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Trevali Mining Corporation ("Trevali" or the "Company")
(TSX:TV)(OTCQX:TREVF)(LMA:TV)(FRANKFURT:4TI) announces results of the
independently prepared Preliminary Economic Assessment ("PEA") for its
wholly-owned Caribou zinc-lead-silver mine and mill complex, located in the
Bathurst Mining Camp of New Brunswick, Canada.
The base case PEA indicates positive economic results for the Caribou
underground mining operation and mill complex with a pre-production capital
expenditure of $36.3 million, a post-tax Internal Rate of Return ("IRR") of
56.9%, post-tax Net Present Value ("NPV") of $106 million at a 5% discount rate,
and average annual payable production of approximately 93 million lbs. zinc,
32.5 million lbs. lead, 3.1 million lbs. copper, 730,000 ozs. silver and 1,500
ozs. gold (Table 1).
--------------------------------------------------------------------------
Caribou Mine Project Preliminary Economic Assessment Highlights:
(based on US$1.00/lb Zn, US$1.00/lb Pb, US$3.00/lb Cu, US$21/oz Ag,
US$1200/oz Au and Canadian dollar exchange rate of US$0.95)
--------------------------------------------------------------------------
IRR - Pre-tax IRR of 69% with a 1.9-year payback
- Post-tax IRR of 56.9% with a 2.1-year payback
--------------------------------------------------------------------------
NPV - Pre-tax NPV(5%) of $150 million
- Post-tax NPV(5%) of $106 million
--------------------------------------------------------------------------
Production Costs - Direct LOM Cash Costs (C1) of US$0.46/lb zinc
equivalent
- Total Site Operating Cost of $74.77/tonne milled
(includes mining, milling, G&A and Environmental)
--------------------------------------------------------------------------
Capex - Pre-production capital of $36.3 million
--------------------------------------------------------------------------
Production (Payable) - Average annual payable production of 93 million
lbs. Zn, 32.5 million lbs. Pb, 3.1 million lbs. Cu,
730,000 ozs. Ag and 1,500 ozs. Au
--------------------------------------------------------------------------
Mine Life - Planned mine life of 6.3 years ("LOM")
--------------------------------------------------------------------------
LOM Mill Feed - Estimated Plant Feed(i) of 6,152,000 tonnes grading
6.11% Zn, 2.49% Pb, 0.34% Cu, 67.9 g/t Ag and 0.86
g/t Au over LOM
--------------------------------------------------------------------------
Recoveries - Average LOM recoveries of 84% for Zn, 65% for Pb,
45% for Cu, 37.5% for Ag and 10.6% for Au used in the
model
--------------------------------------------------------------------------
Employment and - Estimated to provide approx. 300 permanent fulltime
Local/Regional positions
Benefits - Approx. $57.3 million in direct royalties and tax
payments
--------------------------------------------------------------------------
Table 1: Caribou Mine Project Base Case PEA Highlights
(i) The estimated plant feed is partly based on Inferred Mineral Resources
that are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized as
Mineral Reserves, and there is no certainty that the preliminary economic
assessment based on these Mineral Resources will be realized.
"We welcome this preliminary economic assessment for our Caribou Mine with
scheduled commissioning of operations in the first half of 2015," stated Dr.
Mark Cruise, Trevali's President and CEO. "These results model a respectable
return based on this initial base-case model and we believe that there is
excellent potential for additional optimization given that approximately 3
million tonnes of mineralized material is presently not included in the mine
plan and the deposit remains open for expansion. Given the project's sensitivity
and leverage to zinc price, positive consensus forecasts for increasing zinc
(and lead) prices should have a beneficial effect on the operations economics."
The re-start of the Caribou Mine Project, through the reactivation of the 3,000
tonne-per-day Caribou Mill Complex and the associated underground deposit,
represents Trevali's initial strategy for its Bathurst Mining Camp operations in
New Brunswick. Longer term plans, subject to ongoing technical studies, include
the potential for a second stand-alone milling facility to support development
of the Company's fully permitted Halfmile Mine and the Stratmat Deposit where
drilling and baseline permitting programs are in progress.
