PhosCan Chemical Corp.
TSX : FOS

PhosCan Chemical Corp.

April 20, 2015 16:30 ET

PhosCan Chemical Announces Filing of Updated Technical Report for Martison Phosphate Project

TORONTO, ONTARIO--(Marketwired - April 20, 2015) - PhosCan Chemical Corp. (TSX:FOS) ("PhosCan") announces that it has received an updated technical report in respect of the Martison Phosphate Project (the "Project") prepared in accordance with National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101"). The report (the "Updated Technical Report") is titled "Technical Report on the Martison Phosphate Project, Ontario, Canada", and was authored by Timothy Horner, CGeol., CEng., P.Geo.(APGO), Edmund Finch, MMSA, and Harold Wyslouzil, P.Eng., each of whom is a qualified person who is independent of PhosCan for purposes of NI 43-101. The Updated Technical Report supersedes and replaces the technical report dated May 16, 2008 previously filed by PhosCan, which included a summary of a pre-feasibility study of the Project (the "2008 PFS"). The 2008 PFS is considered to be out of date such that it can no longer be relied upon. The Project is no longer considered to be an advanced property for purposes of NI 43-101, as the potential economic viability of the Project is not currently supported by a preliminary economic assessment, pre-feasibility study or feasibility study.

The Updated Technical Report contains an updated mineral resource estimate, effective as of November 30, 2014, for Anomaly A of the Project, as set out in the following table:

Deposit Classification Tonnes Phosphate Grade Niobium Grade
Mt % P2O5 % Nb2O5
Anomaly A Indicated
54.3

23.4

0.39
Residuum Resources
Inferred
83.5

19.1

0.41
Resources
Anomaly A Indicated
9.3

7.2

1.21
Laterite Resources
Inferred
6.3

4.8

0.94
Resources
Notes:
1) CIM definitions were followed for Mineral Resources.
2) Mineral Resources are estimated at a cut-off grade of 6% P2O5 in the Residuum or 0.2% Nb2O5 in the Laterite.
3) Mineral Resources are estimated at a Bulk Density of 1.9 t/m3 (dry).
4) Phosphate Mineral Resources are estimated using a price of US$360 per tonne (basis 100% P2O5).
5) Niobium Mineral Resources are estimated using a price of US$30 per kilogramme (65% Nb2O5 concentrate).
6) Mineral Resources are constrained by a Whittle open pit.
7) A minimum mineralisation width of five metres was used.
8) Values for tonnage and grade may not add up due to rounding.

The Updated Technical Report also summarizes the results of the mineral processing and metallurgical testing which PhosCan has carried out.

The Updated Technical Report is being filed by PhosCan on SEDAR concurrently with this press release.

Forward-Looking Statements

Certain statements in this press release may constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of PhosCan to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. These forward-looking statements are made as of the date of this press release, and PhosCan assumes no obligations to update or revise them to reflect new events or circumstances.

Contact Information

  • PhosCan Chemical Corp.
    Stephen Case
    President & CEO
    (416) 972-9222