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:: Mt. Milligan Copper-gold Project on its Way
Terrane Metals Corp. is pleased to announce the signing of a letter of intent with AMEC Americas Limited ("AMEC") and Fluor Canada Ltd. ("Fluor") to provide engineering, procurement and construction management ("EPCM") services for its 100%-owned Mt. Milligan copper-gold project (the "Project") 150 km northwest of Prince George, British Columbia. AMEC and Fluor will jointly provide the EPCM services to the Project through their British Columbia Mining Joint Venture ("BCMJV"). Key components of the Project include a 60,000 tpd copper flotation process plant, tailings storage facility, plant ancillary facilities, 92 km power transmission line and a 600-person construction camp. The first phase of a 30-month construction program is now underway . Subject to final documentation, BCMJV personnel will be on-site by month-end.
Robert Pease, President and Chief Executive Officer of Terrane stated: "Mt. Milligan's six million shovel-ready ounces and 22-year reserve base will make it one of Canada's largest new mines. With the selection of the BCMJV as our EPCM contractor we have secured the services of an outstanding British Columbia-based engineering design and construction management team. This team has earned global recognition, from mine builders and mine lenders alike, for their ability to deliver large-scale projects like Mt. Milligan on schedule and on budget."
Vasee Navaratnam, Fluor's VP Operations Mining & Metals, North America, and Greg Oryall, AMEC's VP Business Development & Strategy, Mining & Metals, both project sponsors for the BCMJV stated: "We are very pleased to be working with Terrane at Mt. Milligan. The BCMJV will allow us to leverage the design-delivery capabilities of the two largest British Columbia-based EPCM contractors and in doing so provide an unequalled pool of experienced people, services and local know-how to the Project. Our highly motivated team has a track record of successfully completing similar projects around the world. We particularly look forward to this important assignment in our home province of British Columbia."
Mt. Milligan will be a conventional truck-shovel open pit mine with a 60,000 tpd copper flotation process plant. The first six years of the 22-year mine plan are designed to accelerate the extraction of near-surface and higher-grade gold reserves with production forecast to average 262,100 oz per year at a cash cost, net of a copper credit, of negative US$8 per oz (see press release October 13, 2009). Mt. Milligan will provide about 400 direct permanent jobs and significant long-term economic benefits for the region.
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