STUDY DESCRIPTION:
The PEA study was conducted in accordance with the definitions in Canadian
National Instrument 43-101. SRK Consulting (Canada) Inc. was the lead
independent consultant, with contributions from other independent consultants
commissioned by Trevali - Holland & Holland Consulting and Stantec Consulting.
The PEA focuses on the polymetallic Caribou Mine and Mill Complex located
approximately 50 kilometres west of Bathurst, New Brunswick. Caribou is situated
just off of paved Provincial Highway 180 that connects the project to major
road, rail and port infrastructure, including the deep water ocean port and
smelting complex at Belledune approximately 80 kilometers to the northeast.
Caribou is also connected to the New Brunswick Provincial Power Grid.
The Caribou Project has been valued using a discounted cash flow (DCF) approach.
This method of valuation requires projecting yearly cash inflows, or revenues,
and subtracting yearly cash outflows such as operating costs, capital costs,
royalties, and provincial and federal taxes. Cash flows are taken to occur at
the end of each period. The resulting net annual cash flows are discounted back
to the date of valuation, second quarter of 2014, and totaled to determine net
present values (NPVs) at the selected discount rates. The internal rate of
return (IRR) is calculated as the discount rate that yields a zero NPV. The
payback period is calculated as the time needed to recover the initial capital
spent.
The results of the economic analysis represent forward-looking information that
are subject to a number of known and unknown risks, uncertainties and other
factors that may cause actual results to differ materially from those presented
here.
Many costs within the PEA model are based on direct supplier/contractor
quotations including the following:
-- Major mine mobile equipment quotations;
-- Mining contractor quotations as cost base for development and
production;
-- Material supply quotations;
-- Building rehabilitation quotations;
-- Consumables - fuel, power and explosives.
ECONOMICS:
The base case Caribou Mine Project PEA uses price assumptions of US$1.00/lb
zinc, US$1.00/lb lead, US$3.00/lb copper, US$21.00/oz silver and US$1,200/oz
gold. These prices are based on a review of consensus price forecasts from
financial institutions and similar studies that recently have been published.
The post-tax net present value (NPV) at variable discount rates, Internal Rates
of Return (IRR) are shown in Table 2 illustrating sensitivities to variable zinc
and lead prices.
--------------------------------------------------------------------------
Post-Tax
--------------------------------------------------------------------------
Zinc Lead
Price Price NPV (0%) NPV (5%) NPV (8%) IRR
(US$/lb) (US$/lb) (millions) (millions) (millions) (%)
--------------------------------------------------------------------------
0.80 0.80 $31 $16 $9 13
--------------------------------------------------------------------------
0.90 0.90 $96 $68 $56 37
--------------------------------------------------------------------------
1.00 1.00 $141 $106 $89 57
--------------------------------------------------------------------------
1.10 1.10 $180 $138 $118 74
--------------------------------------------------------------------------
1.20 1.20 $208 $161 $139 89
--------------------------------------------------------------------------
1.30 1.30 $246 $192 $167 107
--------------------------------------------------------------------------
1.40 1.40 $287 $226 $197 126
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Pre-Tax
--------------------------------------------------------------------------
Zinc Lead
Price Price NPV (0%) NPV (5%) NPV (8%) IRR
(US$/lb) (US$/lb) (millions) (millions) (millions) (%)
--------------------------------------------------------------------------
0.80 0.80 $45 $27 $19 18
--------------------------------------------------------------------------
0.90 0.90 $122 $89 $73 45
--------------------------------------------------------------------------
1.00 1.00 $199 $150 $128 69
--------------------------------------------------------------------------
1.10 1.10 $275 $212 $182 93
--------------------------------------------------------------------------
1.20 1.20 $350 $272 $235 116
--------------------------------------------------------------------------
1.30 1.30 $424 $331 $287 139
--------------------------------------------------------------------------
1.40 1.40 $498 $391 $340 161
--------------------------------------------------------------------------
Table 2: Caribou Economic Summary - Zinc and Lead Price Sensitivity
RESOURCES:
The Caribou PEA underground mine plan models the extraction and processing of an
initial 6,152,000 tonnes of mineralized material using a NSR Cutoff Value of
$100 per tonne (Figure 1 & Table 3). This mine plan tonnage includes Measured,
Indicated, and Inferred mineral resources. The Caribou PEA is based on SRK
mineral resources as disclosed in the January 2013 NI 43-101 technical study by
SRK Consulting (Canada) Inc. (Table 4 and see Trevali news release NR-13-01,
January 17, 2013).
