Crown Mining Applies FOR Drill Permit at Moonlight
CROWN MINING APPLIES FOR DRILL PERMIT AT MOONLIGHT
TORONTO, CANADA, February 26, 2019 – Crown Mining Corp., (“ Crown” or the
“Company”) (TSX Venture: CWM) is pleased to a nnounce that it has applied for a permit with
the US Forest Service for a drill program on its 100% owned Moonlight Copper deposit. The
proposed program will consist of 26 core drill holes totaling 2600 feet to both delineate the oxide
cap that sits on top of the larg e Moonlight copper sulfide depos it and to charac terize the oxide
zone by sampling for metallurgical testing. Drilli ng is expected to begi n in the summer of 2019
with a total budget of $450,000.
Crown’s President & CEO, Stephen Dunn commented: “The Moonlight deposit was evaluated in
a report titled “Technical Report and Prelimin ary Economic Assessment on the Moonlight
Deposit” by Tetra Tech dated April 18, 2018 (“PEA”) and found on Sedar. The oxide deposit,
which had been partially evaluated by previous operators, has not been fully delineated and was
treated as waste in the PEA. Proper and positive delineation of the oxide and metallurgical results
from this proposed oxide drill program coul d substantially improve the economics of
Moonlight.”
About Crown Mining Corp.
Crown controls approximately 12 square miles of patented and unpatented federal mining claims
in the Light’s Creek Copper District in Plumas County, NE California; essentially, the entire
District. The District contains substantial copper (silver) sulf ide and copper oxide resources in
three deposits – Moonlight, Superior and Engels, as well as several partially tested and untested
exploration targets.
The Superior and Engels Mines operated from about 1915-1930 producing over 161 million
pounds of copper from over 4 million tons of rock containing 2.2% copper with silver and gold
credits.
The Moonlight Deposit was discovered and drilled by Placer Amex during the 1960’s. A
Preliminary Economic Assessment Study ("PEA"), prepared by Tetra Tech Inc., had the
following highlights:
After-tax NPV of US$179M at an 8% discount rate and a $3.15 copper price.
After tax IRR of 14.6%
Initial Capital Cost: US$513M, including a contingency provision in the amount of
US$71M
Plant Processing Rate: 60,000 tons per day (STPD)
Average Copper Recovery: 86.0%
Mine Life: 17 years, based on the existing Mineral Resource estimate
Life of mine copper production of 1.5 billion pounds
Please note the PEA is preliminary in nature an d includes inferred mineral resources that are
considered too speculative geologically to have th e economic considerations applied to them that
would enable them to be categorized as mineral reserves. Furthermore, there is no certainty that
the preliminary economic assessment will be real ized. Mineral resources that are not mineral
reserves do not have demonstrated economic vi ability. Readers are encouraged to read the
technical report.
Further details of the PEA and the resources on Crown’s property and th e parameters used to
calculate them can be found in the "Technical Report and Preliminary Economic Assessment for
the Moonlight Deposit, Moonlight-Superior Copper Project, California, USA" dated April 12,
2018 on both the company’s website at www.crownminingcorp.com or on www.sedar.com under
the Crown Mining Corp profile.
Mr. George Cole is the Qualified Person pursu ant to NI 43-101 responsible for the technical
information contained in this news release, and he has reviewed and approved this news release.
For more information please see the Crown website at www.crownminingcorp.com.
For Further Information Contact:
Mr. Stephen Dunn, President, CE O and Director, Crown Mining Corporation (416) 361-2827 or
email [email protected].
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S.
securities laws and regulations, including statements regarding the future activities of the Company. Forward-
looking statements reflect the current beliefs and expectat ions of management and are identified by the use of words
including “will”, “anticipates”, “expected to”, “plans”, “p lanned” and other similar words. Actual results may
differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of
risks, including those described in the Company’s manag ement discussion and analysis as filed with the Canadian
securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue
reliance upon forward-looking statements.