Science & Technology
Science and Technology
Science and Technology
Mon, August 10, 2009
Sat, August 8, 2009
Fri, August 7, 2009
Thu, August 6, 2009
Wed, August 5, 2009
Trevali Resources Corp.: Trevali Amends Share Purchase Warrants
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 5, 2009) - Trevali Resources Corp. ("Trevali" or the "Company") (CNSX:TV)(PINK SHEETS:TREVF)(FRANKFURT:4TI) announces that the terms of an aggregate of 4,816,586 share purchase warrants issued pursuant to private placement financings that closed on August 7, 2007 and August 28, 2007 have been amended to extend the expiry dates from August 7, 2009 and August 28, 2009 to September 18, 2009, and that the exercise price of the warrants is reduced from $1.50 to $0.61 per share. All other terms and conditions remain constant. The specified share purchase warrants formed part of a non-brokered private placement financing consisting of 1,595,000 units issued at a purchase price of $1.00 per unit on August 7, 2007 and 6,680,000 units issued at a purchase price of $1.00 per unit on August 28, 2007, with each unit consisting of one common share and one-half of a share purchase warrant, each warrant entitling the holder to purchase one additional common share at a purchase price of $1.50 per share.
About Trevali Resources Corp.
The Company in conjunction with partner Glencore International A.G. is currently examining the feasibility of recommencing mining operations focused on the newly discovered Magistral deposits on the Santander project. A recently completed independent resource estimate of the three Magistral deposits reviews a total Indicated Mineral Resource of 5,298,000 tonnes with an average grade of 3.34% zinc, 1.27% lead and 38 g/t silver (using a 2% ZnEQ(i) cut-off grade) - for a contained metal inventory of 390 million lbs. zinc, 149 million lbs. lead and 6.5 million oz. silver in the Indicated category. An additional Inferred Mineral Resource of 2,244,000 tonnes grading 2.92% zinc, 0.50% lead and 18 g/t silver was also reviewed in the three deposits using the same cut-off grade - for contained metals of 144 million lbs. zinc, 25 million lbs. lead and 1.3 million oz. silver. All three Magistral bodies remain open at depth and to the East.
(i)ZnEQ equals ((Ag Price(g) x Ag Recovery x Ag Grade) + (Pb Price(t) x Pb Recovery x (Pb Grade(%)/100)+(Zn Price(t) x Zn Recovery x (Zn Grade(%)/100)))/Zn Price(t). Golder utilized the three year rolling average price for all three metals. Price for silver is per gram ($0.43339) and that for Pb ($1,983) and Zn ($2,742) is per tonne. A recovery of 85% was applied to Ag, 94% for Pb and 91% for Zn based upon Trevali's metallurgical testwork. A 2% ZnEQ(i) cut-off grade is the nominal base case estimated grade of material that can be mined and processed considering all applicable costs.
Joint internal feasibility studies, currently underway with strategic partner Glencore, are progressing well and are anticipated to be completed soon. Upon positive conclusions from the studies, Trevali and Glencore plan to enter into a definitive development agreement for the Santander project. The proposed joint business venture with Glencore will see them provide and operate a 2,000-tonne-per-day concentrate plant, undertake mining operations on a 'contractor/toll basis' and enter into a long-term concentrate offtake agreement for 100% of Santander project production at benchmark terms.
The common shares of the Company are currently listed on the CNSX (symbol TV). For further details on the Company readers are referred to the Company's web site ([ www.trevali.com ]) and to Canadian regulatory filings on SEDAR at [ www.sedar.com ].
On Behalf of the Board of Directors of TREVALI RESOURCES CORP.
Mark D. Cruise, President
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
