Redhawk Resources Announces Framework for Copper Creek Pre-Feasibility Study
VANCOUVER, BRITISH COLUMBIA–(Marketwire -03/26/12)- Redhawk Resources, Inc. (“Redhawk” or the “Company”) (TSX:RDK.TO – News)(OTCQX: RHWKF.PK – News)(FFRANKFURT:QF7.F – News) is pleased to announce the framework for a NI 43-101 Pre-feasibility Study (“PFS”) on its 100% owned Copper Creek, Arizona project to be led by KD Engineering of Tucson, Arizona. An updated NI 43-101 resource estimate report based upon historical drilling and the 30,000 meter infill and step out 2011 drill program is expected to be completed by Independent Mining Consultants in mid-April, 2012 and will be the basis for mine planning in the PFS. Due to the lower economic cutoff grades for open pit mining and a much larger bulk underground mining method, the updated resource report will provide a separate resource estimate for both underground and open pit mining approaches. The preliminary work on the new resource suggests a much larger mining operation than the 10,000 tons/day contemplated in the 2009 Scoping Study.
The PFS was developed in conjunction with the Company’s PFS consultants and will be based on the following parameters:
-- an initial trade off study between large scale underground block cave and open pit mining or a combination of both mining approaches -- evaluating mining and milling capacity options within a target range of 50,000 to 100,000 tons/day of throughput -- examining alternative methods of phasing the mine plan and development
R. Joe Sandberg, Redhawk President and CEO, stated, “The work program leading to the PFS stage has been substantially completed and on a very successful basis. Information obtained during this development stage has supported both the inclusion of open pit mining as a potentially viable alternative to a large scale underground operation and the move to a substantially larger scale of operation than contemplated in the 2009 Scoping Study. Redhawk will continue to aggressively work with all of our consultants to ensure the development of Copper Creek proceeds on a socially responsible basis that is mutually beneficial to our shareholders and the State of Arizona.”
Redhawk is a Canadian-based resource exploration and development company with primary focus on the accelerated development of its advanced stage Copper Creek copper-molybdenum project in San Manuel, Arizona. The 100% owned Copper Creek property consists of approximately twenty-eight square miles of contiguous patented and unpatented mining claims and state prospecting permits, located about 70 miles northeast of Tucson, Arizona and about 15 miles east of San Manuel. The property is in the prolific southwest US porphyry copper belt at the projected intersection of a major northwest belt of porphyry copper deposits or mines (Ray, Miami/Globe, Superior/Resolution, Johnson Camp) and a major east-northeast belt of porphyry deposits (San Manuel/Kalamazoo, Silver Bell, Lakeshore, Safford, Morenci). The property is within sight of the former BHP Kalamazoo/San Manuel copper smelter and mine and within 30 miles of an existing operating copper mill and smelter. The area is a mining friendly and politically secure location with excellent and readily accessible infrastructure including power, rail, water, roads and qualified consultants.
ON BEHALF OF THE BOARD
R. Joe Sandberg, President & CEO
The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, Redhawk does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. By its very nature, such forward-looking information requires Redhawk to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.
Neither TSX Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.