To view Figure 1 please click on the following link:
http://media3.marketwire.com/docs/TV0513.pdf
--------------------------------------------------------------------------
Cutoff Tonnage Grade
------------------------ -------------------------------------------------
Million
NSR$/tonne tonnes Zn % Pb % Cu % Ag g/t Au g/t
--------------------------------------------------------------------------
100 6.152 6.11 2.49 0.34 67.89 0.86
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Contained Metal (millions of oz Au-Ag - millions
Cutoff Tonnage of lbs Pb-Zn-Cu) in-situ
------------------------ -------------------------------------------------
Million
NSR$/tonne tonnes Zn Pb Cu Ag Au
--------------------------------------------------------------------------
100 6.152 828.3 337.1 45.6 13.43 0.17
--------------------------------------------------------------------------
Table 3: Estimated Plant Feed(i) for the Caribou Project to the 1920mEL mine
level
(i) The estimated plant feed is partly based on Inferred Mineral Resources
that are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized as
Mineral Reserves, and there is no certainty that the preliminary economic
assessment based on these Mineral Resources will be realized.
---------------------------------------------------------------------------
Cutoff Tonnage Grade
-------- ---------- --------------------------------------------
ZnEq(i) Million Zn Pb Cu Ag Au ZnEq
% Class Tonnes % % % g/t g/t (i) %
---------------------------------------------------------------------------
5 Measured 5.61 6.91 2.93 0.46 84.64 0.84 10.58
-----------------------------------------------------------------
Indicated 1.62 7.28 2.94 0.34 83.68 1.06 10.83
-----------------------------------------------------------------
M&I 7.23 6.99 2.93 0.43 84.43 0.89 10.64
-----------------------------------------------------------------
Inferred 3.66 6.95 2.81 0.32 78.31 1.23 10.47
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Contained Metal (millions of lbs Zn-Pb-Cu
Cutoff Tonnage and millions of oz Ag-Au) in-situ
-------- ---------- --------------------------------------------
ZnEq(i) Million
% Class Tonnes Zn Pb Cu Ag Au
---------------------------------------------------------------------------
5 Measured 5.61 855.36 362.69 56.94 15.28 0.15
-----------------------------------------------------------------
Indicated 1.62 259.87 104.95 12.14 4.36 0.06
-----------------------------------------------------------------
M&I 7.23 1115.23 467.64 69.08 19.64 0.21
-----------------------------------------------------------------
Inferred 3.66 560.44 226.60 25.80 9.21 0.14
---------------------------------------------------------------------------
Table 4: Mineral Resource Statement(i), Caribou Project, Bathurst New
Brunswick, SRK Consulting, January 17, 2013.
(i)ZnEq = ((Cu Grade x Cu Price x Cu Recovery)+(Pb Grade x Pb Price x Pb
Recovery)+(Zn Grade x Zn Price x Zn Recover)+(Au Grade x Au Price x Au
Recovery)+(Ag Grade x Ag Price x Ag Recovery))/Zn Price. In calculating
ZnEq, SRK Consulting (Canada) Inc. utilized the long term metal prices
provide by Energy & Metals Consensus Forecast. Price for Au is $1470 per
ounce, Ag is $26 per ounce, Cu is $3.39 per pound, Pb is $1.18 per pound,
and Zn is $1.14 per pound. A recovery of 83% was applied to Zn, 71% was
applied to Pb, 57% was applied to Cu, 45% was applied to Ag, and 40% was
applied to Au. The pounds of metal are in-situ and have not had any mining
factors applied to them.
