Newcrest Mining Limited (ASX: NCM) (TSX: NCM) (PNGX: NCM) is pleased to announce its initial Mineral Resource estimate for the Red Chris mine located in British Columbia, Canada.
Red Chris is operated by Newcrest under a Joint Venture Agreement with Imperial Metals Corporation (Imperial Metals).
Since becoming operator in August 2019, Newcrest has embarked on an extensive work program to define the potential of block cave mining beneath the existing open pit operation. Activities have included: additional exploration and resource definition drilling; resource optimisation for both open pit and underground mining scenarios; commencing a Pre-Feasibility Study (PFS) to support the potential development of an underground block cave(1) and commencing construction of the box cut for the exploration decline.
The initial Mineral Resource estimate is a key input into the Red Chris PFS which Newcrest expects to release by the end of September 2021. An initial Newcrest Ore Reserve estimate for Red Chris is also expected to be released within the same timeframe.
Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said, 'The announcement of our initial Mineral Resource estimate marks another milestone in our transformation of Red Chris. We remain on track to release the findings of our block cave Pre-Feasibility Study by the end of September 2021 and continue to evaluate a number of early mining options which could enable an acceleration of cash flows prior to the development of a block cave.'
Forward Looking Statements
This document includes forward looking statements and forward looking information within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'believe', 'continue', 'objectives', 'targets', 'outlook' and 'guidance', or other similar words and may include, without limitation, statements regarding estimated reserves and resources, certain plans, strategies, aspirations and objectives of management, anticipated production, study or construction dates, expected costs, cash flow or production outputs and anticipated productive lives of projects and mines. Newcrest continues to distinguish between outlook and guidance. Guidance statements relate to the current financial year. Outlook statements relate to years subsequent to the current financial year.
These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Newcrest's actual results, performance and achievements or industry results to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward-looking statements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which Newcrest operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on Newcrest's good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect Newcrest's business and operations in the future. Newcrest does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events are beyond the reasonable control of Newcrest. Readers are cautioned not to place undue reliance on forward looking statements, particularly in the current economic climate with the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic. Forward looking statements in this document speak only at the date of issue. Except as required by applicable laws or regulations, Newcrest does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in assumptions on which any such statement is based.
Contact:
Tom Dixon
Tel: +61 3 9522 5570
Email: Tom.Dixon@newcrest.com.au
NEWCREST MINING 