Plains Creek confirms 30 September 2012 completion date for the 1 million tonne per annum Feasibility Studies and announces $5
25 Septiembre 2012 - 5:01AM
PR Newswire (Canada)
VANCOUVER, Sept. 25, 2012 /CNW/ - Plains Creek Phosphate
Corporation ("Plains Creek" or the "Company") (TSX‐V: PCP) is
pleased to confirm the 30(th) September 2012 completion date for
the 1 million tonne per annum Feasibility Studies and announces a
private placement of up to $5 million. One Million tonne per Annum
Feasibility Studies Based on the previously announced decision
(August 23, 2012) that the Company had decided to prepare a
Feasibility Study for a one million tonne per annum phosphate rock
concentrate project, the Company wishes to confirm that GBM
Minerals Engineering Consultants Limited ("GBMMEC"), the Company's
project managers, have confirmed that this Feasibility Study will
be completed by September 30, 2012. In addition, the Company has
requested GBMMEC to prepare a 1 million tonne per annum Direct
Shipping Option (DSO) Feasibility Study that is expected to be
completed in the same time frame. The Company will review these
Feasibility Studies and expects to disseminate a News Release
during the later part of the following week to describe the results
of the Feasibility Studies. $5 million Private Placement The
Company wishes to announce the terms of a private placement of up
to $5 million that will be undertaken to fund working capital,
ongoing detailed engineering and design and discussions and
negotiations with offtakers, strategic investors and the project
level funding necessary to develop the Farim Phosphate Project.
Under the terms of the up to $5 million private placement, the
Company will offer up to 100 million Units at a price of $0.05 per
Unit. Each Unit will be comprised of one common share and one
half common share purchase warrant (each whole warrant, a
"Warrant"). Each whole Warrant entitles the holder to acquire
a Common Share at a price of $0.10 per share for a period of 18
months from the date the Warrant is issued. Two Million tonne per
Annum Phosphate Rock Concentrate Bankable Feasibility Study Phase
Two beneficiation of the Farim Phosphate Project contemplates two
million tonnes per annum of phosphate rock concentrate to process
the balance of the phosphate resource existing after the first
phase of one million tonne per annum. The Feasibility Study
for the two million tonne per year phosphate rock beneficiation
project will be completed by October 31, 2012 to allow completion
of the Feasibility Studies for the one million tonne per year
projects. Summary The Company is investigating three production
scenario alternatives for the progressive development of the Farim
Phosphate Project, depending on the phosphate market conditions,
the economic and political climate in Guinea Bissau and the
availability of capital and skilled manpower to develop the Farim
Phosphate Project: 1. the 1 million tonne per annum direct shipping
option (DSO); 2. the 1 million tonne per annum phosphate rock
concentrate beneficiation; and 3. the 2 million tonne per annum
phosphate rock concentrate beneficiation. About Plains Creek
Phosphate Corporation: Plains Creek Phosphate Corporation is a
Canadian mining and exploration company focused on advancing the
Farim Phosphate Project located in Guinea‐Bissau, West Africa. The
Farim Project currently comprises a high grade phosphate deposit
consisting of one continuous flat lying phosphate bed with a
Mineral Resource estimate disclosed in accordance with NI 43-101 in
a Preliminary Economic Assessment Technical Report dated September
5, 2012 (the "PEA") that defines a Measured Resource of 64.6 Mt at
an average grade of 29.11% P(2)O(5), an Indicated Resource of
28.1 Mt at an average grade of 27.68 % P(2)O(5) and an
Inferred Resource of 18.3 Mt at an average grade of
28.66 % P(2)O(5). Three alternate development plans are
being considered for the Farim Phosphate Project as an open pit
mining operation. Phase One, comprising either a Direct Shipping
Option Project with an annual phosphate production of 1 Mt per
annum or a 1 Mt per annum phosphate rock concentrate project, and
Phase Two which consists of the production of 2 Mt per annum of
phosphate rock concentrate. The PEA was prepared by GBM Minerals
Engineering Consultants Limited ("GBMMEC") in conjunction with
Golder Associates (U.K.) Ltd ("Golder"), all of whom are
independent of the Company. The PEA is filed on SEDAR and is
available under the Company's profile at www.sedar.com. The
Company's shares are listed on the TSX Venture Exchange under the
trading symbol "PCP". For additional information, please visit us
at www.plainscreek.com. ON BEHALF OF THE BOARD (Signed) "Carson
Phillips" Carson Phillips Vice‐President, Corporate Development and
Director Forward-Looking Statements Statements in this news release
may be viewed as forward-looking statements. Such statements
involve risks and uncertainties that could cause actual results to
differ materially from those projected. There are no assurances the
Company can fulfill such forward-statements and the Company
undertakes no obligation to update statements. Such forward looking
statements are only predictions; actual events or results may
differ materially as a result of risks facing the Company, some of
which are beyond the Company's control. In addition, pursuant to
National Instrument 43-101, the Company cautions that mineral
resources that are not mineral reserves do not have demonstrated
economic viability. Factors that contribute to risk include, among
others, delay or failure to receive regulatory, shareholder or
other required approvals to complete the Farim Phosphate Project,
timing and ability to raise capital on acceptable terms, not
realizing the potential benefits of the Farim Phosphate Project,
risks related to the actual results of exploration activities,
conclusions of economic evaluations, risks associated with mining
and mineral exploration activities, uncertainty in the estimation
of mineral resources, including, without limitation, the
assumptions on which such estimates are based, changes in project
parameters as plans continue to be refined, future prices of
metals, economic and political stability in Guinea Bissau,
environmental risks and hazards, increased infrastructure and/or
operating costs, availability of future financing, labour and
employment matters, and government regulation. There is no
guarantee that any drill targets or economic mineral deposits will
be found on the Plains Creek's properties. For a more detailed
discussion of such risks and other factors, refer to the most
recent Management Discussion and Analysis of the Company filed with
Canadian securities regulators available on www.sedar.com. NEITHER
TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE. Plains Creek Phosphate Corp. CONTACT: Carson PhillipsVice
President, Corporate Development and DirectorTelephone: (604) 569
0721E mail: cphillips@plainscreek.com
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