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Wed Jul 23, 2014
July 23, 2014 – Vancouver, BC – ATAC Resources Ltd. (TSX-V:ATC) is pleased to announce the completion of a positive Preliminary Economic Assessment (“PEA”) for the oxide portion of the Tiger Deposit located at the western end of the Company’s 100% owned Rackla Gold Project, Yukon. The Tiger Deposit was discovered in 2007 and is distinct from the more recent larger scale Carlin-type discoveries located 100 km to the east, which remain the exploration focus of the Company.
The lead engineering firm for the PEA was Kappes Cassiday & Associates (“KCA”) (metallurgy, processing, infrastructure, financial analysis) in cooperation with Tetra Tech, Inc. (“Tetra Tech”) (mining), Giroux Consultants Ltd. (mineral resource), Resource Strategies (environmental and permitting) and Gerald G. Carlson, Ph.D., P.Eng. (history, geology, drilling). Unless specified otherwise, all values are shown in Canadian dollars, where 1 CAD = 0.92 USD.
PEA HIGHLIGHTS (using US$1,250 per ounce gold price):
*All-in sustaining costs are presented as defined by the World Gold Council less corporate G&A.
“Although we remain focused on the Carlin-type gold targets 100 km to the east, we are very pleased with the results of the comprehensive Tiger Deposit PEA. It gives the Company a clear understanding of the potential viability and value of our first Rackla Gold Project discovery, and highlights the advantages of a rare high-grade, at surface, oxide gold deposit that is located in one of the most favourable mining jurisdictions in the world.” states Graham Downs, CEO of ATAC. “The simplicity of the mining and processing combined with the approach of modular design and construction for the on-site facilities has resulted in an optimized development scenario for this size of deposit. Additional geotechnical and resource drilling at the Tiger Deposit combined with exploration drilling at over six untested satellite oxide targets has the potential to significantly enhance the PEA and the district potential of the Rackla Gold Project.”
Economic Results and Sensitivities
The following table demonstrates the sensitivity of the Tiger Deposit economics to the price of gold. US$1,250 per ounce gold price was used as the base case and is highlighted in the table.
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