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Pembridge Resources looks to Minto Mine expansion as it releases new CPR

The company is working to restart the Yukon-based copper, gold and silver mine, which was recently acquired from Capstone Mining Corp for US$20mln.

mine truck
The aim will be to extend the mineable life, according to the CPR

Pembridge Resources Plc (LON:PERE) has released a competent persons report for the recently acquired Minto Mine, in the Yukon.

The company closed the transaction in June. Acquired from Capstone Mining Corp for US$20mln, Pembridge believes the mine presents a "transformational opportunity".

READ: Pembridge closes Minto mine acquisition

Production from Minto is expected to recommence in the fourth quarter of 2019.

Today’s competent persons report provides detailed insight into the mine’s production history, which has been sensitive to copper prices as well as currency exchange rates and fuel prices.

“The mine, initially profitable, has been marginally viable in the past few years, resulting in an expectation of impending temporary suspension of operations,” the report observed.

“The largest contributing factor was low metal prices, particularly copper, during this period. However, sound mining and milling management enabled operations to continue throughout this period.

“Since late 2016, metal prices have recovered significantly, and meet or somewhat exceed prices utilized in the updated resource calculation. Although electric power is provided by the main Yukon electrical grid, fuel demands remain significant; therefore, continued low fuel prices will enhance viability. A combination of these factors will significantly affect economic viability going forward.”

It added: “Pembridge Resources plc has acquired the Minto Mine as the first of a proposed series of planned mineral property acquisitions in the surrounding area, and to potentially provide significant value.

“The primary objective of Pembridge is to extend the mine life beyond Capstone’s previous forecast closure date of 2021. To do so, two objectives must be met: upgrading of existing mineral resources to mineral reserve status, if possible; and delineation of new ore reserves.”

The CPR also noted that since 2012 the project has seen a lack of exploration though when it has taken place it has provided discoveries and additional resources.

Quick facts: Pembridge Resources

Price: 1.275 GBX

Market: LSE
Market Cap: £2.85 m

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