TORONTO, ON – October 30, 2019 – Itafos (TSX VENTURE: IFOS) (the “Company”) announced today the results of an independent technical report encompassing Itafos Conda and Itafos Paris Hills deposits concluding increased existing Mineral Resource estimates and defining the Husky1/North Dry Ridge (“H1/NDR”) deposits as the Company’s path forward for mine development. The technical report compiled by Golder Associates Ltd. (“Golder”) and titled “NI 43-101 Technical Report on the Itafos Conda and Itafos Paris Hills Mineral Projects, Idaho, USA” (the “Itafos Conda Technical Report”) will be filed on SEDAR within the next 45 days.
“This is a significant step towards executing on our key objective at Itafos Conda of extending phosphate ore supply from a combination of additional resources in existing mines and defining the path forward for long-term ore continuity by focusing efforts and resources on H1/NDR. In addition, these results provide further flexibility in terms of timing of required growth capex,” said Tim Vedder, General Manager of Itafos Conda.
The Itafos Conda Technical Report concluded that, with respect to Itafos Conda’s existing mines, the Rasmussen Valley Mine (“RVM”) deposit contains Mineral Resource estimates of 15.2 million short tons. This Mineral Resource estimate for RVM is a 37% increase over Itafos Conda’s historical internal estimates. Further, the Itafos Conda Technical Report concluded that, with respect to Itafos Conda’s mine development options, the H1/NDR deposits contain Mineral Resource estimates of 38.1 million short tons at approximately 24.3% P2O5. This Mineral Resource estimate for H1/NDR is a 60% increase over Itafos Conda’s historical internal estimates.
The Itafos Conda Technical Report includes Mineral Resource estimates for RVM, Lanes Creek Mine (“LCM”) and H1/NDR deposits, all of which are wholly owned by Itafos Conda. The Mineral Resource estimates for these deposits were prepared by Golder and this news release is the initial public disclosure of such Mineral Resource estimates. The Itafos Conda Technical Report also includes an update of the previous Mineral Resource estimate for the Paris Hills (“PH”) deposit, which is wholly owned by Stonegate Agricom Ltd. (“STG”), the owner of Itafos Paris Hills. The previous Mineral Resource estimate for PH was prepared by Agapito Associates Ltd. on behalf of STG within the technical report titled “NI 43-101 Technical Report Paris Hills Phosphate Project Bloomington, Idaho, USA” dated as of January 18, 2013 and restated as of July 8, 2013 and filed under STG’s profile on SEDAR.
The effective date for the Mineral Resource estimates is July 1, 2019. There have been no material changes in the available information for the deposits between the effective date of the Mineral Resource estimates and the date of this news release. Only Mineral Resource estimates are being reported at this time. The Company intends to report Mineral Reserve estimates for RVM and LCM once current mine planning and other modifying factors studies have been completed to a minimum of a Pre-Feasibility level of study.