Cadillac Ventures completes assessment study for Thierry Project in Ontario

15 May 2012 (Last Updated May 15th, 2012 18:30)

Cadillac Ventures has announced the completion of a positive preliminary economic assessment (PEA) study for the Thierry Project in Northwestern Ontario, Canada.

Cadillac Ventures announced the completion of a positive preliminary economic assessment (PEA) study for the Thierry Project in Northwestern Ontario, Canada.

The PEA, conducted by P&E Mining Consultants, revealed the technical and potential economic viability of re-opening the Thierry Mine and processing material from both the underground Thierry mine deposit and the K1-1 open pit deposit on a combined basis.

Cadillac Ventures president and chief executive officer Norman Brewster said, "Cadillac has been focused on the development of the Thierry Project and that focus has been validated by the receipt of this positive preliminary economic assessment of the project providing a total mine life of 17 years of potentially economically viable production based upon the currently defined NI 43-101 resources."

According to the study, the mine's life expectancy is 16.2 years, including three years pre-production (shaft) development.

Expected payback of pre-production capital is four years from the commencement of commercial production, and seven years from the start of pre-production (shaft) development.

The initial capital costs are estimated at $843m to develop the mine, including underground and open pit development costs and a 15% contingency on all capital costs.