07/01/13-10/31/13 | $1,325.31 |
01/01/13-06/14/13 | $1,543.17 |
07/01/12-12/14/12 | $1,687.83 |
01/01/12-06/30/12 | $1,656.81 |
11/08/11-12/14/11 | $1,721.19 |
Development Highlights
The following operational and development milestones have been reached:
-- 950 metres of decline development completed; total advance of approximately 1,100 metres including secondary development. -- 350 metres of development left to reach main mineralization - on track for second half of 2012. -- Bulk sample on schedule to be extracted in second half of 2012. -- Ground conditions encountered thus far have been better than expected. -- Long lead-time items for the processing plant have been ordered and are expected on site during the third quarter of 2012. -- 15 well dewatering system commissioned in the first quarter of 2012 and progressing smoothly. -- Initial NI 43-101 resource and reserve estimate outlining 12 months of mineral reserves on track for first quarter of 2013. -- Initial production expected mid-2013.
Serra Pelada - Construction and Development Update
The Company has now completed approximately 950 metres of decline development to a vertical depth of approximately 135 metres. Primary and secondary development totals 1,100 metres. The Company needs to complete an additional 350 metres of development, 125 metres in the main decline and 225 metres of secondary development, to access the mineralization. The Company remains on track to extract a bulk sample in the second half of 2012 and will provide additional information as it approaches the mineralization and begins to prepare areas for extraction. Over the next 200 metres of advance in the main decline, the Company will establish multiple secondary development headings in order to provide sufficient access for the first full year of production. To provide access for production beyond 2013, development of the main decline will continue throughout 2012 and is expected to be substantially complete by the end of this year.
Development to date has been as expected and the ground conditions in the red siltstone have been predictable. Conventional ground control techniques (scaling, rock bolting, screening and shotcrete application) have been sufficient to ensure a safe mining environment. As the decline moves into the next phase of development and towards the bulk sample in the second half of the year, management will continue to focus on mitigating any risks in development with an increase in the number of rock strength tests as well as the addition of ground movement monitors that will allow the Company to be proactive if the ground conditions should change.
Procurement of mining equipment is 95% complete with 80% of the equipment already on site. Of the 24 pieces of mobile equipment needed for production, 19 are now on site and in operation, four have been ordered with anticipated delivery in the second quarter of 2012, and one remains to be purchased. Of note, is the late
In the fourth quarter of 2011, the first underground drill bay was established in the development decline at Serra Pelada. The drill bay location was designed to be multi-purposed. It has served to conduct geotechnical holes ahead of the advancing decline so that ground conditions can be anticipated. Additionally, two delineation holes have been drilled from this location to date. Within the next 100 metres of advance in the main decline, two additional drill bays will be established which will be used to conduct definition and delineation drilling ahead of the bulk sampling program. Management expects to commission the second underground drill during the second quarter of 2012. This drilling will form the basis for the initial NI 43-101 resource and reserve estimation, which remains on schedule for the first quarter of 2013.
The Company continues to augment its development team. To this end, Colossus is pleased to welcome
In addition, the Company continues to work closely with P&K Projetos e Consultoria LTDA who was engaged in the fourth quarter of 2011 to develop the detailed underground mining plan for Serra Pelada.
Commissioning of the 15 well dewatering system commenced in the first quarter of 2012. The Company remains on schedule to complete dewatering to depths sufficient for mining operations ahead of production in 2013.
Engineering for the first phase, gravity processing plant has commenced and construction is anticipated to commence imminently and to be complete early in the first quarter of 2013. Orders for long lead-time items for the mill, including the intensive leach reactors, electro-winning cells, the gravity concentrators and the ore scrubber have been placed and are expected to be delivered during the third quarter of 2012.
The Company is pleased to provide photographs of the development activities at Serra Pelada. Photographs can be accessed via following link:http://media3.marketwire.com/docs/CSI_Construction_Update_April_Final.pdf.
Going forward the Company intends to provide monthly photographs of the construction to those that have subscribed to the Company's voluntary e-mail list. Those interested in receiving this monthly photographic update can subscribe to the mailing list by visiting the Company's website and filling in the contact us details. A confirmation email will be sent which needs to be replied to before news distribution will commence.
About Colossus:
Colossus is a development-stage mining company focused on bringing its Serra Pelada project into production. Serra Pelada, located in the mineral prolific Carajas region in the State of Para,
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Forward-looking statements in this press release include statements regarding the timing and nature of future exploration and development programs that are dependent on projections that may change as drilling continues, or if unexpected ground conditions are encountered. The Company does not currently have any mineral properties that are in production or that contain a reserve as defined by National Instrument 43-101. In addition, areas of exploration potential are identified which will require additional drilling to determine whether or not they contain similar mineralization to areas that have been explored in more detail. Significant additional drilling is required at Serra Pelada to fully understand system size.
Except for statements of historical fact relating to Colossus, certain statements in this press release relating but not limited to the Company's exploration and development plans, activities and intentions, constitute "forward-looking information" within the meaning of the Securities Act (
FOR FURTHER INFORMATION PLEASE CONTACT:Colossus Minerals Inc. Ann Wilkinson Vice-President, Investor Relations (416) 643-7655 awilkinson@colossusminerals.com www.colossusminerals.com Source:Colossus Minerals Inc.