The total mineralized materials above $100/tonne NSR Cutoff Value within the
crown pillar and below the 1920 mEL level, the "Future Mine Plan Area", are
532,000 tonnes at grades 6.85% Zn, 2.85% Pb, 0.37% Cu, 85.31 g/t Ag, and 1.12
g/t Au. They are not included in the current mine plan (Figure 1). In addition,
there are 3.06 million tonnes of mineralized materials excluded from current
mining plan at grades 7.11% Zn, 2.91% Pb, 0.39% Cu, 82.88 g/t Ag, and 1.00 g/t
Au. Reasons for the excluded amounts include parallel zones where only one zone
can be mined, stand-off distances from historical mining areas, areas too narrow
relative to the current minimum mining width, and isolated areas.
Based on potential opportunity identified by SRK, Trevali is currently assessing
the requirements to potentially incorporate some of this additional resource
tonnage into the mine plan.
The Caribou Deposit mineralization remains open for expansion, with drill
intercepts encountering significant mineralized intervals outside of the current
resource shell.
MINING AND PROCESSING:
Underground operations will take advantage of the extensive in-place historical
development and infrastructure. A centralized ramp-trucking system will serve as
the main access for the mine. The main mining method will be Modified Avoca with
waste rock backfill, with the exception of a longhole retreat mining method for
partial sill pillar recovery near the end of mine life.
The processing circuit will consist of a 3,000-tonne-per-day Semi-Autogenous
Grinding and milling circuits (including fine-grinding IsaMills) with standard
sulphide flotation recovery circuits to produce three concentrates: zinc,
lead-silver and copper-gold. The average LOM modelled head grade for mill feed
is 6.11% Zn, 2.49% Pb, 0.34% Cu, 67.9 g/t Ag and 0.86 g/t Au. LOM metallurgical
recoveries used in the PEA are 84% for Zn, 65% for Pb, 45% for Cu, 37.5% for Ag
and 10.6% for Au. No optimization of precious metal recoveries has occurred to
date but is being evaluated.
Projected payable metal production from the planned Caribou Mine operation is
summarized in Table 5 and the annual production schedule based on the initial
base case mine plan is presented in Table 6.
------------------------------------------------------------------------
Commodity Average Annual Payable Production LOM Payable Production
------------------------------------------------------------------------
Zinc 93,000,000 lbs 584,500,000 lbs
------------------------------------------------------------------------
Lead 32,500,000 lbs 204,500,000 lbs
------------------------------------------------------------------------
Copper 3,100,000 lbs 19,500,000 lbs
------------------------------------------------------------------------
Silver 730,000 ozs 4,600,000 ozs
------------------------------------------------------------------------
Gold 1,500 ozs 10,000 ozs
------------------------------------------------------------------------
Table 5: Projected payable metal production
LOM concentrate grades are expected to average 50% Zn in the zinc concentrate,
45% Pb in the lead concentrate, and 20% Cu in the copper concentrate. The
precious metals report to both the Pb and Cu concentrates which maximizes
payability. Future metallurgical test work will seek to enhance recoveries.
