News Feed Item

Chieftain Achieves Important Milestone by Receiving Completed Independent Engineers Report and Provides Corporate Update

TORONTO, ONTARIO -- (Marketwired) -- 09/23/13 -- Chieftain Metals Corp. ("Chieftain or the Company") is pleased to announce a significant step toward the project financing of its advanced Tulsequah Chief polymetallic project in North Western British Columbia, Canada. IMC Group Consulting Limited ("IMC") completed its review of the NI-43-101 compliant Feasibility Study dated January 2013. This report is a key pre-requisite for a bank lending group to begin work on the detailed terms and conditions of the senior debt financing for the Tulsequah Chief project. Chieftain now intends to assemble its bank lending group and arrange necessary contracts or supplier credit as part of its overall project financing.

IMC thoroughly reviewed the Feasibility Study for the Tulsequah Chief Project. Based on the technical review, IMC's economic model demonstrates positive project economics essentially the same as those projected by Chieftain in its feasibility study. More specifically, IMC concluded, amongst other things, that:

--  The Mineral Resource estimate is sound; 
--  IMC notes that Chieftain has continued to examine the geological
    modeling and interpretation and early indications are that there is
    considerable upside potential for extending the mineral resource base
    and, as a result, the mine life; 
--  The Mineral Reserves have been estimated in a sound manner, based on an
    appropriate level of mine and stope design for a project at this stage
    of development and are considered to be reliable. IMC noted that in
    order to control ore dilution to that assumed in the reserve estimate
    will require good mining techniques and stoping blast control; 
--  Chieftain holds all of the environmental certificates necessary for the
    project development and most of the critical authorizations required for
    construction activities or interference with land and surface waters.
    IMC would not expect any delays in obtaining either the remaining
    approvals required for construction or the further approvals required
    during operation; 
--  The mine design benefits from the fact that it has been operated before
    and the existing excavations are in reasonable condition for the new
    operations. The design makes the most of the existing entries and
--  The mine layout generally includes the facilities required for an
    underground mine. Chieftain has provided the background engineering to
    IMC and this generally confirms the cost estimates to be developed on an
    appropriate level of engineering for a feasibility study. IMC noted that
    further engineering refinement will be required during the detailed
    engineering phase; 
--  The strategy to advance the mine capital developments in the early years
    is sound as this opens access to a good proportion of the mine's
--  While accepting that the projected mine development and production
    schedule is achievable, IMC considered that good mine planning and
    experienced/trained work crews are prerequisites for the success of the
    life-of mine plan 
--  Generally the cost estimates, both capital and operating, are well
    founded and appropriately detailed. Operating costs are estimated from
    first principles. Overall, IMC is of the view that the costs have been
    estimated accurately and costs could be expected to be within the
    overall accuracy of the study and as such provide a reasonable estimate
    of the expected mine operating costs; 
--  The process design is based on a substantive recent testwork program and
    a considerable database of historical information. The resulting
    flowsheet is reasonable and based on well proven technologies; 
--  IMC suggested using a metallurgical recovery curve instead of a fixed
    recovery rate to reflect grade variances in the mill feed. This recovery
    curve was applied in the IMC financial model.; 
--  IMC noted that the projected plant performance at Tulsequah, reflected
    in the recovery curve mentioned above, has been derived by interpolating
    between the best individual laboratory test results. IMC considered that
    the forecast performance therefore represents the best performance that
    can realistically be foreseen on the basis of the tests carried out; 
--  During the course of permitting, Chieftain and/or its predecessors have
    developed a number of management plans and mitigation measures to
    prevent or minimize the environmental and social effects. IMC considers
    that the current management plans are adequately detailed for the
    feasibility study and appear very flexible in the ability to handle a
    variety of scenarios; 
--  The timely construction and future maintenance of the 128 km access will
    be fundamental to the success of the project; 
--  IMC finds the overall project risks to be low. Some identified risks
    would have a medium to high impact on the Project but the demonstrated
    mitigation measures are sufficient to rate them as a low risk. 

Corporate Update

2013 Exploration Program

Chieftain has commenced its 2013 exploration program. The drilling campaign consists of a Surface and Underground Program comprising approximately 20 drill holes totaling 6,500m. The Surface Program contains 13 drill holes with 4,000m of helicopter supported drilling and includes planned holes at the Tulsequah Chief, Big Bull and Banker/Sparling areas. The Underground Program will be conducted from the 5400 level of the Tulsequah Chief Mine and contains 7 drill holes with 2,500m of drilling. Each of the planned drill holes will range in length from 100m to 600m. The program is expected to be completed by December 15, 2013.

Stock Option Grants

Chieftain also wishes to announce that it has granted 765,000 options to purchase common shares of the Company to certain directors, officers, employees and consultants. These options have an exercise price of $1.60 per share, expire ten years from the date of grant and are subject to regulatory approval.

About Chieftain Metals Corp.:

Chieftain Metals Corp. is the public holding company of Chieftain Metals Inc. ("Chieftain Inc."), whose principal business is the acquisition, exploration and development of mineral properties. Since incorporation, the Company's business has focused entirely on the acquisition, and thereafter the development, of the Tulsequah Chief Polymetallic Project, in north-western British Columbia, Canada. Chieftain Metals Inc.'s property consists of 54 mineral claims and Crown-grants covering approximately 30,547 hectares and covers two previously producing mines. For more information on Tulsequah and related projects, please refer to the NI 43-101 compliant technical reports, being "Technical Report for the Tulsequah Chief Project of Northern British Columbia, Canada" with an effective date of December 12, 2012 as well as "Tulsequah Chief Deposit, Tulsequah Chief Property, Northern British Columbia" and "Big Bull Project, Tulsequah Chief Property, Technical Report, Northern British Columbia", each dated as of November 8, 2010, which are available under the Company's profile on SEDAR (www.sedar.com).

