SYS-CON MEDIA Authors: AppDynamics Blog, Pat Romanski, Elizabeth White, Yeshim Deniz, Liz McMillan

News Feed Item

Chieftain Achieves Important Milestone by Receiving Completed Independent Engineers Report and Provides Corporate Update

TORONTO, ONTARIO -- (Marketwired) -- 09/23/13 -- Chieftain Metals Corp. ("Chieftain or the Company") is pleased to announce a significant step toward the project financing of its advanced Tulsequah Chief polymetallic project in North Western British Columbia, Canada. IMC Group Consulting Limited ("IMC") completed its review of the NI-43-101 compliant Feasibility Study dated January 2013. This report is a key pre-requisite for a bank lending group to begin work on the detailed terms and conditions of the senior debt financing for the Tulsequah Chief project. Chieftain now intends to assemble its bank lending group and arrange necessary contracts or supplier credit as part of its overall project financing.

IMC thoroughly reviewed the Feasibility Study for the Tulsequah Chief Project. Based on the technical review, IMC's economic model demonstrates positive project economics essentially the same as those projected by Chieftain in its feasibility study. More specifically, IMC concluded, amongst other things, that:

--  The Mineral Resource estimate is sound; 
    
--  IMC notes that Chieftain has continued to examine the geological
    modeling and interpretation and early indications are that there is
    considerable upside potential for extending the mineral resource base
    and, as a result, the mine life; 
    
--  The Mineral Reserves have been estimated in a sound manner, based on an
    appropriate level of mine and stope design for a project at this stage
    of development and are considered to be reliable. IMC noted that in
    order to control ore dilution to that assumed in the reserve estimate
    will require good mining techniques and stoping blast control; 
    
--  Chieftain holds all of the environmental certificates necessary for the
    project development and most of the critical authorizations required for
    construction activities or interference with land and surface waters.
    IMC would not expect any delays in obtaining either the remaining
    approvals required for construction or the further approvals required
    during operation; 
    
--  The mine design benefits from the fact that it has been operated before
    and the existing excavations are in reasonable condition for the new
    operations. The design makes the most of the existing entries and
    openings; 
    
--  The mine layout generally includes the facilities required for an
    underground mine. Chieftain has provided the background engineering to
    IMC and this generally confirms the cost estimates to be developed on an
    appropriate level of engineering for a feasibility study. IMC noted that
    further engineering refinement will be required during the detailed
    engineering phase; 
    
--  The strategy to advance the mine capital developments in the early years
    is sound as this opens access to a good proportion of the mine's
    reserves; 
    
--  While accepting that the projected mine development and production
    schedule is achievable, IMC considered that good mine planning and
    experienced/trained work crews are prerequisites for the success of the
    life-of mine plan 
    
--  Generally the cost estimates, both capital and operating, are well
    founded and appropriately detailed. Operating costs are estimated from
    first principles. Overall, IMC is of the view that the costs have been
    estimated accurately and costs could be expected to be within the
    overall accuracy of the study and as such provide a reasonable estimate
    of the expected mine operating costs; 
    
--  The process design is based on a substantive recent testwork program and
    a considerable database of historical information. The resulting
    flowsheet is reasonable and based on well proven technologies; 
    
--  IMC suggested using a metallurgical recovery curve instead of a fixed
    recovery rate to reflect grade variances in the mill feed. This recovery
    curve was applied in the IMC financial model.; 
    
--  IMC noted that the projected plant performance at Tulsequah, reflected
    in the recovery curve mentioned above, has been derived by interpolating
    between the best individual laboratory test results. IMC considered that
    the forecast performance therefore represents the best performance that
    can realistically be foreseen on the basis of the tests carried out; 
    
--  During the course of permitting, Chieftain and/or its predecessors have
    developed a number of management plans and mitigation measures to
    prevent or minimize the environmental and social effects. IMC considers
    that the current management plans are adequately detailed for the
    feasibility study and appear very flexible in the ability to handle a
    variety of scenarios; 
    
--  The timely construction and future maintenance of the 128 km access will
    be fundamental to the success of the project; 
    
--  IMC finds the overall project risks to be low. Some identified risks
    would have a medium to high impact on the Project but the demonstrated
    mitigation measures are sufficient to rate them as a low risk. 

Corporate Update

2013 Exploration Program

Chieftain has commenced its 2013 exploration program. The drilling campaign consists of a Surface and Underground Program comprising approximately 20 drill holes totaling 6,500m. The Surface Program contains 13 drill holes with 4,000m of helicopter supported drilling and includes planned holes at the Tulsequah Chief, Big Bull and Banker/Sparling areas. The Underground Program will be conducted from the 5400 level of the Tulsequah Chief Mine and contains 7 drill holes with 2,500m of drilling. Each of the planned drill holes will range in length from 100m to 600m. The program is expected to be completed by December 15, 2013.

Stock Option Grants

Chieftain also wishes to announce that it has granted 765,000 options to purchase common shares of the Company to certain directors, officers, employees and consultants. These options have an exercise price of $1.60 per share, expire ten years from the date of grant and are subject to regulatory approval.

