Braveheart Announces Delay to Preliminary Economic Assessment at Bull River Mine
Braveheart Announces Delay to Preliminary
Economic Assessment at Bull River Mine
Calgary, Alberta--(Newsfile Corp. - July 13, 2022) - Braveheart Resources Inc.
(TSXV: BHT) (OTCQB:
RIINF) (FSE: 2ZR)
("
Braveheart
" or the "
Company
") hereby announces that the Preliminary Economic
Assessment ("PEA") for its 100% owned Bull River Mine, near Cranbrook, B.C. has been suspended
pending an improvement in metal prices.
The Company originally announced commencement of the PEA on February 9, 2022, with an expected
completion within 120 days.
When Braveheart originally commissioned the study, the price of copper
was US$4.50 per lb.
Since that time, the price of copper has declined to US$3.35 per lb.
The Company
continues to exercise discipline in any of its cash spending.
As a result, the financing of any technical
study, not specifically related to the permit application to restart the Bull River Mine project, has been put
on hold.
The Bull River Mine is fully developed and dewatered with 21,000 metres of underground developments
in terms of ramps, raises and drifting on mineralized structures on seven levels.
The surface
infrastructure includes a 700 tonne per day conventional mill with adjoining crushing facilities as well as
offices and mine maintenance facilities.
The property is connected to grid power and there is year-round
access to the site by paved and all-weather roads.
Ian Berzins, President and CEO, commented, "We look forward to completing a PEA study on the Bull
River project, but this will not occur before the third quarter of 2022 and may be further delayed if
commodity prices remain under pressure.
Delay of this study will not impact on Braveheart's current
discussions with the Ministry of Energy, Mines and Low Carbon Innovation ("EMLI"), the Ministry of
Environment and Climate Change Strategy and the Environmental Assessment Office ("EAO") of British
Columbia regarding its permit application to begin processing existing mineralized stockpiled material
on surface at the mine and then resume underground mining operations."
About Braveheart Resources Inc.
Braveheart is a mining company primarily focused on two near-term copper production assets in
Canada. Braveheart's main asset is the 100% owned Bull River Mine project (>135MM lbs of copper)
near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver.
Braveheart's latest acquisition is the 100% owned Thierry Mine project (>1,300MM lbs of copper) near
Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel, silver, palladium, platinum
and gold.
Contact Information
Braveheart Resources Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E:
Website:
www.braveheartresources.com
For more investor information, please contact Braveheart at:
Manish Grigo
Director, Corporate Development
M: +1-416-569-3292
E:
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under
applicable Canadian securities legislation. Forward-looking information includes, but is not limited to,
statements about strategic plans, future work programs and objectives and expected results from such
work programs. Forward-looking information necessarily involve known and unknown risks, including,
without limitation, risks associated with general economic conditions; inability to access sufficient
capital from internal and external sources, and/or inability to access sufficient capital on favourable
terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors
which may cause the actual results and future events to differ materially from those expressed or
implied by such forward-looking information and the risks identified in the Company's continuous
disclosure record. There can be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward-looking information. All forward-
looking information contained in this news release is given as of the date hereof and is based upon
the opinions and estimates of management and information available to management as at the date
hereof. The Company disclaims any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or otherwise, except as required by
law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new
release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/130718