NEWS ... Mine Life >20 YEARS!!!Sandstorm Metals & Energy Announces Updated Resource Estimates at the Rex No. 1 Mine
https://www.marketwire.com/press-release/sandstorm-metals-energy-announces-updated-resource-estimates-at-the-rex-no-1-mine-tsx-venture-snd-1626665.htm
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2012) - Sandstorm Metals & Energy Ltd. ("Sandstorm") (TSX VENTURE:SND) is pleased to announce updated resource and reserve estimates at the Rex No. 1 Mine, owned and operated by Novadx Ventures Corp. ("Novadx") (TSX VENTURE:NDX).
- Total Measured and Indicated Resources of 38.1M tons
- Total Proven and Probable Recoverable Reserves of 11.3M tons
- Expected mine life over 20 years
An evaluation was conducted to verify previously reported resources and assist Novadx in developing its long term mine plans at the Rex No. 1 Mine. The evaluation confirmed the existing grade and quality of the Rex seam and showed an 18% increase in Measured and Indicated resources. The estimated resources and potential reserves as of January 31, 2012 are provided below:
Estimated Resources:
Estimated Reserves:
(subject to completion of a NI 43-101 compliant technical report)
Marshall Miller & Associates completed the comprehensive verification of the Rex No. 1 Mine's coal resources and reserves, geology and mine plans and Novadx will provide an updated technical report in compliance with NI 43-101 requirements.
Sandstorm has a coal streaming agreement with Novadx to purchase 25% of the first 3,800,000 tons of metallurgical equivalent coal produced and 16% of the life of mine metallurgical equivalent coal produced thereafter from the Rex No. 1 Mine and the Rosa Mine at an ongoing per ton cost of $75.
Mr. John Feddock, P.E., Senior Vice President of Marshall Miller & Associates, a "Qualified Person" pursuant to the provisions of National Instrument 43-101, has reviewed and approved the scientific and technical information within this news release.