(NewsDirect)

Altaley Mining Corporation (TSXV: ATLY) (OTCQX: ATLYF) (FSE: TSGA) ("Altaley" or the "Company") is pleased to announce that it has filed an updated technical report, including a Preliminary Feasibility Study (“PFS”), for its Tahuehueto Project in Durango, Mexico. (the “Project”) on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101") and in accordance with Canadian Institute Mining’s (“CIM”) Best Practice Guidelines for the Estimation of Mineral Resources and Mineral Reserves.

The Company made a preliminary disclosure of the PFS economics in a new release dated March 7, 2022, which results contained errors related to net smelter return calculations that under-estimated the PFS economics. With the filing of the PFS report, Altaley now updates the March 7, 2022 disclosure with a significant increase of approximately 30% to the overall economics of the project.
 

  • 2022 Prefeasibility Study improves 2017 PFS increasing throughput to 1,000 tonnes per day returning a post-tax NPV of NPV of $161.3 million, at a discount rate of 5%, ($141.8 Million and $131. 8 million at discount rate of 8% and 10% respectively).
  • IRR of 65% with a 2-year payback period (5% discount rate).
  • Total Life of Mine Capital Cost estimate of US $56.9 million with project construction over 95% complete and initial pre-production targeted during April 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 with average annual production of 25,987 oz of gold, 453,952 oz of silver, 827 tonnes of copper, 3,155 tonnes of lead and 6,123 k-lbs of zinc.
  • 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.