Coronet Metals Inc.
Company Data
| Introduction
| Projects in Hand
| Management
News Update
| Chinese
| Address ： |
Suite 2630 – 1075 West Georgia Street Vancouver, B.C. Canada V6E 3C9 |
| Tel No.： | (902) 407-6622 |
| Fax No.： | (902) 407-6622 |
| Web Site： | www.coronetmetals.com |
| E-mail： | tvanderlinde@coronetmetals.com |
| Contact Person： | Theo van der Linde |
| Position： | President & CFO |
| Traded Market： | TSX-V, OTCQX, FWB |
| Traded Symbol： | CRF, CORMF, 2CM |
| Outstanding Shares： | 88,600,387 |
| 52 Week High： | $ 0.25 |
| 52 Week Low： | $ 0.045 |
| Present Price： | Click Here |
Coronet Metals Inc. is a junior exploration and development company focused on “advanced stage” gold and silver projects with near‐term cash flow potential in mining friendly jurisdictions. Coronet Metals brings together a highly experienced management team and a well‐connected Board with a proven history of developing, financing, and operating mining projects.
(1) White Caps Gold Project, Nye County, Nevada, USA
In October 2012 Coronet acquired 100% of the shares of White Caps Gold Mining Company Inc. (“WCGM”), gaining control of the White Caps Gold Project located in south-central Nevada.
The White Caps Gold Project consists of 1,135 hectares of key claims, the Manhattan Mill and a tailings facility in the historic Manhattan Mining District. The Manhattan Mining District is one of the few remaining under developed, under explored, historic gold districts in Nevada, just south of Barrick and Kinross’s Round Mountain Mine, a 10 million ounce gold producer. In addition, Coronet acquired other rights, titles and interests in the Manhattan Mining District from a WCGM shareholder.
Coronet plans to:
- Re-permit the existing mill and tailings facilities.
- Refurbish and upgrade the mill to 250 tonnes per day and build a new tailings impoundment.
- Commence gold production, and continue to consolidate the caldera land package to explore for a major gold deposit.
Production*:
- Initial production plans are to process the 250,000 tonnes of 1900’s mill tailings and mine dumps with an average grade of approximately 3 grams of Au per tonne at 250 t/day.
- Estimated capital expenditure is US$3 million.
- Total recoverable gold over a 3 year period is about 20,000 ounces.
- $30 million of revenue with $640 per ounce cash operating cost (using $1,500 Au).
* These references are not NI 43-101 compliant and should not be relied on.
Near-term Cash Flow Opportunities and Strategies in Nevada:
Coronet is actively pursuing near-term gold producing opportunities, treating gold concentrates and loaded carbon to recover gold and silver. This will strengthen the balance sheet, allowing for further development and exploration opportunities in mining-friendly Nevada.
About Nevada, USA:
- Nevada welcomes gold exploration and mining, and was recently ranked as the 2nd most “Mining-Friendly Jurisdiction in the World” by the Fraser Institute.
- Nevada has a long history of mining.
- Nevada possesses a considerable number of mineral reserves, and its untapped geologic potential continues to make this state one of the most prospective mineral locations in the world.
- Estimates of gold reserves have remained at 10 to 12 years of projected production consistently for the past two decades. This trend is evidence of Nevada’s prolific gold geology and stable mining-friendly environment.
(2) Yanamina Gold Project, Ancash, Peru
The Yanamina Gold Project is an advanced stage project located 40 km north of Barrick Gold’s Pierina (7.5 million ounces of gold) and 120 km south of Barrick Gold’s Alto Chicama / Laguna Norte (9.1 million ounces of gold) mines.
The Yanamina Gold Project has 224 hectares of concessions with a completed preliminary economic assessment and a NI 43-101 indicated resource of 83,100 ounces of gold and inferred resource of 123,700 ounces of gold at a 0.5 g/t gold cutoff.
The mine will be an open pit, heap leach gold and silver recovery operation. The Yanamina Gold Project is currently in the social licensing phase with the next step to do a final US$3.5 million 10,000 m infill drilling program to define proven and probable reserves followed by permitting.
According to the February 2011 NI 43-101 Preliminary Economic Assessment:
- Treating 4,802,000 tonnes of ore grading 1.34 g/t gold and 5.65 g/t silver with heap leach recoveries of 73% gold and 40% silver resulted in the production of 151,000 oz gold and 349,000 oz silver at a cash cost of US$257/eq oz gold over a five year mine life.
- Capital expenditures, including working capital, are estimated to be US$35.5 million. IRR is 50%, NPV at 5% is US$40.5 million using US$1,025/oz gold and $16.50/oz silver, and the payback is 1.47 years from the start of operations.
- The PEA was based on a five year 1:1 stripping ratio open pit mine, a 3,000 t/d heap leach operation, and a US$6.5 million reclamation and closure cost.
- The updated pre-feasibility study projected that the first gold pour should occur within 18-24 months of development approval.
About Peru:
- Peru is the world’s largest producer of silver, the second largest producer of copper and zinc, the fourth largest producer of lead, and the sixth largest producer of gold.
- According to the Fraser Institute, Peru attracts investment in mining exploration and development.
- Peru’s currency rating is investment grade [BBB].
Management and Directors
Joel Dumaresq, Chairman
Mr. Dumaresq has for the past 10 years worked as Managing Director of Matrix Partners Inc. Mr. Dumaresq formerly worked for 10 years for RBC Dominion Securities.
Theo van der Linde, CA, President, CFO and Director
Mr. van der Linde has 15 years extensive finance, administration and public accounting experience. During the last seven years of his career Mr. van der Linde has worked with Etruscan Resources Inc. (now Endeavour Mining) and ended up as the CFO for Burkina Mining Company in Burkina Faso.
Stephen Stine, P.E., CEO, COO and Director
Mr. Stine is a seasoned mining executive. Mr. Stine is a co-founder and former Director of Alamos Gold where he served as COO. Mr. Stine also worked as a consultant to Newmont Mining at their Yanacocha gold mine in Peru.
Miguel Aramburu, Director
Mr. Aramburu is currently member of the Board of Directors of Pacfico Vida, Castrovirreyna Compañia Minera, Corporacion Minera Castrovirreyna, Corporacion Miraflores, and Enfoca.
Leonard Harris, Director
Mr. Harris retired in 1995 from acting as President and General Manager of Newmont Peru and Newmont Latin America. Mr. Harris continues to serve as a director and consultant to over a dozen resource companies.
Douglas Newby, Director
Mr. Newby has approximately 25 years of experience in the evaluation and financing of mining companies and projects worldwide. Mr. Newby has been the CFO of Polymet Mining Corp. since 2005 and has been President of Proteus Capital Corp. since 2001.
David Kaplan, Director
Mr. Kaplan has over 15 years experience in the mining industry. He currently is the Portfolio Manager of LIM Advisors LLC.
On November 21, 2012, Coronet Metals Inc. announced that it has granted incentive stock options to certain directors, officers and consultants of the Company, entitling them to purchase up to 2,110,000 common shares of the capital stock in the Company at a price of $0.10 per share for the next four years.