Tickers: XTSX:STS, PINX:STSBF
Tags: #Mining
April 17th, 2019 / TheNewswire / Vancouver, B.C. - South Star Mining Corp. ("South Star" or the "Company") (TSXV: STS) (OTCQB: STSBF) is pleased to provide an update on the pre-feasibility study ("PFS") on its Santa Cruz Graphite Project ("Project") in Bahia, Brazil. The PFS is projected to be completed during the 3rd quarter of this year.
The Company has assembled an excellent team in Brazil to carry out all necessary aspects of the planned study to produce a technical report compliant with the requirements under NI 43-101. The study will include both an initial 5,000 tpy trial mining plant and the 20,000 tpy facility originally contemplated under the Company's previously released PEA. Both plants will incorporate dry stack tailings. IGEO, a leading mining engineering firm based in Sao Paulo, will be responsible for all engineering including final flow sheet, layout and drawings, equipment specifications, infrastructure and costings. MCB of Belo Horizonte will complete an updated resource report that incorporates the results of the recent in-fill drilling program. Luiz Eduardo Pignatari, a Qualified Person under NI 43-101, will do mine planning, resource to reserve conversion modeling and oversee the preparation of the final report. In parallel with the PFS work, the Company intends to complete the applications and file all necessary information for its initial environmental license and a Guia de Utilizacao or Trial Mining License. Completion of the report and the licensing activities is forecast for Q3 2019.
Company CEO Eric Allison stated "We are excited to be working with such an excellent group of professionals as we move forward with these critical activities. Their successful completion will advance the Santa Cruz Graphite Project along the road to production and closer to our goal of positive cash flow in 2020."
Richard L. Pearce is a Qualified Person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in this news release
ABOUT SOUTH STAR MINING CORP.
South Star Mining Corp. is focused on the acquisition and development of near-term mine production projects in Brazil to maximize shareholder value. To learn more, please visit the Company website at www.southstarmining.com.
On behalf of the Board,
Mr. Eric Allison
Chief Executive Officer
Ph: +1 (203) 918-3098
Email: eric@southstarmining.com
For additional information, please contact:
Mr. Dave McMillan
Chairman
Ph: +1 778-773-4560
Mr. Kris Kottmeier
VP Corp Communications
Ph: +1 604 506-2502
Email: kris@southstarmining.com
CAUTIONARY STATEMENT
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This news release and the PEA contain references to inferred resources. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized.
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved". Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements.
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