Forward-Looking Information:

This press release contains forward-looking information. This forward-looking information includes statements with respect to, among other things, the Private Placement, the expected timing of closing subsequent tranches of the Private Placement and the proposed development of the Tulsequah Chief project, Big Bull and the Company's other mineral properties. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the inherent risks involved in the exploration and development of minerals properties, the inherent volatility of metal prices, the risk that the Company may not be able to complete additional financing or arrange the necessary additional financing to construct and operate the Tulsequah Chief mine, the possibility of delays in the commencement of production from the Tulsequah Chief mine and other factors. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

Chieftain Metals Corp.
Victor Wyprysky
President & CEO
(416) 479-5411
[email protected]

Chieftain Metals Corp.
Peter Chodos
EVP, Corporate Development
(416) 479-5417
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of computational needs for many industries. Their solutions provide benefits across many environments, such as datacenter deployment, HPC, workstations, storage networks and standalone server installations. ICC has been in business for over 23 years and their phenomenal range of clients include multinational corporations, universities, and small busines...
This sixteen (16) hour course provides an introduction to DevOps, the cultural and professional movement that stresses communication, collaboration, integration and automation in order to improve the flow of work between software developers and IT operations professionals. Improved workflows will result in an improved ability to design, develop, deploy and operate software and services faster.
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
All in Mobile is a place where we continually maximize their impact by fostering understanding, empathy, insights, creativity and joy. They believe that a truly useful and desirable mobile app doesn't need the brightest idea or the most advanced technology. A great product begins with understanding people. It's easy to think that customers will love your app, but can you justify it? They make sure your final app is something that users truly want and need. The only way to do this is by ...
Authorization of web applications developed in the cloud is a fundamental problem for security, yet companies often build solutions from scratch, which is error prone and impedes time to market. This talk shows developers how they can (instead) build on-top of community-owned projects and frameworks for better security.Whether you build software for enterprises, mobile, or internal microservices, security is important. Standards like SAML, OIDC, and SPIFFE help you solve identity and authenticat...
The digital transformation is real! To adapt, IT professionals need to transform their own skillset to become more multi-dimensional by gaining both depth and breadth of a wide variety of knowledge and competencies. Historically, while IT has been built on a foundation of specialty (or "I" shaped) silos, the DevOps principle of "shifting left" is opening up opportunities for developers, operational staff, security and others to grow their skills portfolio, advance their careers and become "T"-sh...
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Whenever a new technology hits the high points of hype, everyone starts talking about it like it will solve all their business problems. Blockchain is one of those technologies. According to Gartner's latest report on the hype cycle of emerging technologies, blockchain has just passed the peak of their hype cycle curve. If you read the news articles about it, one would think it has taken over the technology world. No disruptive technology is without its challenges and potential impediments t...
Hackers took three days to identify and exploit a known vulnerability in Equifax’s web applications. I will share new data that reveals why three days (at most) is the new normal for DevSecOps teams to move new business /security requirements from design into production. This session aims to enlighten DevOps teams, security and development professionals by sharing results from the 4th annual State of the Software Supply Chain Report -- a blend of public and proprietary data with expert researc...
Lori MacVittie is a subject matter expert on emerging technology responsible for outbound evangelism across F5's entire product suite. MacVittie has extensive development and technical architecture experience in both high-tech and enterprise organizations, in addition to network and systems administration expertise. Prior to joining F5, MacVittie was an award-winning technology editor at Network Computing Magazine where she evaluated and tested application-focused technologies including app secu...
DXWorldEXPO LLC announced today that Nutanix has been named "Platinum Sponsor" of CloudEXPO | DevOpsSUMMIT | DXWorldEXPO New York, which will take place November 12-13, 2018 in New York City. Nutanix makes infrastructure invisible, elevating IT to focus on the applications and services that power their business. The Nutanix Enterprise Cloud Platform blends web-scale engineering and consumer-grade design to natively converge server, storage, virtualization and networking into a resilient, softwar...
DXWorldEXPO LLC announced today that Big Data Federation to Exhibit at the 22nd International CloudEXPO, colocated with DevOpsSUMMIT and DXWorldEXPO, November 12-13, 2018 in New York City. Big Data Federation, Inc. develops and applies artificial intelligence to predict financial and economic events that matter. The company uncovers patterns and precise drivers of performance and outcomes with the aid of machine-learning algorithms, big data, and fundamental analysis. Their products are deployed...
Dynatrace is an application performance management software company with products for the information technology departments and digital business owners of medium and large businesses. Building the Future of Monitoring with Artificial Intelligence. Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more busine...
Having been in the web hosting industry since 2002, dhosting has gained a great deal of experience while working on a wide range of projects. This experience has enabled the company to develop our amazing new product, which they are now excited to present! Among dHosting's greatest achievements, they can include the development of their own hosting panel, the building of their fully redundant server system, and the creation of dhHosting's unique product, Dynamic Edge.
This session will provide an introduction to Cloud driven quality and transformation and highlight the key features that comprise it. A perspective on the cloud transformation lifecycle, transformation levers, and transformation framework will be shared. At Cognizant, we have developed a transformation strategy to enable the migration of business critical workloads to cloud environments. The strategy encompasses a set of transformation levers across the cloud transformation lifecycle to enhance ...