Vendetta Mining Corp (CVE:VTT) (OTCMKTS:VDTAF) said Monday that a preliminary economic assessment of its Pegmont lead-zinc project in Queensland, Australia, determined a pretax net present value of A$210 million (US$150 million) at an 8% discount rate.
The Vancouver-based miner said in a statement that the project’s economic highlights included average annual production of 124 million pounds of lead, 50 million pounds of zinc and 298,000 ounces of silver. The assessment determined a mine life of 10 years at 3,000 tonnes per day, open pit followed by underground.
“The results outlined in the PEA demonstrate a robust, stand-alone project,” Michael Williams, Vendetta's president and CEO said.
The assessment was developed by a team of independent consultants including AMC Mining Consultants (Canada) Ltd, GR Engineering Services and AARC Environmental Solutions.
There were significant mineral resources not included in the preliminary economic assessment, and further drilling will potentially increase the mine life or the production rate, according to Vendetta.
Shares of Vendetta fetched C$0.15 in Friday’s Canadian trading. They traded at US$0.11 on the OTC Markets.
Contact Dennis Fitzgerald at [email protected]