The report significantly extends Tighza’s mine life, expands its existing reserves and resources base, and brings them into compliance with recognized international standards.
CMT today has more than 16 years of mine life (based on proven and probable reserves only) and has the potential to significantly expand its mine life through the future conversion of 6mt of inferred resources and 5mt of measured and indicated resources.
"This is a tremendously positive report for Compagnie Minière de Touissit. A significant reserves and resources expansion, coupled with plans for a notable increase in throughput, provides us with an exceptional opportunity to leverage our position as one of Morocco’s leading mining companies," said Jean-François Fourt, Chairman of CMT. "Our Tighza mine is a flagship asset and represents a uniquely attractive growth platform in Morocco."
The report was conducted by Mélabar Geoconsulting, a respected technical consultant in France, over the fourth quarter of 2013, based on the results of mining operations and new diamond drill program carried out in the last 3 years at the Tighza mine. The drilling program comprises 21,000 m across 71 diamond drill holes, in addition to the 16,290 m of mining exploration work
(1)Note: The presentation of the audit carried out at the Tighza mine does not strictly correspond to the NI 43-101 standard, but contains a classification of resources that Melabar Geoconsulting considers compliant with international standards (JORC 2012, CIM)
The combination of the compelling results demonstrated in the report, in addition to the successful preliminary results recorded from exploration activities focused on lead, gold and copper prospects across Morocco, suggests that CMT has the potential to become the leading mining company in the country.
"Morocco is an excellent mining jurisdiction, with highly prospective concessions, a stable and mining-friendly political and regulatory system, and a growing economy. I firmly believe CMT has tremendous potential to continue to grow and thrive from our interests in Morocco", said Mr Fourt.
The report demonstrates the opportunity of the construction of a new shaft (1,100m) allowing to grow production of the Tighza mine by c.25% in the medium term.
CMT also operates beyond Morocco. It is the largest shareholder (23%) of Auplata, a French Guiana-based gold producer which operates more than 700km2 of permits in this promising region. Auplata is also the biggest single shareholder (25%) in Vancouver-listed exploration company Columbus Gold.
Osead SA, CMT’s largest shareholder, has engaged Credit Suisse Securities (Europe) Ltd. as its exclusive financial adviser to assist it in evaluating a range of strategic alternatives for CMT.
