
- Upsides: Contract mining vs. self mine; ROM leach vs. crush
leach
The Technical Report was completed by the following Qualified
Persons as outlined in Section 2.0 of the Report and
includes:
Mr. Edward H. Minnes of Golder
Associates, and an independent Mining Engineering Consultant and
member of the Society for Mining, Metallurgy, and Exploration
(SME). He is a Qualified Person as defined by NI 43-101.
Mr. Mark Odell of Practical
Mining and Registered Professional Mining Engineer in the
State of Nevada (#13708), and a
registered member (#2402150) of the Society for Mining, Metallurgy,
and Exploration (SME). He is a Qualified Person as defined by NI
43-101.
Russell A. Browne of Golder
Associates, an independent Civil and Geotechnical Engineering
Consultant and a member of the Society for Mining, Metallurgy, and
Exploration (SME), and the American Society of Civil Engineers
(ASCE). He is a Qualified Person as defined by NI 43-101.
Richard E. Kiel of Golder
Associates, an independent Civil and Geological Engineering
Consultant and a member of the Society for Mining, Metallurgy, and
Exploration (SME) and a registered professional civil engineer in
Colorado (#34511). He is a
Qualified Person as defined by NI 43-101.
Karl Swanson, an independent
Geological and Mining Engineering Consultant and a registered
member of the Society for Mining, Metallurgy, and Exploration (SME
#4043076) and member of the Australian Institute of Mining and
Metallurgy. He is a Qualified Person as defined by NI 43-101.
Joseph M. Keane of SGS Metcon/KD
Engineering, an Independent Mineral Processing Engineer Consultant
and member of the Society for Mining, Metallurgy, and Exploration
(SME#1682600). He is a Qualified Person as defined by NI
43-101.
Donald E. Hulse of Gustavson
Associates, LLC and an independent Mining Engineer Consultant and
Professional Engineer in the State of
Colorado (35269), as well as a registered member of the
Society for Mining, Metallurgy, and Exploration (SME #1533190RM).
He is a Qualified Person as defined by NI 43-101.
This press release was prepared under the supervision and review
of William Stanley, V.P. Exploration
of Atna, a registered member of the Society for Mining, Metallurgy,
and Exploration (SME) (No. 3069054), a Licensed Geologist and
Qualified Person, as defined in NI 43-101, who has verified the
authenticity and validity of the technical information contained
within this news release.
For additional information on Atna Resources Pinson mine, please
visit our website at www.atna.com/s/Pinson.asp
This press release contains certain "forward-looking
statements," as defined in the United
States Private Securities Litigation Reform Act of 1995, and
within the meaning of Canadian securities legislation relating to
potential optimization, increased productivity, cost reduction,
economics, or resource or reserve expansion at the Pinson mine.
Forward-looking statements are statements that are not historical
fact. They are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made and they
involve a number of risks and uncertainties. Consequently, there
can be no assurances that such statements will prove to be
accurate, and actual results and future events could differ
materially from those anticipated in such statements. The Company
undertakes no obligation to update these forward-looking
statements, if management's beliefs, estimates or opinions, or
other factors, should change, unless required by law. Factors that
could cause future results to differ materially from those
anticipated in these forward-looking statements include: gold
deposit modeling, future operating costs at the Pinson mine, the
Company might encounter problems such as the significant
depreciation of metals prices; accidents and other risks associated
with mining, exploration and development operations; the risk that
the Company will encounter unanticipated geological factors; the
Company's need for and ability to obtain additional financing; the
possibility that the Company may not be able to secure permitting
and other governmental clearances necessary to carry out the
Company's exploration and development programs; and the other risk
factors discussed in greater detail in the Company's various
filings on SEDAR (www.sedar.com) with Canadian securities
regulators and its filings with the U.S. Securities and Exchange
Commission, including the Company's 2013 Form 20-F dated
March 14, 2014.
Cautionary Note to U.S. Investors --- The United States
Securities and Exchange Commission permits U.S. mining companies,
in their filings with the SEC, to disclose only those mineral
deposits that a company can economically and legally extract or
produce. We use certain terms in this report, such as "measured,"
"indicated," "inferred," and "resources," that the SEC guidelines
strictly prohibit U.S. registered companies from including in their
filings with the SEC.
FOR FURTHER INFORMATION, CONTACT:
James Hesketh, President and CEO
- (303) 278-8464
Valerie Kimball, Investor Relations
- toll free (877) 692-8182
www.atna.com
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SOURCE Atna Resources Ltd.