Both the PEA and the PFS were prepared by M3 Engineering & Technology of Tucson, Arizona ("M3") and other prominent consultants who have recent project development experience in Mexico. The PFS was prepared the direction of Mr. Doug Austin, P.E., P.Eng, Senior Vice President of M3 and Dr. Art Ibrado, QP Member, MMSA, Project Manager with M3, who are qualified persons. Mr. Michael Hester, FAusIMM, Vice President of IMC, is the qualified person responsible for the reserve estimate and mine planning in the Technical Report.
Mr. Gary Parkison, CPG, Vice President Development of Chesapeake, is the qualified person who supervised the preparation of the technical information in this release.
For more information on Chesapeake and its Metates Project, please visit our website at www.chesapeakegold.com.
CHESAPEAKE GOLD CORP
P. Randy Reifel, President
FORWARD LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of the Metates Project and related matters that may occur in the future. These statements relate to analyses and other information contained in the PFS that are based on expectations of future performance, including silver and gold production and the economic viability of the Metates Project.
Statements concerning reserves and resource estimates may also constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed and, in the case of mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation, the following with respect to the results of the Metates Project PFS:
-- the technical and financial viability of mining, flotation, pipeline operations, oxidation facilities, acid neutralization processing, and processing operations at Metates;-- the economic potential of the Metates mineral deposit including the existence and size of the mineral deposit at Metates;-- the productive mine life of the Metates project including timing and amount of estimated future production;-- access to surface land and water rights;-- environmental approvals, permit applications for road and mine construction and the development schedule for the project;-- ability to secure financing for mine construction and development on acceptable terms;-- potential increases in costs, timing and complexities of permitting, mine construction and development and ability to secure necessary infrastructure as a result of the remote location of the Metates Project and local landholder Ejido consultation requirements;-- planned mining operations and ore processing; assumptions regarding the anticipated construction of access roads, third party power supply and distribution network, gas pipeline and access to natural gas supplies, oxygen plant outsourcing;-- communications infrastructure and tailing dewatering and stacking facilities;-- annual mine production of ore and waste and waste/ore stripping ratios;-- estimated initial and ongoing mill throughput; the process and expectations for metal recovery over the life of the mine;-- estimated capital and operating costs;-- projected future metal prices and precious and base metal price fluctuations;-- risks related to fluctuations in the currency markets (particularly the Mexican peso, Canadian dollar and United States dollar);-- risks related to the inherently dangerous activity of mining, including conditions or events beyond our control, and operating or technical difficulties in mineral exploration, development and mining activities;-- risks related to reserves and mineral resource figures being estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently estimated and to diminishing quantities or grades of mineral reserves as properties are mined; and-- risks related to all of the Company's properties being located in Mexico, including political, economic, social and regulatory risks.
This list is not exhaustive of the factors that may affect our forward-looking statements. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. The Company's forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Chesapeake Gold Corp.