Orefinders Provides Guidance on Timeline for Mirado Stockpile Project
TORONTO, ON--(Marketwired - August 03, 2016) - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX VENTURE: ORX) is pleased to provide an estimated timeline for the transport and processing of its Stockpiles from the Mirado Mine in Kirkland Lake, Ontario.
The following timeline is a chronological estimate of the of the expected stages of the Stockpile Projects Phase One.
Closure Plan
Closure Plan Submission was completed on July 15, 2016, with the expected approval from the Ministry of Northern Development and Mines ("MNDM") expected within 45 calendar days of its receipt. The target approval date is therefore July 29, 2016. Orefinders' maintains an open dialogue with the MNDM should they have any additional questions with respect to the Closure Plan. Upon approval of the Closure Plan the Stockpile project will be fully permitted.
Mobilization of Crushing Equipment at the Mirado Mine site
Upon receipt of its Closure Plan approval as described above, plans are to mobilize rock crushers shortly thereafter. The crushing equipment will size Stockpile materials to between 4 and 8 inches to meet transport and milling specifications. Crushing of the 25,000 tonnes of Stockpile is expected to take approximately 3 weeks.
Transport of Stockpiles to Westwood Mill
The trucking of the Stockpiles from the Mirado Mine to the Westwood Mill is excepted to take 4 weeks. Trucking will commence approximately half way though the crushing stage.
Milling of the Stockpiles at the Westwood Mill
Milling of the Stockpiles will be completed in a single continuous batch and is expected to take 2 weeks. Commencement of the milling process will begin after 18,000 of the 25,000 tonnes from the stockpile has been delivered to the Westwood Mill. All of the materials passing through the Westwood Mill during this period will belong to Orefinders, and no blending of materials will occur. After the Stockpiles have been processed, a doré bar will be poured with any gold recovered.
Refining of Doré Bar and Payment
Upon completion of the dore bars the product will be sent to a well established refinery in the United States where any gold recovered will be refined to the purity required for good delivery at the London Metals Exchange. After settlement with the refinery and the mill, Orefinders would take delivery of any gold into its physical account from which the company will elect to sell the physical gold into the spot market vis-a-vie its account with the refiner.
Implementation of the Closure Plan
Upon completion of the Stockpile Project, the Mirado Mine site will have been cleared of any mined materials on the areas where the stockpiles currently exist. Orefinders views this step as a positive from an environmental perspective, as after the processing of the Stockpiles the residual materials will be deposited into a licensed tailing facility on the Westwood Mill site. While the Closure Plan contemplates the Stockpile's site reclamation via a top soil and revegetation program, such activities will not be undertaken in the foreseeable future as Orefinders view the Mirado Mine site as an ongoing operation. As financial assurance the Company has deposited the funds required to complete site reclamation with the MNDM.
About Phase One of the Mirado Stockpile Project
Phase One is a resource that was blasted and mined from the Mirado' open pit mine during its production during in the 1980's. Orefinders' has since completed a resource calculation on the Stockpiles which delineated an inferred resource of 20,742 tonnes at an average grade of 4.41 grams per tonne for a total of 2,939 contained gold ounces. As per the toll milling agreement, announced in July 14, 2016 news release, Orefinders will deliver a minimum 25,000 tonnes of resource from the Mirado to the Westwood Gold Mine for processing and extraction of gold.
Orefinders views Phase One as an opportunity to clean up the former mine site and to generate cash flow for Orefinders' ongoing exploration and development of the Mirado project.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Orefinders' assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Orefinders. Additional information identifying risks and uncertainties is contained in filings by Orefinders with Canadian securities regulators, which filings are available under Orefinders' profile at www.sedar.com.
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Contact
To Speak to the Company directly, please contact:
Stephen Stewart
Chief Executive Officer
Phone: 416.644.1567
Email: sstewart@orefinders.ca
