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Mustang Minerals Corp.
( TSXV:MUM, Frankfurt:NJF)
is focused on development of the Makwa
Nickel Project in Manitoba
Canada and is an active exploration company. At
Maskwa, in May 2008 ,the Company received
positive results from its prefeasibility study
at their open pit nickel project.Micon
Engineering concluded:"the Maskwa Project
contains an economic mineral reserve and
warrants continued development to the full
feasibility stage".
Mustang announced an update to the Makwa Project
Economics in March 2010.
In February 2010 a revised
Mineral Reserve was announced. The
Probable Reserve (diluted ) estimate was
9.855Mt grading 0.54% Ni, 0.11% Cu, 0.02% Co and
0.434/t (Pt plus Pd). ( Micon International )
The reserve was updated with revised metal
prices including
Nickel
(USD 9.00/lb), Copper (USD 3.00/lb), Cobalt
(20.00/lb), Platinum (1500.00/oz), Palladium
(375.00/oz). A dollar exchange rate of 0.90US
equaling 1.00CDN was used. The nickel price and
exchange rate were within the sensitivity range
examined in the Prefeasibility Study of May
2008.
Key findings of the updated economics included:
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Nickel
net cash cost
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$US/lb
|
3.81 |
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Nickel cash cost including byproduct
credits |
$US/lb |
2.69 |
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Project
operating profit
pre-tax
|
$CDN000 |
322,980 |
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Project
operating profit
after tax
|
$CDN000 |
263,286 |
|
Pre-production
capital |
$CDN000 |
129,449 |
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Project IRR
pre-tax
%
|
|
18.9 |
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Project IRR
after tax
%
|
|
14.6 |
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Project NPV 7%
pre-tax
|
$CDN000 |
76,210 |
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Project NPV 7%
after tax |
$CDN000 |
43,883 |
Mustang has an ongoing exploration program
focused on Makwa, Mayville and other properties
in the project area.
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