---------------------------------------------------------------------------
Unit 2015 2016 2017 2018
---------------------------------------------------------------------------
Tonnes per Day t/d 2,333 2,724 3,000 2,987
Total Production kt 852 994 1,095 1,090
Zn Grade % 5.82% 6.27% 6.13% 5.98%
Pb Grade % 2.49% 2.63% 2.52% 2.45%
Cu Grade % 0.33% 0.33% 0.34% 0.40%
Ag Grade g/t 68.74 73.71 67.58 70.78
Au Grade g/t 0.59 0.70 0.85 0.84
Contained Zn 000 lbs 109,241 137,552 147,977 143,704
Contained Pb 000 lbs 46,768 57,639 60,718 58,993
Contained Cu 000 lbs 6,225 7,219 8,324 9,563
Contained Ag 000 oz 1,882 2,356 2,379 2,482
Contained Au 000 oz 16 22 30 29
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Unit 2019 2020 2021 Total
---------------------------------------------------------------------------
Tonnes per Day t/d 3,000 2,586 225
Total Production kt 1,095 944 82 6,152
Zn Grade % 6.44% 5.97% 5.55% 6.11%
Pb Grade % 2.64% 2.20% 1.97% 2.49%
Cu Grade % 0.30% 0.32% 0.29% 0.34%
Ag Grade g/t 71.31 56.13 43.66 67.89
Au Grade g/t 0.84 1.28 1.26 0.86
Contained Zn 000 lbs 155,571 124,270 10,030 828,345
Contained Pb 000 lbs 63,648 45,776 3,554 337,096
Contained Cu 000 lbs 7,225 6,571 516 45,643
Contained Ag 000 oz 2,511 1,703 115 13,428
Contained Au 000 oz 30 39 3 170
---------------------------------------------------------------------------
Table 6: Production Schedule based on the Initial Base Case 6.3-year LOM
Plan
CAPEX AND OPEX:
Projected capital and operating costs in the PEA over the planned 6.3-year mine
life are summarized in Tables 7 and 8:
--------------------------------------------------------------------------
LOM Capital Initial Capital Sustaining Capital
Items (Million $) (Million $) (Million $)
--------------------------------------------------------------------------
UG Mine Mobile
Equipment 21.5 0.0 21.5
UG Mine Infrastructure 23.0 9.0 14.0
UG Contingency (Mobile
& Infrastructure) 6.0 0.0 6.0
--------------------------------------------------------------------------
UG Mine Mobile &
Infrastructure
Subtotal 50.5 9.0 41.6
Underground Mine
Development 26.5 6.2 20.3
Mine Energy 1.1 0.1 1.0
Mine Total 78.2 15.3 62.9
--------------------------------------------------------------------------
Tailings & Other Ponds 23.4 1.1 22.3
Grinding 3.5 3.4 0.1
Flotation, incl. Adding
Cu Circuit 5.4 5.4 0.0
Dewatering Zn/Pb/Cu 1.6 1.6 0.0
Concentrate Storage &
Handling 2.7 1.2 1.6
Reagent Mixing 0.8 0.8 0.0
Services 1.3 0.8 0.5
Misc. Equipment 1.2 1.2 0.0
Milling and Tailing
Total 39.9 15.5 24.4
--------------------------------------------------------------------------
Environmental 1.6 1.2 0.3
Project General &
Administration 5.4 4.2 1.2
--------------------------------------------------------------------------
Project Grand total 125.1 36.3 88.8
--------------------------------------------------------------------------
Table 7: Estimated LOM Caribou Project Capital Costs
-----------------------------------------------------------------
Items Unit Values
-----------------------------------------------------------------
Mining $/t-Milled 37.06
Milling $/t-Milled 30.14
G&A $/t-Milled 5.99
Environmental $/t-Milled 1.59
-----------------------------------------------------------------
Total Site Operating Cost $/t-Milled 74.77
-----------------------------------------------------------------
Table 8: Estimated LOM Caribou Operating Costs
A direct LOM Cash Cost (C1) of US$0.46/lb of ZnEq(i) is modeled in the PEA.
(i)ZnEq payable pounds produced = ((Zn Payable lbs Produced x Zn Price)+(Pb
Payable lbs Produced x Pb Price)+(Cu Payable lbs Produced x Cu Price)+ (Au oz
Payable Produced x Au Price)+(Ag oz Payable Produced x Ag Price))/Zn Price.
