Resource World Magazine

a p r i l / m a y 2 0 1 5 www.resourceworld.com 13 NEWS BRIEFS Nautilus MiNErals coMMENcEs coMMissioNiNg of auxiliary cuttEr Nautilus Minerals Inc. [NUS-TSX; NUSMF-OTCQX] reported that the commissioning and factory acceptance testing of its third and final seafloor mining production tool, the aux- iliary cutter, has commenced at Soil Machine Dynamics' facility at Newcastle upon Tyne, UK. The Auxiliary Cutter will weigh 250 tonnes when assembled and operate on tracks. Nautilus' CEO, Mike Johnston said, "We are excited that the commissioning of the final of the three seafloor production tools has begun. With the bulk cutter and the collecting machine having already begun factory acceptance testing and now with the auxiliary cutter underway, we are on track to complete this testing phase and take deliv- ery of the three seafloor production tools in Q4 2015." iMpErial MEtals proDucEs coppEr coNcENtratE at rED chris MiNE Imperial Metals Corp. [III-TSX] reported commissioning of its Red Chris mill in north- ern British Columbia is progressing well. Both the SAG and ball mill drive systems have been operated at 100% load factors. As a result, the flotation circuits and secondary regrind mill are being commissioned with low-grade ore, resulting in the first production of copper concentrate. Mining activities in both the East and Main zones continue to advance, utilizing the P&H 2800 electric cable shovel and CAT 793 haul truck fleet. KloNDEx MEtals rEports NEvaDa golD-silvEr rEsErvEs Klondex Mines Ltd. [KDX-TSX; KLNDF-OTCQX] reported initial mineral reserves for its Fire Creek Project and Midas Mine in northern Nevada. Dollar amounts are in US$. Total Costs include all capital spent at the projects. The mineral reserves were calcu- lated assuming $1,000/oz Au and $15.83/oz Ag, representing approximately 80% of the mineral resource price assumptions. Klondex intends to update the mineral resources and mineral reserves annually. graphitE oNE rEports fiNal 2014 Drill rEsults Graphite One Resources Inc. [GPH-TSXV; GPHOF-OTCQX] reported results of the final 10 holes of its recently completed 20-hole diamond drill program on its Graphite Creek Project near Nome, Alaska. The company's quality assurance/quality con- trol process discovered minor variances in the laboratory results of the first 10 holes reported earlier and is therefore releasing revised assays using the certified re-analyses. Highlights include: • All 10 holes intercept significant widths of near surface graphite mineralization along 700 m strike • Select intercepts include 14.95 m of 8.46%, 42.81 m of 6.27%, 17.92 m of 13.37%, 18.29 m of 7.36%, and 24.56 m of 6.76% graphitic carbon (Cg) • Geology and assays confirm good vertical and lateral continuity of mineralization 2014 drilling results will be utilized to move a portion of the resource from inferred to indicated resource status and provide the basis for producing the initial Preliminary Economic Assessment of the Graphite Creek deposit. trEvali starts MiNiNg at caribou ziNc MiNE Trevali Mining Corp. [TV-TSX, Lima; TREVF-OTCQX; 4TI-FSE] has begun min- ing activities at its 100%-owned Caribou polymetallic mine and mill complex located in the Bathurst mining camp of northeastern New Brunswick, Canada. The project status remains on schedule for start-up commissioning in the second quarter of 2015. The milling circuit is predominantly refurbished and ready for operation with the new 3,000-tonne-per- day semi-autogenous-grinding (SAG) mill installed and aligned. Around three years of underground development is in place. There are approximately one million tonnes of min- eralized material available for production. The construction of an underground ramp connection to the existing conveyor por- tal (~400 metres of development) has been completed and is anticipated to result in significant operational efficiencies by reduc- ing the underground haul distance to within ~100 metres of the fine-mill-feed bins versus the previous ~1.5-km surface haul route. huDsoN rEsourcEs rEports positivE pEa Hudson Resources Inc. [HUD-TSXV; HUDRF-OTCQX] has released results of the Preliminary Economic Assessment for the primary production of specialty-grade alu- mina using anorthosite as feedstock from the 100%-owned White Mountain Project, 80 km southeast of Sisimiut, Greenland. Highlights include an NPV of US $205-mil- lion (0% discount) after tax; an after-tax IRR of 23.5% and a 3.9-year payback assuming a 20-year mine life. Initial capital costs are US $184 million, which includes a contingency of US $33 million and working capital of US $17-million, for a 1,100 tpd open-pit mine and an offshore processing facility in North America. Operating costs are US $115/tonne, including shipping costs of US $25/t between Greenland and North America with revenue of $287/t of mined rock. n Mineral reserve HigHligHts FIRe CReeK 241,400 AuEq Ounces 1.3 opt AuEq / 44.6 g/T AuEq US $492/Au oz Total Cost, net of Ag by-product US $503/AuEq oz Total Cost MIDAs 132,600 AuEq Ounces 0.548 opt AuEq /18.9 g/T AuEq US $485/Au oz Total Cost, net of Ag by-product US $932/AuEq oz Total Cost

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