May 18, 2012
/PRNewswire/ - Plains Creek Phosphate Corporation ("
", the "
wishes to advise that:
- The Feasibility Study on its Farim Phosphate Project is expected to be completed on or before 31 st July 2012;
- A 43-101 Technical Report on the Preliminary Economic Assessment of the recently announced (2 nd May 2012) Direct Shipping Option ("DSO" ) is expected to be completed on or before 15 th June 2012;
- A Feasibility Study on the DSO is expected to be complete by 31 st July 2012;
- The Farim operations in Guinea Bissau have been placed on care and maintenance until the current political situation in Guinea Bissau stabilizes; and
- The offices in Bissau remain open.
The Company's engineering consultants GBM Minerals Engineering Consultants Limited ("GBM") and Golder Associates ("Golder") have confirmed that the Feasibility Study on the Farim Phosphate Project will be completed on or before 31
DSO 43-101 Technical Report Preliminary Economic Assessment and Feasibility Study
GBM and Golder have also confirmed that a 43-101 Technical Report on the Preliminary Economic Assessment of the DSO of its Farim Phosphate Project will be completed by 15
and a Feasibility Study on the DSO will be complete by 31
Guinea Bissau Operations
The Company wishes to announce that it has placed its Farim operations in
on care and maintenance until the current political situation in
stabilizes. The offices in
NI 43‐101 Compliant Technical Report:
The Company's current technical report (the "
") for its Farim Phosphate Project prepared in accordance with National Instrument 43‐101 ("
") is entitled, "Technical Report on the Preliminary Economic Assessment of the Farim Phosphate Project, Guinea‐Bissau" dated effective
February 10, 2011
, and was filed under the Company's profile on SEDAR at
February 22, 2011
. The Technical Report was prepared for the Company by
John S. Warwick
, B.Sc. (Hons) PIMMM, C.Eng., Eur.Ing. (Mining) of IMC Group Consulting Limited;
, B.Sc., MIMMM, EurGeol of IMC Group Consulting Limited;
, MIMMM, C.Eng. of GBM Minerals Engineering Consultants Limited; and
, FIMMM, C.Eng. of GBM Minerals Engineering Consultants Limited, all of whom are independent Qualified Persons as defined under NI 43‐101.
About Plains Creek Phosphate Corporation:
Plains Creek Phosphate Corporation is a Canadian mining and exploration company focused on advancing Farim Phosphate Project located in Guinea‐Bissau,
. The Project consists of a high‐quality development phosphate deposit containing a NI 43‐101 compliant measured phosphate resource of 69 million tonnes ("
") grading 29.9% P2O5, an indicated resource of 15 Mt grading 30.1% P2O5, and an inferred resource of 44 Mt grading 29.6% P2O5. The Project has a 25 year mining plan of 69 Mt phosphate grading 29.9% P2O5, as disclosed in the Company's NI 43‐101 compliant Technical Report.
The Company's shares are listed on the TSX Venture Exchange under the trading symbol "PCP". For additional information, please visit us at
ON BEHALF OF THE BOARD
Vice‐President, Corporate Development and Director
Statements in this release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the Company can fulfill such forward-statements and the Company undertakes no obligation to update statements. Such forward looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. In addition, pursuant to NI 43-101, the Company cautions that mineral resources that are not mineral reserves do not have demonstrated economic viability.