Trevali provides Caribou Zinc Mine commissioning update; Commences initial concentrate shipments and sales
August 12, 2015
Vancouver, British Columbia: Trevali Mining Corporation ("Trevali" or the "Company") (TSX: TV; BVL: TV; OTCQX: TREVF; Frankfurt: 4TI) provides a mine and mill commissioning update for its Caribou Zinc Mine in the Bathurst Mining Camp of northern New Brunswick. Since commencing mill commissioning in late-May, the Company has achieved initial production of zinc and lead concentrates and has also shipped and sold initial zinc concentrates in July (Figure 1). A detailed description is provided below and progress highlights are as follows (Table 1):
Table 1: Caribou Mill - July production statistics
|Tonnes processed YTD as of July 31/15 (approx.):||52,057 tonnes|
|Zinc concentrate produced YTD as of July 31/15 (WMT, approx.):||1,933 tonnes|
|Average zinc concentrate grade:||50.3% Zn|
|Lead-silver concentrate produced YTD as of July 31/15 (WMT, approx.):||491 tonnes|
|Average lead-silver concentrate grade:||37.4% Pb, 598 g/t Ag|
CARIBOU MILL COMMISSIONING
Ongoing troubleshooting of ramp-up issues continued through the month of July with significant headway realized as the Company continues to ramp up Caribou operations according to the strategy outlined in the Company's News Release dated May 19, 2015 (see TV-NR-15-10 for details).
The commissioning status of specific mill components is as follows:
Grinding - The new SAG Mill, the two Ball Mills and the three IsaMills are all operational. Ongoing initiatives are focused on optimizing charge rates, grind characteristics and media composition. Fine tuning of the IsaMills has them now operating at near nameplate grind size of 12 microns.
Reagents - With concentrates now being produced, the focus is now on optimization of both zinc and lead reagent mixtures/ratios to bring recoveries towards anticipated nameplate percentages, and optimize concentrate grades and characteristics.
Flotation - Both zinc and lead flotation circuits, including the rougher and cleaner cells, are all online. Additional piping and pumping optimization and replacement occurred during July to further improve circuit stability and is ongoing.
Filtration & Tailings - The zinc and lead filters are both online. Ongoing work in July focused on lead concentrate optimization.
Figure 1: Zinc concentrate warehouse at Caribou Mine (left) and zinc concentrate haul trucks being loaded (right)
Underground commissioning continues to make positive progress with de-watering, remaining refurbishment and various optimizing initiatives all proceeding in line with plans. Production continues at approximately 1,500 tonnes-per-day which is sufficient to maintain the approximately 100,000-tonne surface mill feed stock pile being utilized for mill commissioning purposes.
Q2-2015 FINANCIAL RESULTS AND CONFERENCE CALL
Trevali will release financial results for its second quarter period ending June 30, 2015 on August 14, 2015 after the close of the trading day in Toronto.
The Company will host a conference call and audio webcast at 10:30 a.m. Eastern Time (7:30 a.m. Pacific Time) on Monday, August 17, 2015 to review the financial results. Participants are advised to dial in 5-to-10 minutes prior to the scheduled start time of the call.
Conference call dial-in details:
Toll-free (North America): 1- 866-223-7781
Toronto and international: 1- 416-340-2216
Audio Webcast: http://www.gowebcasting.com/6839
At the Company's recent Annual General Meeting of Shareholders held on June 17, 2015, shareholders re-elected the nominated slate of directors. Shareholders also approved the appointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditors of the Company for the current fiscal year and authorized the directors to fix the auditors' remuneration.
