Thus, there is potential to increase the life-of-mine with the addition of an extra pit design phase, and extend the total number of years of mineral processing. Sandspring will pursue further evaluation of this option in ongoing technical studies for the Project.
Permitting and Licensing
In May 2012, Sandspring achieved a major milestone by obtaining its permit from the Guyana EPA to begin construction. Under the terms of the Company's mineral development agreement, the Government of Guyana has also agreed to grant a large-scale mining license authorizing Sandspring to commence production once the economic feasibility of the project has been demonstrated.
The Company will host a presentation and conference call for the results of Pre-Feasibility Study on April 10, 2013 at 11:00 AM Eastern Daylight Time. The following link provides participants access to the live and/or archived event.
The technical report, titled "NI 43-101 Technical Report, Toroparu Gold Project, Upper Puruni River Area, Guyana" will be filed on SEDAR within 45 days of the date of this press release.
The scientific and technical data contained in this news release pertaining to the Project has been reviewed and approved by the following Qualified Persons under NI 43-101 who consent to the inclusion of their names in this release: Frank Daviess, MAusIMM, Registered Member SME (Resource Estimation - SRK Consulting (US) Inc.); Fernando P. Rodrigues, MMSA, #1405QP (Mining/Reserves Estimation - SRK Consulting (US) Inc.); Peter I. Clarke, P.Eng., #13473 - British Columbia (Mining/Economics - SRK Consulting (US) Inc.); D. Erik Spiller, MMSA, #01021QP (Metallurgical Process Design-Tetra Tech); Thomas A. Chapel, CPG, PE, # 33848 - Colorado (On-site Infrastructure-Tetra Tech); Daniel Lloyd Evans, CFM, P.E., #32081 - Colorado (Water Management - Tetra Tech); each of whom is independent of the Company.
Sandspring Resources Ltd. is a Canadian junior mining company currently in advanced exploration and moving toward a definitive feasibility study for the multi-million ounce Toroparu Deposit in the Republic of Guyana. Visit Sandspring's website at www.sandspringresources.com.
Additional information on Sandspring can be viewed on SEDAR under the Company's profile at www.sedar.com or on Sandspring's website at www.sandspringresources.com.
This press release includes certain forward-looking statements concerning future performance and operations of the Company, including the expected positive results from the Toroparu Project based on the estimates and findings contained in the PFS, as summarized herein, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management at the time such statements are made. All forward-looking statements and information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, changes in project parameters as plans continue to be refined, uncertainties of project cost overruns or unanticipated costs and expenses, uncertainties inherent in conducting operations in a foreign country, uncertainties related to the availability and costs of financing needed in the future, the risk that the conclusion of pre-production studies may not be accurate, the Company's successful advancement of the Toroparu Project toward feasibility and obtaining positive results from ongoing evaluation and testing of multiple gold targets located elsewhere in the Company's landholdings, among other risks as described in our public filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. Sandspring Resources Ltd. has an ongoing obligation to disclose material information, as it becomes available.
(1) All references in this Press Release as follows: Au = gold, Cu = copper, "$" = US Dollars, "oz." = troy ounces of gold, "g/t" = gram per metric tonne, "tonnes" = metric tonnes, "tpd" = metric tonnes per day, "Mtpy" = million tonnes per year, "koz" = thousand ounces, "Mlbs" = million pounds
(2) Cash costs include royalties and are net of by-product copper.
(3) After-tax NPV and IRR calculated at Base Case Model prices of $1,400/oz. Au and $3.25/lb. Cu.
(4) The 4 year trailing average metals price effective on March 31, 2013, is $1403/oz. gold and $3.47/lb. copper
(5) Au = gold, Cu = copper, "ktpy" = thousand metric tonnes pper year, "g/t" = gram per metric tonne, "kozpy" = thousand ounces per year, "PY-#"= pre-production year. Ore processed are rounded to the nearest one thousand tonnes, Contained Gold to nearest 1000 oz Au, gold grade to nearest 0.01g/t Au
(6) Silver has been recovered by laboratory testwork into both flotation and leach products. The consistency of the estimated silver grade in the concentrate production over the life-of-mine is uncertain as there is insufficient silver exploration data from core to determine a silver resource or reserve and a value for silver was therefore not added to the economics of the PFS.
(7) Capital costs are rounded to the nearest million US dollars.
(8) Operating Costs are rounded to the nearest $0.10 / metric tonne or $1/per troy ounce of gold.
(9) The "all-in cash cost" (Cash Cost + Life of Mine Capital/payable ounce of gold) is $921 per ounce of gold.
(10) Operating costs are based on power cost of $0.18/kWh generated using intermediate fuel oil (IFO 180) quoted by a multi-national oil marketing firm at $124.00/bbl for delivery CIF Pine Tree River Port, Cuyuni River, Guyana; and Gas Oil prices of $157.00/bbl for delivery CIF Pine Tree River Port.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sandspring Resources Ltd.
Richard A. Munson
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