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halcroon May 15, 2015 7:52pm
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no current Mineral Reserves at Bonanza Ledge
no current Mineral Reserves at Bonanza LedgeFrom latest NI 43-101:
.4.2 Development and operations – Bonanza Ledge
As of the effective date of this Report the Company has completed test mining operations under the Small Mines Permit for Bonanza Ledge deposit on Barkerville Mountain. A Preliminary Feasibility Study was completed in 2009 (Fier et al. 2009) and recommended the development of an estimated 200 tonne per day open pit mine (220 tons per day or 73,200 tons per year). The mine plan called for ore to be mined at an average grade of 0.26 oz/t (9 ppm/tonne) and hauled to the crushing and carbon-in-pulp (“CIP”) processing circuit located at the QR Mill about 110 km or 68 miles away. Initial analysis of the results from the test mining indicates further study is required before economic extraction can be demonstrated for the Bonanza Ledge deposit.
1.6 Interpretation and conclusions
1.6.1 Bonanza Ledge
The conceptual mine plan operations, haulage and milling operations as described in the Pre-Feasibility Study (Fier et al. 2009) are no longer considered valid. Sections of the Pre-Feasibility Study prepared by EBA Consultants (Fier et al, 2009) are considered to be out-dated
Consequently, Snowden completed a review to the economic analysis for Bonanza Ledge in order to assess the relevance of the Mineral Reserve under the revised modifying factors. Based on that analysis Snowden concludes there are no current Mineral Reserves at Bonanza Ledge.