|Description of Matter||Outcome of Vote||Votes
|Votes Withheld||Votes Against|
|1.||The election of the following directors of the Company:||Resolution approved by a show of hands|
|2.||The appointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditors of the Company for the current fiscal year and authorizing the directors to fix the auditors’ remuneration.||Resolution approved by show of hands||126,993,041
Qualified Person and Quality Control/Quality Assurance
EurGeol Dr. Mark D. Cruise, Trevali's President and CEO and Mr. Paul Keller, P.Eng, Trevali's Chief Operating Officer, are qualified persons as defined by NI 43-101 and have supervised the preparation of the scientific and technical information that forms the basis for this news release. Dr. Cruise is not independent of the Company, as he is an officer, director and shareholder. Mr. Keller is not independent of the Company as he is an officer and shareholder. On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped to Bureau Veritas Minerals Laboratories (BVML) preparation facility in Val D'Or, Quebec for crushing and splitting and coarse rejects were assayed at BVML in Vancouver, BC. BVML quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025: 1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Blind certified reference material is inserted at regular intervals into the sample sequence by Trevali personnel in order to independently assess analytical accuracy. Finally, representative blind duplicate samples are routinely forwarded to an ISO compliant third party laboratory for additional quality control.
ABOUT TREVALI MINING CORPORATION
Trevali is a zinc-focused, base metals mining company with one producing operation in Peru and another currently undergoing commissioning in Canada.
In Peru, the Company is actively producing zinc and lead-silver concentrates from its 2,000-tonne-per-day Santander mine.
In Canada, Trevali owns the Caribou mine and mill, Halfmile mine and Stratmat deposit all located in the Bathurst Mining Camp of northern New Brunswick. The Company is currently commissioning its 3,000-tonne-per-day Caribou mine.
All of the Company's deposits remain open for expansion.
The common shares of Trevali are listed on the TSX (symbol TV), the OTCQX (symbol TREVF), the Lima Stock Exchange (symbol TV), and the Frankfurt Exchange (symbol 4TI). For further details on Trevali, readers are referred to the Company's website (www.trevali.com) and to Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
TREVALI MINING CORPORATION
"Mark D. Cruise" (signed)
Mark D. Cruise, President
Vice President, Investor Relations and Corporate Communications
Phone: (604) 488-1661 / Direct: (604) 638-5623
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and the Company does not intend, and does not assume any obligation to, update such statements containing the forward-looking information. Such forward-looking statements and information include, but are not limited to statements as to: the Company's plan to prepare a new PEA for its Halfmile and Stratmat properties, the accuracy of estimated mineral resources, anticipated results of future exploration, and forecast future metal prices, expectations that environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues will not materially affect estimates of mineral resources. These statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.
These statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained in this news release and the company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in spot and forward markets for silver, zinc, base metals and certain other commodities (such as natural gas, fuel oil and electricity); fluctuations in currency markets (such as the Canadian dollar and Peruvian sol versus the U.S. dollar); risks related to the technological and operational nature of the Company's business; changes in national and local government, legislation, taxation, controls or regulations and political or economic developments in Canada, the United States, Peru or other countries where the Company may carry on business in the future; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits and the presence of laws and regulations that may impose restrictions on mining,; diminishing quantities or grades of mineral resources as properties are mined; global financial conditions; business opportunities that may be presented to, or pursued by, the Company; the Company's ability to complete and successfully integrate acquisitions and to mitigate other business combination risks; challenges to, or difficulty in maintaining, the Company's title to properties and continued ownership thereof; the actual results of current exploration activities, conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors; increased competition in the mining industry for properties, equipment, qualified personnel, and their costs. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
Trevali's production plan at the Caribou Mine is based only on measured, indicated and inferred resources, and not mineral reserves, and does not have demonstrated economic viability. Trevali's production plan at the Santander Mine is based only on indicated and inferred mineral resources, and not mineral reserves, and does not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is therefore no certainty that the conclusions of the production plans and Preliminary Economic Assessment (PEA) will be realized. Additionally, where Trevali discusses exploration/expansion potential, any potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
We advise US investors that while the terms "measured resources", "indicated resources" and "inferred resources" are recognized and required by Canadian regulations, the US Securities and Exchange Commission does not recognize these terms. US investors are cautioned not to assume that any part or all of the material in these categories will ever be converted into reserves.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within the United States, absent such registration or an applicable exemption from such registration requirements.
The TSX has not approved or disapproved of the contents of this news release.