About Chieftain Metals Corp.:

Chieftain Metals Corp. is the public holding company of Chieftain Metals Inc. ("Chieftain Inc."), whose principal business is the acquisition, exploration and development of mineral properties. Since incorporation, the Company's business has focused entirely on the acquisition, and thereafter the development, of the Tulsequah Chief Polymetallic Project, in north-western British Columbia, Canada. Chieftain Metals Inc.'s property consists of 54 mineral claims and Crown-grants covering approximately 30,547 hectares and covers two previously producing mines. For more information on Tulsequah and related projects, please refer to the NI 43-101 compliant technical reports, being "Technical Report for the Tulsequah Chief Project of Northern British Columbia, Canada" with an effective date of December 12, 2012 as well as "Tulsequah Chief Deposit, Tulsequah Chief Property, Northern British Columbia" and "Big Bull Project, Tulsequah Chief Property, Technical Report, Northern British Columbia", each dated as of November 8, 2010, which are available under the Company's profile on SEDAR (www.sedar.com).

Forward-Looking Information:

This press release contains forward-looking information. This forward-looking information includes statements with respect to, among other things, the Private Placement, the expected timing of closing subsequent tranches of the Private Placement and the proposed development of the Tulsequah Chief project, Big Bull and the Company's other mineral properties. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the inherent risks involved in the exploration and development of minerals properties, the inherent volatility of metal prices, the risk that the Company may not be able to complete additional financing or arrange the necessary additional financing to construct and operate the Tulsequah Chief mine, the possibility of delays in the commencement of production from the Tulsequah Chief mine and other factors. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

Contacts:
Chieftain Metals Corp.
Victor Wyprysky
President & CEO
(416) 479-5411
[email protected]

Chieftain Metals Corp.
Peter Chodos
EVP, Corporate Development
(416) 479-5417
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
StackRox helps enterprises secure their containerized and Kubernetes environments at scale. The StackRox Container Security Platform enables security and DevOps teams to enforce their compliance and security policies across the entire container life cycle, from build to deploy to runtime. StackRox integrates with existing DevOps and security tools, enabling teams to quickly operationalize container and Kubernetes security. StackRox customers span cloud-native startups, Global 2000 enterprises, a...
Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software with the simplicity and reach of the open web. With staff in 10 timezones, Isomorphic provides a global network of services related to our technology, with offerings ranging from turnkey application development to SLA-backed enterprise support. Leadin...
Emil Sayegh is an early pioneer of cloud computing and is recognized as one of the industry's true veterans. A cloud visionary, he is credited with launching and leading the cloud computing and hosting businesses for HP, Rackspace, and Codero. Emil built the Rackspace cloud business while serving as the company's GM of the Cloud Computing Division. Earlier at Rackspace he served as VP of the Product Group and launched the company's private cloud and hosted exchange services. He later moved o...
With the rise of Docker, Kubernetes, and other container technologies, the growth of microservices has skyrocketed among dev teams looking to innovate on a faster release cycle. This has enabled teams to finally realize their DevOps goals to ship and iterate quickly in a continuous delivery model. Why containers are growing in popularity is no surprise — they’re extremely easy to spin up or down, but come with an unforeseen issue. However, without the right foresight, DevOps and IT teams may lo...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, will discuss how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galer...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
Cloud-Native thinking and Serverless Computing are now the norm in financial services, manufacturing, telco, healthcare, transportation, energy, media, entertainment, retail and other consumer industries, as well as the public sector. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that pro...
Docker is sweeping across startups and enterprises alike, changing the way we build and ship applications. It's the most prominent and widely known software container platform, and it's particularly useful for eliminating common challenges when collaborating on code (like the "it works on my machine" phenomenon that most devs know all too well). With Docker, you can run and manage apps side-by-side - in isolated containers - resulting in better compute density. It's something that many developer...
If you are part of the cloud development community, you certainly know about “serverless computing,” almost a misnomer. Because it implies there are no servers which is untrue. However the servers are hidden from the developers. This model eliminates operational complexity and increases developer productivity. We came from monolithic computing to client-server to services to microservices to the serverless model. In other words, our systems have slowly “dissolved” from monolithic to function-...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It's clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Th...
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...
To enable their developers, ensure SLAs and increase IT efficiency, Enterprise IT is moving towards a unified, centralized approach for managing their hybrid infrastructure. As if the journey to the cloud - private and public - was not difficult enough, the need to support modern technologies such as Containers and Serverless applications further complicates matters. This talk covers key patterns and lessons learned from large organizations for architecting your hybrid cloud in a way that: Su...
xMatters helps enterprises prevent, manage and resolve IT incidents. xMatters industry-leading Service Availability platform prevents IT issues from becoming big business problems. Large enterprises, small workgroups, and innovative DevOps teams rely on its proactive issue resolution service to maintain operational visibility and control in today's highly-fragmented IT environment. xMatters provides toolchain integrations to hundreds of IT management, security and DevOps tools. xMatters is the ...
CoreOS extends CoreOS Tectonic, the enterprise Kubernetes solution, from AWS and bare metal to more environments, including preview availability for Microsoft Azure and OpenStack. CoreOS has also extended its container image registry, Quay, so that it can manage and store complete Kubernetes applications, which are composed of images along with configuration files. Quay now delivers a first-of-its-kind Kubernetes Application Registry that with this release is also integrated with Kubernetes Helm...
Serverless Computing or Functions as a Service (FaaS) is gaining momentum. Amazon is fueling the innovation by expanding Lambda to edge devices and content distribution network. IBM, Microsoft, and Google have their own FaaS offerings in the public cloud. There are over half-a-dozen open source serverless projects that are getting the attention of developers.