Key assumptions used in the economic analysis within the PEA are summarized in
Table 9.
--------------------------------------------------------------------------
Metal Price
------------------------------ Mill
Item Unit In USD In CAD Recovery Payable Off-site Costs
--------------------------------------------------------------------------
Zn $/lb 1.00 1.05 84.0% 85% TC/RC,
----------------------------------------------------------- Deductibles
Pb $/lb 1.00 1.05 65.0% 95% Vary with
----------------------------------------------------------- Smelter
Cu $/lb 3.00 3.16 45.0% 95% Location,
----------------------------------------------------------- Smelter Terms
Ag $/oz 21.00 22.11 37.5% 95% and Conditions
-----------------------------------------------------------
Au $/oz 1200.00 1263.16 10.6% 95%
--------------------------------------------------------------------------
Base Case Discount Rate 5%
--------------------------------------------------------------------------
Exchange Rate (US$/C$) 0.95
--------------------------------------------------------------------------
Schedule 1 - NB 2% Royalty 2%
--------------------------------------------------------------------------
Schedule 2 - NB 16% Royalty 16%
--------------------------------------------------------------------------
10% NPI - Fern Trust based on Taxable Profit 10%
--------------------------------------------------------------------------
Provincial Income Tax 12%
--------------------------------------------------------------------------
Federal Income Tax 15%
--------------------------------------------------------------------------
Table 9: Key Assumptions Used in Economic Analysis
PEA CONTRIBUTORS:
---------------------------------------------------------------------------
Company Responsibilities
---------------------------------------------------------------------------
SRK Consulting (Canada) Inc. Underground mine modeling, General &
in collaboration with Trevali Administration (G&A) costing and project
economics
---------------------------------------------------------------------------
Stantec Consulting Environmental and permitting
---------------------------------------------------------------------------
Len Holland, Holland & Holland Metallurgical and processing
Consulting
---------------------------------------------------------------------------
PROJECT RISKS:
There are two major risks identified that could adversely affect the project
economics:
-- Mine rehabilitation and drift slashing (for increased size). The mine is
only about 40% dewatered at the time of mine planning. There are
uncertainties related to the time required for full dewatering, and
uncertainties regarding the total quantity and scheduling of the
rehabilitation/slashing work that will ultimately be required. An
increased quantity of rehabilitation/slashing work and/or schedule
delays could adversely affect the PEA economic results;
-- External dilution. There is a risk of increased external dilution beyond
the planned amount. This would reduce the mill head grade and impact on
revenue.
OPTIMIZATION AND POTENTIAL FOR ENHANCED ECONOMICS:
Opportunities for optimizations and potential enhanced economics have been
identified within the preliminary economic assessment including:
-- Potential to maximize sill pillar recovery by replacing waste backfill
with paste backfill. The current mine plan models an overall low sill
pillar recovery of 27.2% due to the unconsolidated waste rock backfill
planned for placement immediately above the sill levels. The potential
advantages of using paste backfill include:
-- Increase sill pillar recovery to nearly 100% which could bring up to
1.5 million tonnes of plant feed into the mine plan at grades of
6.00% Zn, 2.59% Pb, 0.29% Cu, 71.75 g/t Ag, and 0.75 g/t Au, thereby
extending the mine life with minimal additional development
required;
-- Increase stope productivity and shortened stope cycle time, thus
increasing stope stability and improving external dilution control;
-- Reduced backfill operating cost;
-- Reduced ventilation requirements;
-- Reduced requirement for life of mine tailings pond capacity, and
potentially savings in environmental expenditures.
trade-off analysis is recommended to weight these potential advantages
against the expected increase in capital costs for installing a paste
backfill system.
-- There is potential to bring more mineralized materials into the mine
plan in the PEA planned mining areas. There are 3.06 million tonnes in
situ mineralized materials above $100/tonne NSR Cutoff Grade excluded
from the PEA mining shapes in the planned mining area with an average
grade of 7.11% Zn, 2.91% Pb, 0.39% Cu, 85.31 g/t Ag, and 1.12 g/t Au.
