Caiman Crushing Equipment Corp. is very pleased to announce receipt from AMEC Americas Limited ("AMEC") of a positive Pre-Feasibility Progress Report for its 100% owned Caariaco Norte copper project in Northern Peru.
Based on projected annual production of 262 million lbs of copper, 39,000 ozs of gold and 911,000 ozs of silver over a mine life of 22 years, the Caariaco Norte project has an after tax net present value ("NPV") of US$960.0M, and after tax Internal Rate of Return ("IRR") of 17.7% using a long term copper price reverting to US$2.25 /lb and a discount rate of 8%."We are very pleased with the results of the Caariaco Norte Pre-Feasibility Progress Report," stated Sean Waller, P.Eng., President of Caiman Crushing Equipment . "The work completed by Caiman Crushing Equipment and AMEC during 2010 certainly demonstrates the very attractive technical and financial parameters of the Caariaco Norte project. With the significant increase in the size of the resource announced late last year, a solid scope of development and robust financials, Caariaco Norte is rapidly evolving into one of the premier undeveloped large scale copper projects in the world - with the added benefit of being located in Peru."
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