Vancouver, British Columbia, October 12th, 2016 — Copper North Mining Corp. (TSXV:COL) is pleased to announce the results of a Preliminary Economic Assessment (the “New PEA” or “PEA”) that evaluates the recovery of gold and silver alongside the recovery of copper at the Company’s Carmacks Copper-Gold-Silver project. The Carmacks Project is located in south central Yukon within the southern end of the copper-gold-silver Dawson District.
The Carmacks Project is an open pit operation for processing of oxide copper, gold and silver mineralization. The re-engineered project in the New PEA utilizes agitated tank leach processing of copper oxide mineralization to produce cathode copper, followed by agitated tank leach cyanidation and carbon-in-leach (CIL) process for recovery of gold and silver in doré. Tailings are filtered for dry-stacked storage. Drilling in 2015 identified a substantial sulphide mineral resource that warrants further evaluation of the potential for mining and processing the sulphide mineralization. Exploration has also indicated additional oxide mineral resources for which management believes further drilling is warranted for both oxide and sulphide mineralization to expand mineral resources and extend mine life.
Preliminary Economic Assessment
The New PEA was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) by JDS Energy and Mining Inc., and a number of other consultants. The New PEA supersedes the Company’s previous technical reports in respect of the Carmacks Project. The New PEA builds upon previous engineering studies on the Carmacks Project and additional work completed during the past 28 months. Initial work was focused on additional metallurgical test work supervised by Dr. Morris Beattie P.Eng. and Dr. David Dreisinger P.Eng. The expanded resource estimation work was completed by Dr. Gilles Arseneau, P.Geo. of Arseneau Consulting Services Inc.; designs of the waste rock storage area and tailings management area were developed by Fiona Esford, P.Eng. and David Anstey, P.Eng. of Golder Associates Ltd.; and the mining plan was developed by Michael Hester, FAusIMM of Independent Mining Consultants Inc. All of the foregoing individuals are “qualified persons” within the definition of such term in NI 43-101.