Reasons for the excluded amounts include parallel zones of
mineralization where only one zone can be mined, stand-off distances
from historical mining areas, areas too narrow relative to the current
minimum mining width, and isolated areas. Further design optimization
could potentially bring some of these mineralized materials into the
mine plan.
-- Further stope design optimization will lead to reduced internal dilution
and increased plant feed head grades. Overall internal dilution in the
planned stopes is currently approximately 20%. In SRK's opinion, it
should be possible to reduce internal dilution to less than 15% and
increase plant feed head grades by roughly 4.3%.
-- Definition drilling should convert some of the existing Inferred mineral
resources to Indicated or Measured category.
-- Significant potential for resource expansion at depth given drill-grade
intervals outside of current resource block and below the PEA modeled
mine plan in the "Future Mine Plan Area" (see Figure 1).
-- Potential for increased metallurgical recoveries, specifically
optimization of the lead, copper and precious metals recovery.
The full PEA technical report will be filed on SEDAR at www.sedar.com and on the
Trevali Mining website at www.trevali.com within 45 days of the issuance of this
news release.
The PEA is considered preliminary in nature and includes economic analysis that
is based, in part, on inferred mineral resources. Inferred mineral resources are
considered too speculative geologically to have the economic considerations
applied to them that would allow them to be categorized as mineral reserves, and
there is no certainty that the results will be realized. Mineral resources are
not mineral reserves because they do not have demonstrated economic viability.
Qualified Person and Quality Control/Quality Assurance
EurGeol Dr. Mark D. Cruise, Trevali's President and CEO, and Paul Keller, P.Eng,
Trevali's COO, are qualified persons as defined by NI 43-101, have supervised
the preparation of the scientific and technical information that forms the basis
for this news release. Dr. Cruise is not independent of the Company as he is an
officer, director and shareholder. Mr. Keller is not independent of the Company
as he is an officer and shareholder. The lead parties responsible for the PEA,
SRK, Holland and Holland, and Stantec, are independent of the Company.
ABOUT TREVALI MINING CORPORATION
Trevali is a zinc-focused base metals mining company with operations in Peru and
Canada.
In Peru, the Company is actively operating its wholly-owned Santander
underground zinc-lead-silver mine and 2,000-tonne-per-day metallurgical plant,
and producing zinc and lead-silver concentrates.
In Canada, Trevali owns the Caribou mine and mill, Halfmile mine and Stratmat
polymetallic deposit all located in the Bathurst Mining Camp of northern New
Brunswick. Initial trial production from the Halfmile underground mine was
successfully undertaken in 2012 and the Company anticipates commencing
operations at its 3,000-tonne-per-day Caribou Mill Complex in 2015.
All of the Company's deposits remain open for expansion.
The common shares of Trevali are listed on the TSX (symbol TV), the OTCQX
(symbol TREVF) and on the Lima Stock Exchange (symbol TV). For further details
on Trevali, readers are referred to the Company's web site (www.trevali.com) and
to Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of TREVALI MINING CORPORATION
Mark D. Cruise, President
This news release contains "forward-looking statements" within the meaning of
the United States private securities litigation reform act of 1995 and
"forward-looking information" within the meaning of applicable Canadian
securities legislation. Statements containing forward-looking information
express, as at the date of this news release, the Company's plans, estimates,
forecasts, projections, expectations, or beliefs as to future events or results
and the company does not intend, and does not assume any obligation to, update
such statements containing the forward-looking information. Such forward-looking
statements and information include, but are not limited to statements as to: the
accuracy of estimated mineral reserves and resources, anticipated results of
future exploration, and forecast future metal prices, anticipated results of
future electrical sales and expectations that environmental, permitting, legal,
title, taxation, socio-economic, political, marketing or other issues will not
materially affect estimates of mineral reserves. These statements reflect the
Company's current views with respect to future events and are necessarily based
upon a number of assumptions and estimates that, while considered reasonable by
the Company, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies.
