Press Release Source: CONSTELLATION COPPER CORPORATION
Lisbon Valley Copper Mine, San Juan County, Utah Production Update
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Wednesday February 7 anno 2007
DENVER, CO, Feb. 7 /CNW Telbec/ -
Constellation Copper Corporation (CCU: TSX)
wishes to report production data for its wholly-owned Lisbon Valley copper mine located in San Juan County, Utah.
Sales in January totaled 2,017,000 pounds of cathode copper (all LME Grade A) at an average price of $2.94/lb.
Cathode harvested during the month totaled 1,885,000 pounds.
The company carried an inventory of 677,000 lbs. of cathode copper into
February, with initial shipment of the inventoried copper scheduled for this week.
Acid leaching of ore on the leach pad is continuing to improve.
The flow of pregnant leach solution (pls) from the leach pad has been
averaging 5,000 gallons per minute (gpm) in December and January.
The average pls grade of +1.8 grams per litre (gpl) Cu in early February
represents an increase of 10% over the average pls grade in December
and January. The current pls flows and copper grades are approximately
70% of design rates for full capacity.
Copper plating however has been lower than expected due to recent cold
temperatures on site. At cold temperatures the solvent extraction
process is not as efficient and is slower than at warmer temperatures.
As a result, we have slowed our solvent extraction process down to an
average of 91% of design capacity in January. In addition, extraction
efficiency is down to about 87% of design rates. The combined effects
are such that we plated copper during January at about 79% of the
forecasted rate for the month. The balance of the copper in solution is
being re-circulated back onto the leach pad, which will serve to increase
the pls grades of new solution coming off the leach pad as the solution
re-circulates through the heap. This process is known as "stacking"
solution. We expect the slower plating rate to continue through February
due to continued cold temperatures, and for plating rates to increase in
March once warmer temperatures return. Meanwhile, solution grades
should build as we re-circulate ("stack") the solution that we are unable
to process through solvent extraction due to cold temperatures.
We will be converting the solvent extraction facility from series to parallel
configuration sometime in March, once warmer temperatures prevail.
This conversion will allow us to increase design flow rates from 4,300
gpm to 5,000 gpm,
an increase of 16% over current design capacity, and thereby process all 5,000 gpm of pls flow coming
off the heap through solvent extraction and electrowinning.
PLS grades should increase to +2 gpl Cu in March. At 5,000 gpm and 2 gpl Cu
we would be processing copper in solution at about 80% of current
design rates. In March our plating rates should get back to normal, as
solvent extraction efficiencies increase with increasing temperatures.
Micheal Attaway, VP-Operations and a Professional Engineer, is the
Qualified Person responsible for the content of this release.