Vancouver, British Columbia--(Newsfile Corp. - March 7, 2022) - Altaley Mining Corporation (TSXV: ATLY) (OTCQX: ATLYF) (FSE: TSGA) ("Altaley" or the "Company") today announced the results of an updated Pre-Feasibility study (the "PFS") for its Tahuehueto Gold Mining Project (the "Project") located in Durango, Mexico. (All currencies within this press release are quoted USD.)

  • 2022 Prefeasibility Study improves 2017 PFS increasing throughput to 1,000 tonnes per day returning a post-tax NPV of US$110 million at 5% discount rate.
  • Total Capital Cost estimate of US $56.9 million with only $6 million capital remaining to be invested to initiate production at 1,000 tpd. Project construction over 95% complete with initial pre-production targeted during March 2022.
     
  • Life of Mine All In Sustaining costs (AISC) estimated at US $844 per gold equivalent ounce at $1,647.52/ounce Au, $21.64/ounce Ag, $0.92/pound Pb, $1.14/pound Zn and $3.60/pound Cu).
     
  • Proven & Probable Reserves of 3.58 million tonnes grading 2.55g/t gold, 50.06 g/t silver, 1.92% zinc, 1.11% lead, 0.26% copper.
     
  • 10.9-year Life of Mine (LOM) utilizing mostly low-cost bulk underground Sub-level Open Stoping mining method.
     
  • Significant opportunities exist to expand the Projects Mineral Resources and Reserves base with near mine and regional exploration. Altaley plans to aggressively pursue exploration as soon as free cash flows allow or alternative funding is secured.

"As our Tahuehueto Gold Mine Project construction nears completion we are happy to disclose results of the projects updated pre-feasibility study which continues to show robust economics," said Ralph Shearing, CEO & President. "The disclosure of the 2022 PFS economics, updated reserve and resource estimation, along with our anticipated March startup of pre-production operations at Tahuehueto, are the culmination of many years of hard work by the Altaley team and as our Tahuehueto mine ramps up to full production during Q2-Q3 2022, increased cash flow will allow Altaley to recommence exploration drilling and unlock the ultimate potential of our Tahuehueto district scale project."