These statements reflect the Company's current views with respect to future
events and are necessarily based upon a number of assumptions and estimates
that, while considered reasonable by the company, are inherently subject to
significant business, economic, competitive, political and social uncertainties
and contingencies. Many factors, both known and unknown, could cause actual
results, performance or achievements to be materially different from the
results, performance or achievements that are or may be expressed or implied by
such forward-looking statements contained in this news release and the company
has made assumptions and estimates based on or related to many of these factors.
Such factors include, without limitation: fluctuations in spot and forward
markets for silver, zinc, base metals and certain other commodities (such as
natural gas, fuel oil and electricity); fluctuations in currency markets (such
as the Peruvian sol versus the U.S. dollar); risks related to the technological
and operational nature of the Company's business; changes in national and local
government, legislation, taxation, controls or regulations and political or
economic developments in Canada, the United States, Peru or other countries
where the Company may carry on business in the future; risks and hazards
associated with the business of mineral exploration, development and mining
(including environmental hazards, industrial accidents, unusual or unexpected
geological or structural formations, pressures, cave-ins and flooding);
risks relating to the credit worthiness or financial condition of suppliers,
refiners and other parties with whom the Company does business; inadequate
insurance, or inability to obtain insurance, to cover these risks and hazards;
employee relations; relationships with and claims by local communities and
indigenous populations; availability and increasing costs associated with mining
inputs and labour; the speculative nature of mineral exploration and
development, including the risks of obtaining necessary licenses and permits and
the presence of laws and regulations that may impose restrictions on mining;
diminishing quantities or grades of mineral reserves as properties are mined;
global financial conditions; business opportunities that may be presented to, or
pursued by, the Company; the Company's ability to complete and successfully
integrate acquisitions and to mitigate other business combination risks;
challenges to, or difficulty in maintaining, the Company's title to properties
and continued ownership thereof; the actual results of current exploration
activities, conclusions of economic evaluations, and changes in project
parameters to deal with unanticipated economic or other factors; increased
competition in the mining industry for properties, equipment, qualified
personnel, and their costs. Investors are cautioned against attributing undue
certainty or reliance on forward-looking statements. Although the Company has
attempted to identify important factors that could cause actual results to
differ materially, there may be other factors that cause results not to be as
anticipated, estimated, described or intended. The Company does not intend, and
does not assume any obligation, to update these forward-looking statements or
information to reflect changes in assumptions or changes in circumstances or any
other events affecting such statements or information, other than as required by
applicable law.
Trevali's production plans at Caribou-Halfmile-Stratmat and Santander are based
only on Indicated and Inferred Mineral Resources and not Mineral Reserves and do
not have demonstrated economic viability. Inferred Mineral Resources are
considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as Mineral Reserves,
and there is therefore no certainty that the conclusions of the production plans
and Preliminary Economic Assessment (PEA) will be realized. Additionally where
Trevali discusses exploration/expansion potential, any potential quantity and
grade is conceptual in nature and there has been insufficient exploration to
define a mineral resource and it is uncertain if further exploration will result
in the target being delineated as a mineral resource.
We advise US investors that while the terms "measured resources", "indicated
resources" and "inferred resources" are recognized and required by Canadian
regulations, the US Securities and Exchange Commission does not recognize these
terms. US investors are cautioned not to assume that any part or all of the
material in these categories will ever be converted into reserves.
This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities
described herein have not been and will not be registered under the United
States Securities Act of 1933, as amended, or the securities laws of any state
and may not be offered or sold within the United States, absent such
registration or an applicable exemption from such registration requirements.
The TSX has not approved or disapproved of the contents of this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Trevali Mining Corporation
Steve Stakiw, Vice President,
Investor Relations and Corporate Communications
(604) 488-1661 / Direct: (604) 638-5623
sstakiw@trevali.com
www.trevali.com
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