Tintina Files Technical Report and Preliminary Economic Assessment for its Black Butte Copper Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/04/12 -- Tintina Resources Inc. ("Tintina" or the "Company") (TSX VENTURE: TAU)(OTCQX: TINTF) is pleased to announce that it has filed a National Instrument 43-101 compliant technical report for its 100% owned Black Butte Copper project entitled "Technical Report and Preliminary Economic Assessment for the Black Butte Copper Project, Montana" dated August 30, 2012. The report is available on the Company's SEDAR profile at www.sedar.com. The preliminary economic assessment ("PEA") disclosed in the report was announced in the Company's July 17, 2012 news release.
The Black Butte Copper project is comprised of 4,947.3 hectares (12,225 acres) of private ranch lands and unpatented Federal mining claims hosting a number of copper deposits. Private ranch lands contain all currently known deposits including the high-grade copper-cobalt-silver Johnny Lee deposit which is the focus of the PEA.
PEA Highlights
-- Initial estimated startup capital of US$210 million.
-- Pre-tax NPV 8% of US$145.8 million with an IRR of 20.4% - base case
using long-term copper price of $2.97/lb(i).
-- Pre-tax NPV 8% of US$278.3 million with an IRR of 30.4% - using current
copper price of $3.40/lb.
Qualified Person
Jerry Zieg, Vice President of Exploration for the Company is a Qualified Person for the purposes of National Instrument 43-101 and has reviewed and approved the information of a scientific and technical nature contained in this news release.
About Tintina Resources Inc.
Tintina Resources Inc. is a well-funded Vancouver-based resource company focused on the development and mining of its 100% owned Black Butte high grade copper project in central Montana. Black Butte is the third highest grade copper deposit in North America. A feasibility study on the Black Butte copper deposit is anticipated for completion in Q/3, 2013.
The Company is also exploring the Baird copper-zinc (Cu-Zn) property in Alaska where it has completed a 2,000 meter exploration drill program.
Tintina is led by a highly experienced executive management team that has an impressive track record of successfully building shareholder value through exploration, corporate finance and mine development.
(i) $2.97/lb copper price is based on the Energy and Metals Consensus Forecast's (EMCF) Mean price as of April 16, 2012 (the "EMCF Price"). The EMCF Price is a forward looking consensus of metal prices among 20 leading international financial institutions and is published by Consensus Economics, UK.
ON BEHALF OF THE BOARD OF DIRECTORS
Raj Chowdhry, CA, President & CEO
Cautionary Note Regarding the PEA and Forward-Looking Statements: The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Furthermore, there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Readers are encouraged to read the technical report, which discloses the basis for the preliminary economic assessment and the qualifications and assumptions made by the authors of the report.
Certain disclosures in this release, including statements regarding the Company's plans for and intentions with respect to exploration of the Company's Black Butte Copper Project, resource estimates, a preliminary economic analysis, including estimates of capital and sustaining costs, anticipated internal rates of return, mine production, estimated recoveries, mine life, estimated payback period, and net present values, planned exploration activities and the results thereof, development activities, including the receipt of approvals and permits, the preparation of a feasibility study, the potential to increase recoveries and to possibly realize additional revenues, opportunities to accelerate production and other plans and objectives of the Company with respect to the Black Butte Project and surrounding area constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain any government or other regulatory approvals and any financing required to complete the Company's planned exploration and development activities, that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis, that the Company's exploration and development activities on the Black Butte Copper Project will not be affected by actions of environmental activists or other special interest groups, that actual results of exploration activities are consistent with management's expectations, that the proposed mine plan and recoveries will be achieved, that capital costs and sustaining costs will be as estimated, that the assumptions underlying mineral resource estimates are valid and that no unforeseen accident, fire, ground instability, flooding, labor disruption, equipment failure, metallurgical, environmental or other events that could delay or increase the cost of development will occur.
However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to Tintina Resource's operation as a mineral exploration company and the Black Butte Copper Project property that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, among others, actual results of the Company's exploration activities being different than those expected by management, uncertainties involved in the interpretation of drilling results and geological tests, delays in obtaining or inability to obtain required government or other regulatory approvals or financing, interference with Tintina Resource's exploration or development activities by environmental activists or other special interest groups, inability to procure equipment and supplies in sufficient quantities and on a timely basis, the risk of unexpected variations in mineral resources, grade or recovery rates, of failure of plant, equipment or processes to operate as anticipated, of accidents, labor disputes, and unanticipated delays in obtaining governmental approvals and completing other development activities, the risk that estimated costs will be higher than anticipated and the risk that the proposed mine plan and recoveries will not be achieved, equipment breakdowns and bad weather. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. Tintina Resources does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Neither the 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.
Contacts:
Tintina Resources Inc.
Corporate Development
604.628.1162
info@tintinaresources.com
www.tintinaresources.com