May 22 2013
Oracle Mining Corp. ("Oracle Mining" or the "Corporation") is pleased to announce that it has engaged JDS Energy & Mining Inc. ("JDS") to provide engineering services and produce a feasibility study in accordance with NI 43-101 (the "Feasibility Study") for our Oracle Ridge copper project ("Oracle Ridge" or "Oracle Ridge Project"), located 24 km northeast of Tucson, AZ.
"Following the completion of our recent technical report, and with Oracle Ridge permitting continuing to progress, Oracle Mining is advancing the Oracle Ridge Project towards completion of a Feasibility Study in a partnership between our operations team and with the guidance and expertise of JDS," said Rod Campbell, Oracle Mining's President. "The JDS team is well-respected for their innovative and cost-effective approach to mine development of projects on the scale of Oracle Ridge and together we have set aggressive targets and incentives to produce the Feasibility Study on-budget and on-schedule."
Since acquiring the Oracle Ridge Project in September 2010, Oracle Mining has completed surface and underground drill programs, undertaken metallurgical, engineering and environmental studies, and secured a number of key permits that will be necessary to enable the Oracle Ridge Project to advance.
In May 2012, the Corporation announced that it had retained SRK Consulting ("SRK") to author a Feasibility Study and KD Engineering ("KD") to complete the engineering for the processing facility and mine site infrastructure. The arrangements with JDS supersede and replace the engagement that the Corporation previously had with SRK and KD. Previous work may be incorporated into the Feasibility Study.
While the Oracle Ridge Project has a current Mineral Resource established, the Corporation expects that additional drilling will be undertaken with the goal of expanding and upgrading, if possible, the Mineral Resources. The Corporation has not made any production decision with respect to the Oracle Ridge Project. A decision to proceed with production at the Oracle Ridge Project will be based upon the results of the Feasibility Study demonstrating economic and technical viability.
Source: http://www.oracleminingcorp.com/