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Share Name | Share Symbol | Market | Type |
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Sino Vanadium | TSXV:SVX | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES A correction from source is being issued with respect to the release that was disseminated on January 18, 2010 at 9:00 AM ET. The complete and corrected release follows. Sino Vanadium Inc. (the "Corporation") (TSX VENTURE:SVX) hereby announces that the Preliminary Economic Assessment (the "Study") on its 100% owned Daquan vanadium property prepared by Wardrop Engineering Inc. has been filed and is now available at www.sedar.com. For information regarding the Study please see the Corporation's press releases of December 21, 2009 and December 23, 2009. The following are the key economic indicators contained in the Study, as reported on December 21 2009. ---------------------------------------------------------------------------- Option 1 Option 2 Daquan Key Economic Indicators Open Pit and Open Pit Underground ---------------------------------------------------------------------------- Life of Mine Years 10 20 ---------------------------------------------------------------------------- Tonnes Milled kt 22,856 37,709 ---------------------------------------------------------------------------- Average Head Grade to Mill % V2 O5 0.94 0.82 ---------------------------------------------------------------------------- Mill Recovery % 75 75 ---------------------------------------------------------------------------- Payable Metal (V2 O5 ) klbs 321,224 506,837 ---------------------------------------------------------------------------- V2O5 Sale price $/lbs 8.83 8.83 ---------------------------------------------------------------------------- V2O5 Sale Price less Total Operating Cost $/lbs 5.34 5.36 ---------------------------------------------------------------------------- Working Capital $'000 32,177 26,462 ---------------------------------------------------------------------------- Total Sustaining Capital $'000 43,182 62,627 ---------------------------------------------------------------------------- Total Life of Mine Capital Cost $'000 345,826 450,492 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Initial Capital cost $'000 273,263 263,280 ---------------------------------------------------------------------------- Initial Capital $/lbs V2O5 $/lbs 0.85 0.52 ---------------------------------------------------------------------------- Contingency % 12.31 13.15 ---------------------------------------------------------------------------- Net Present Value $'000 631,788 878,318 ---------------------------------------------------------------------------- Internal Rate of Return % 45.3 52.3 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Payback Period Years 2.79 2.38 ---------------------------------------------------------------------------- Total Operating Cost (milled) $/t 49.09 46.92 ---------------------------------------------------------------------------- Total Operating Cost (lbs V2O5 Sold) $/lbs 3.49 3.47 ---------------------------------------------------------------------------- Dr. Ma Zhaoyang, Chairman of Sino Vanadium, commented, "The Corporation is very pleased with the positive results of this Study. We are actively proceeding to a Pre-Feasibility Study to further confirm the impressive project economics. Additional core drilling as recommended in the September 2009 NI 43-101Technical Report are also in progress in order to upgrade and expand the existing resource and confirm higher-grade zones of mineralization. About Sino Vanadium The Corporation owns 100% of the Daquan property in Shaanxi province, China. The property contains a world class vanadium deposit that management first recognized in 2007. The Corporation is working towards commissioning a pre-feasibility study on the Property. In the near-term the Corporation is reviewing potential acquisitions of additional vanadium exploration and development properties. The Corporation's objective is to create shareholder value through the consolidation of vanadium development and production in China and internationally. For further information, please visit www.sinovanadium.com. Forward-Looking Statements This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this document and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral resources, the realization of estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in resources, grade or recovery rates; accidents, labour disputes and other risks of the mining and exploration industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
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