GB Minerals Ltd. Update On The Farim Phosphate Project
GB Minerals Ltd. Announces Annual Financial Results
Welcome To GB Minerals Ltd. (GBL: TSX.V)
GB Minerals Ltd. is a Canadian mining exploration and development company that is focused on advancing the Farim Phosphate Project located in Guinea-Bissau in West Africa. GB Minerals Ltd. shares are listed on the TSX Venture Exchange under the symbol "GBL".
Farim Phosphate Project
- High quality development phosphate project in Guinea Bissau, West Africa
- World class, high quality, phosphate project in development containing Measured and Indicated Resources of 105.6 million dry tonnes at a grade of 28.4% P2O5 and additional Inferred Resources of 37.6 million dry tonnes at 27.7% P2O5. The Measured and Indicated Resources include 44.0 million dry tonnes of Reserves based on a 25 year mine plan at 1.75 million tonnes per annum (“mtpa”) of mine production at the following Run of Mine (“ROM”) grades:
- 30.0% P2O5
- 2.6% Al2O3
- 41.0% CaO
- 4.7% Fe2O2
- 10.6% SiO2
- The 25 year plan also assumes a beneficiation process that involves scrubbing (both drum and horizontal) followed by particle sizing to remove the fraction under 20 µm. This new beneficiation process will result in a 34.0% P2O5 product grade, mass recovery of 75.5% and 78.4% P2O5 recovery confirmed by a pilot scale test on a one tonne sample that took place in May 2015. After passing through the process plant, the final production of phosphate concentrate, based on 1.75 mpta of ROM feed, will be 1.32 Mtpa.
- The processed phosphate rock concentrate will be dewatered to up to 8% moisture as it leaves the process plant using a vacuum belt filter and transported over the River Cacheu by an enclosed conveyer belt to a truck load-out facility. The product will then be trucked 75 km to a new port at Ponta Chugue, where it will be unloaded, conveyed through a rotary dryer, stockpiled, and conveyed via a shiploader to load 35,000 dead weight tonnes (“DWT”) ships. Based on the available hydrographic information, no tidal assistance will be required for this size vessel to maneuver in and out of the port area and the Geba river estuary. The port is part of the project scope and will be constructed and wholly owned by the Company. The shiploader will operate at 750 tonnes per hour (“t/hr”) with a maximum load rate of 1,200 t/hr. The average duration from vessel arrival at port to departure will be 3.5 days.
- Production license granted. The Company’s most current NI 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) Report is entitled “NI 43-101 Technical Report on the Farim Phosphate Project”, dated effective September 14, 2015 and filed under the Company's profile on SEDAR at www.sedar.com.
- The Life of Mine (“LOM”) operating costs are approximately US$52.13 per tonne of final concentrate. The initial capital cost for the current project is estimated at US$193.8 million and does not include owner’s costs. Owner’s costs amount to US$11 million and include items such as project insurance, resettlement and owner’s team costs. Owner’s costs have been included in the financial analysis.