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Abstract
This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, the use of net proceeds are forward-looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties related to fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainties relating to the completion of a bankable feasibility study; uncertainty of estimates of capital and operating costs, recovery rates production estimates and estimated economic return; the need for cooperation of government agencies in the development of the Company's mineral projects; the need to obtain additional financing to develop the Company's mineral projects; the possibility of delay in development programs or in construction projects and uncertainty of meeting anticipated program milestones for the Company's mineral projects; and other risks and uncertainties disclosed under the heading "Risk Factors" in the Annual Information Form dated September 1, 2011, and filed with Canadian securities regulatory authorities on the SEDAR website at www.sedar.com.
A mine plan with a nominal milling rate of 60,000 tpd, or 21.9 million tonnes per year, is anticipated and an additional 40,000 tpd heap leach operation is being evaluated. Progress on feasibility studies has enabled evaluation of several mine plans with regards to opitimizing mining grades, milling rates and metal recoveries. This analysis has resulted in a plan that increases the head grade of ore and maximizes metal recovery, particularly for copper, in the early project years. The heap leach process is under investigation and test work is nearly complete with good total copper recoveries demonstrated. Heap leach would occur early in the mine project and result in higher copper production in the first 6 years of mining, thus maximizing revenue for the least upfront capital cost.