Copper North Files Carmacks NI 43-101 Preliminary Economic Assessment Report on Sedar

Vancouver, British Columbia — Copper North Mining Corp. (TSXV:COL) is pleased to announce the Filing of the Preliminary Economic Assessment Report on SEDAR. The results of the PEA report were news released Oct 12, 2016. The PEA Report evaluates the recovery of copper, gold and silver at the Company’s Carmacks Copper-Gold-Silver project. The Carmacks Project is located in south central Yukon within the southern end of the copper-gold-silver Dawson District.
Project Economics Highlights
The base case metal price in the PEA is US$2.50/lb copper which is near the median of current medium to long term analyst forecasts for copper. Gold was applied at US$1300/oz and silver at US$17.50/oz. With the recent rapid increase in copper price a Consensus Price model is included in the table with copper price at US$2.75/lb and the gold and silver price remained the same as in the Base case. The Consensus Price reflects price forecasts for 2017. The PEA uses an exchange rate of CAD$1.00 equals US$0.78 (US$1.00 equals CAD$1.28). Costing is in Canadian dollars.
Copper recovery is 85.5% and gold recovery is 84.4%; additional metallurgical test work is warranted to improve current 9.4% recovery for silver.
Dr. Harlan Meade, President and CEO of Copper North states: “The use of agitated tank leaching provides for high recoveries of gold alongside the leaching of copper. The application of agitated tank leach technology has reduced operating and environmental risk, compared to the previously proposed heap leach of copper. The agitated tank leach provides for rapid leaching of the copper followed by gold-silver and improved recoveries. The C1 cost of copper production is US$1.08/lb¹ after deduction of byproduct gold and silver credits; all in sustaining cost is US$1.16/lb². The production costs place Carmacks Project in the lower decile of the cost curve of projects in the development pipeline. The PEA indicates that the re-engineering of Carmacks Project has much improved the Carmacks Project; it has also highlighted the potential for expansion of mineral resources. Management is planning on-going engineering of the Carmacks Project to achieve Prefeasibility standard report and pursue capex and opex reduction opportunities and expansion of mine life by adding another 3 years of new oxide mineral resources that were defined in the 2015 exploration program and the NI 43-101 mineral resources initially reported January 25, 2016.”
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