The Gibellini property is located in Eureka County, Nevada,
about 27.5 miles south of the town of Eureka. The property
is situated on the east flank of the Fish Creek Range in
the Fish Creek Mining District and is easily accessed by
dirt road extending westward from US Highway 50. The property
is approximately 2,624 acres and contains the Vanadium Hill
and Rich Hill deposits.
A scoping study initiated by AMEC in May of 2008 at the
request of Rocky Mountain Resources was completed in October
of 2008. Results of the study will be used to guide project
development and define the scope of the feasibility study.
Two alternatives are currently being considered for advancement
into the feasibility study stage of the project. Complete
results of the study can be viewed using the link at the
bottom of the page.
Highlights are below:
 |
| DESCRIPTION |
BASE
CASE |
ALTERNATE |
|
| Annual Tonnage, short tons |
2,000,000 |
2,000,000 |
| Mine Operator |
Rocky Mountain |
Contractor |
| Process |
Heap Leach |
Heap Leach |
| Product |
Vanadium Pentoxide |
Vanadium Pentoxide |
| Mine Life, years |
9.5 |
9.5 |
| Mine Life, years |
8,404,538 |
8,404,538 |
| Capital Cost |
$88,231,000 |
$75,161,000 |
| Operating Cost, $/short ton |
$14.36 |
$15.02 |
| Operating Cost, $/short ton |
$3.06 |
$15.02 |
 |
| After Tax IRR |
27% |
30% |
| |
|
|
|
 Dawson
Metallurgical Laboratories performed testing on samples
from the Gibilleni deposit to support the scoping study.
Column leach tests, performed to simulate heap leaching
results, indicated vanadium recovery of 60% for oxide, 70%
for transition, and 52% for sulfide.
For purposes of the scoping study AMEC utilized a price
regression model to predict the price of vanadium pentoxide.
This model included a projected long term price for vanadium
pentoxide of $5.90 per pound. A price history for vanadium
(given on the right) illustrates the potential price upside.
Scoping study results demonstrate the potential viability
of the Gibellini project to be not only a primary producer
but also the sole domestic producer of vanadium in North
America. Detailed planning for the feasibility study has
already begun and the study will be launched in the coming
weeks.
The company has prepared a NI 43-101 report regarding
the Gibellini Property and can be viewed
here in PDF format.
The Scoping Study completed by AMEC E&C Services
regarding the Gibellini Property and can be viewed
here in PDF format.
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