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RWE Australian Business News
January 24, 2008 Thursday 10:51 AM AEST
Tamaya: tests support polymetallic project in Armenia
Sydney Thursday, January 24
Tamaya Resources Ltd (ASX:TMR) reports a metallurgical test work
program at the Lichkvaz project (86.21pc TMR) in Armenia supports the
development of a polymetallic project.
Tamaya acquired a major holding (86.21pc) in Iberian Resources
Ltd in 2007 and has since commissioned the examination of the
project's potential as a copper and zinc resource in addition to the
previously known gold potential of the existing project.
Tamaya chairman Mr Hugh Callaghan said, "the confirmation of a
significant base metals content emphasises the low-cost nature of the
project with studies pointing to a total operating cash cost after
by-products and royalties of approximately $US295/oz.
"Using current metals prices, this would attribute a net present
value to the project of around $US200m."
The initial mine scoping model for Lichkvaz was based on the
metallurgical test work completed by AMMTEC Laboratories in Perth.
The metallurgical samples used for this test work were
representative samples taken from the various ore stockpiles and
dumps on the existing Lichkvaz mine site, as well as fresh ore from
the developing Terterasar mine section.
Soon after Tamaya acquired a majority holding in Iberian and
access to the Lichkvaz Gold Project, ore samples were taken of the
freshly exposed Lichkvaz ore.
Results of the current metallurgical test work program, based on
these samples, have shown that Lichkvaz is a polymetallic project.
*****
Mr Callaghan said the importance of this metallurgical discovery
for Tamaya should not be underestimated.
"Lichkvaz, as a predominantly copper-gold project coming into
construction and development, sits neatly in Tamaya's copper
portfolio.
"The project's forecast cashflow from March 2009 will augment
our existing revenues from Punitaqui in Chile. We then expect the
cashflow from our two operating mines to allow a minimally dilutive
financing of Filipina Grande in Chile, which is set to be developed
as Tamaya's third copper-gold and iron ore project."
The Lichkvaz Polymetallic-Gold Mine project will produce gold
and silver in a copper concentrate, a zinc concentrate, and a
gold-rich pyrite/arsenopyrite concentrate which will be processed on
site by cyanidation through the CIP plant, being relocated from
Australia, to produce a gold-silver dore.
The metallurgical test work completed on the fresh Lichkvaz ore
samples has shown that the production of two saleable metal
concentrates of copper and zinc is possible, as well as the
production of a third gold-silver rich pyrite/arsenopyrite
concentrate that can be processed on site to produce a cyanide
soluble feed for normal cyanidation.
From: Baghdasarian
January 24, 2008 Thursday 10:51 AM AEST
Tamaya: tests support polymetallic project in Armenia
Sydney Thursday, January 24
Tamaya Resources Ltd (ASX:TMR) reports a metallurgical test work
program at the Lichkvaz project (86.21pc TMR) in Armenia supports the
development of a polymetallic project.
Tamaya acquired a major holding (86.21pc) in Iberian Resources
Ltd in 2007 and has since commissioned the examination of the
project's potential as a copper and zinc resource in addition to the
previously known gold potential of the existing project.
Tamaya chairman Mr Hugh Callaghan said, "the confirmation of a
significant base metals content emphasises the low-cost nature of the
project with studies pointing to a total operating cash cost after
by-products and royalties of approximately $US295/oz.
"Using current metals prices, this would attribute a net present
value to the project of around $US200m."
The initial mine scoping model for Lichkvaz was based on the
metallurgical test work completed by AMMTEC Laboratories in Perth.
The metallurgical samples used for this test work were
representative samples taken from the various ore stockpiles and
dumps on the existing Lichkvaz mine site, as well as fresh ore from
the developing Terterasar mine section.
Soon after Tamaya acquired a majority holding in Iberian and
access to the Lichkvaz Gold Project, ore samples were taken of the
freshly exposed Lichkvaz ore.
Results of the current metallurgical test work program, based on
these samples, have shown that Lichkvaz is a polymetallic project.
*****
Mr Callaghan said the importance of this metallurgical discovery
for Tamaya should not be underestimated.
"Lichkvaz, as a predominantly copper-gold project coming into
construction and development, sits neatly in Tamaya's copper
portfolio.
"The project's forecast cashflow from March 2009 will augment
our existing revenues from Punitaqui in Chile. We then expect the
cashflow from our two operating mines to allow a minimally dilutive
financing of Filipina Grande in Chile, which is set to be developed
as Tamaya's third copper-gold and iron ore project."
The Lichkvaz Polymetallic-Gold Mine project will produce gold
and silver in a copper concentrate, a zinc concentrate, and a
gold-rich pyrite/arsenopyrite concentrate which will be processed on
site by cyanidation through the CIP plant, being relocated from
Australia, to produce a gold-silver dore.
The metallurgical test work completed on the fresh Lichkvaz ore
samples has shown that the production of two saleable metal
concentrates of copper and zinc is possible, as well as the
production of a third gold-silver rich pyrite/arsenopyrite
concentrate that can be processed on site to produce a cyanide
soluble feed for normal cyanidation.
From: Baghdasarian