EMC Metals Corp.(TSXV:EMC) announced receiving PEA and updated resource estimate results for its Springer Tungsten Mine. The assessment was carried out by independent consultants Associated Geosciences LTD. and Practical Mining LLC.
Project restart is economic, feasible, and supported by current tungsten prices, based on a five year NI 43-101 production resource;
Five year mine life NPV of $22.8 million (8% discount, constant dollar, after tax);
IRR of 47% on restart capital of $30 million;
Indicated resource increase of 81,000 tons (+29.6 %) over previous resource estimate;
EMC Metals, CEO, George Putnam, stated:
This resource update and PEA keep us on track to restart the Springer Tungsten Mine in 2013. The positive economics in the PEA reflect healthy market conditions for tungsten producers. They also reflect favorably on this mining asset, recognizing the limited resource that has been included. We now intend to turn our attentions to funding this business to production, and to making Springer the second operating tungsten mine in North America, and the only one in the US.