Nicosia, Cyprus (FSCwire) - Atalaya Mining Plc (AIM:ATYM, TSX:AYM) is pleased to announce the completion of a NI43-101 compliant technical report on an updated resources and reserves estimate for Proyecto Riotinto in south western Spain.

 

Highlights

 

Strong Project Economics

 

• Total open pit proven and probable mineral reserves at Cerro Colorado are estimated at 197 Mt grading 0.42% Cu

 

• Updated resources and reserves estimate reports a 29% increase in mineral reserves

 

• Contained copper increases 21% to 822,000 tonnes

 

• NPV post-tax at 8% discount rate of US$512 million using long term copper price of US$3.00/lb and life-of-mine average Euro to US dollars exchange rate of €1:$1.18.

 

• Total cash flow of US$1,207 million

 

Reduced Operating Costs

 

• Estimated average C1 cash costs of US$2.10/lb of payable Cu net of silver credits

 

• All-in sustaining costs ("AISC") of US$2.22/lb of payable Cu net of silver credits

 

Capital Costs

 

• Development capital expenditure of US$95 million to increase throughput to 15 Mt/y

 

• LOM sustaining capital expenditure of US$84 million

 

Project Parameters

 

• Recoverable copper within P&P open pit reserves is estimated at 696,500 tonnes and 9.4 million ounces of silver

 

• Life of Mine ("LOM") of 13.8 years

 

• 2019 ramp-up production to 11 Mt/y and 2020 production at 15 Mt/y

 

• Average yearly production of 50,000 tonnes of copper and 670,000 ounces of silver in concentrate

 

• Reduced strip ratio, waste to ore, of 1.43:1

 

Contacts:

 

Newgate Communications	Charles Chichester / James Ash / James Browne	+44 20 7680 6550
4C Communications	Carina Corbett	+44 20 3170 7973
Canaccord Genuity (NOMAD and Joint Broker)	Henry Fitzgerald-O'Connor / Martin Davison / James Asensio	+44 20 7523 8000
BMO Capital Markets (Joint Broker)	Jeffrey Couch/Neil Haycock/Tom Rider	+44 20 7236 1010

 

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END

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Source: Atalaya Mining Plc (TSX:AYM, AIM:ATYM)

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