NorthIsle Earns 100% Interest in Red Dog Deposit
VANCOUVER, British Columbia, Dec. 06, 2017 (GLOBE NEWSWIRE) -- Northisle Copper and Gold Inc. (TSX-V:NCX) (“NorthIsle” or the “Company”) announces that it has completed its acquisition of a 100% interest in the Red Dog Property. A 3% NSR royalty, of which 2% can be purchased for $2 million, remains on the Red Dog Property.
The Red Dog Deposit together with the Hushamu Deposit are part of NorthIsle’s North Island Project. A Preliminary Economic Assessment Report (“PEA”) on the combined deposits was filed on October 25, 2018.
- After-tax NPV 8% of CAD $550.4 million, 14.3% IRR, 22-year mine life
- Life of Mine (LOM) metal production of 1.8 billion pounds of copper, 1.7 million ounces of gold and 55 million pounds of molybdenum
- Annual production of 82 million pounds of copper, 79 thousand ounces of gold and 3 million pounds of molybdenum
- Initial capital costs of CAD $1.34 billion plus sustaining capital of $139 million
- Direct cash cost of production per pound of copper net of gold, molybdenum and pyrite concentrate is CAD $1.17
NorthIsle is a Vancouver based junior resource company committed to the development of the North Island Project on Northern Vancouver Island, a 33,149-hectare block of mineral titles 100% owned by NorthIsle stretching 50 kilometres northwest from the now closed Island Copper Mine of BHP Billiton, which is located 10 km south of Port Hardy. The North Island Project contains the Hushamu and Red Dog Deposits and five other partially explored copper-gold porphyry occurrences.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed and approved by the Company’s qualified person, John McClintock, P. Geo., President and CEO of Northisle Copper and Gold Inc.
On behalf of Northisle Copper and Gold Inc.
President, CEO and Director
Neither the 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 news release.
This news release contains forward-looking statements. These forward-looking statements are based upon the reasonable beliefs of NorthIsle and its management as of the date of this news release; however, forward-looking statements involve risks and uncertainties and are based upon factors that may change and assumptions that may prove, with the passage of time, to be incorrect as a result of exploration and other risk factors associated with mineral exploration and development that are beyond the control of NorthIsle. Accordingly, undue reliance should not be placed upon such statements. If factors materially change or assumptions are materially incorrect, the actual results, performance or achievements of NorthIsle may be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. NorthIsle does not undertake any obligation to update or revise any forward-looking statements to reflect new information, future events or otherwise, except as required by applicable law.