HIRU Corporation (HIRU) Releases Preliminary Feasibility Scoping Study for the Balfour Project, Tasmania
Rhea-AI Summary
HIRU (OTC Pink: HIRU) has completed a preliminary feasibility scoping study for its Balfour Copper Project in northwestern Tasmania, Australia. The study outlines a 10-year Life of Mine (LOM) scenario, projecting to treat 500,000 tonnes of ore annually with a grade of 1.5% copper, yielding approximately 50,000 tonnes of copper concentrate per year.
Key financial projections include:
- Year 1 metal revenue: USD $73.47 million
- Year 10 metal revenue: USD $93.07 million
- Year 1 net revenue: USD $33.80 million
- Year 10 net revenue: USD $42.81 million
The study highlights the project's scalability and financial robustness, with extensive exploration opportunities along a 70-kilometer strike. The presence of gold and silver as by-products offers potential for diversified revenue streams.
Positive
- Projected annual treatment of 500,000 tonnes of ore with 1.5% copper grade
- Estimated 50,000 tonnes of copper concentrate production per year
- Increasing projected metal revenue from $73.47 million in Year 1 to $93.07 million in Year 10
- Growing net revenue from $33.80 million in Year 1 to $42.81 million in Year 10
- Potential for additional resources and increased production capacity
- Presence of gold and silver by-products offering revenue diversification
Negative
- Total costs expected to rise from $39.67 million in Year 1 to $50.26 million by Year 10
- Current study only represents a portion of the overall project, indicating uncertainty in full potential
- OTC Markets has placed a 'promotional' horn icon on the company's listing
News Market Reaction
On the day this news was published, HIRU gained 3.33%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Toronto, Ontario--(Newsfile Corp. - October 8, 2024) - HIRU Corporation (OTC Pink: HIRU) $HIRU www.otchiru.com, www.hirumining.com is pleased to announce the completion of a preliminary feasibility scoping study for the Balfour Copper Project located in northwestern Tasmania, Australia. This study, which focuses on a 10-year Life of Mine (LOM) snapshot, highlights the project's significant financial potential, driven by both the scale of copper reserves and increasing global demand.
The Balfour Project is projected to treat 500,000 tonnes of ore annually, grading at
Projected Revenue & Financials
- Year 1 projected metal revenue: USD
$73.47 million - Year 10 projected metal revenue: USD
$93.07 million - Estimated net revenue and strong cash flow throughout the 10-year period:
- Year 1 net revenue: USD
$33.80 million - Year 10 net revenue: USD
$42.81 million
- Year 1 net revenue: USD
- Total costs are expected to rise from USD
$39.67 million in Year 1 to USD$50.26 million by Year 10.
The scoping study underscores the project's scalability and financial robustness. The JORC-compliant resources at Murry's Reward, located within the Balfour Project, represent just a fraction of the potential. Extensive exploration opportunities along the 70-kilometer strike remain untapped, suggesting that the project's ultimate production capacity may far exceed the figures presented in this initial analysis.
By-Products & Diversification The Balfour Project's potential is further enhanced by the presence of by-products such as gold and silver, which are frequently associated with copper deposits in Tasmania. These by-products offer diversification of revenue streams, providing additional financial upside and serving as a hedge against potential copper price volatility.
HIRU Corporation remains committed to advancing the Balfour Project while maintaining a balance between resource extraction and environmental sustainability, in line with Tasmanian laws and regulations. As the project progresses, further studies and exploration are planned to unlock the full potential of the project.
In other company news and events, The management acknowledges it has a "promotional" horn icon placed with OTC Markets. This is a standard operating procedure by OTC with no reason to be alarmed as the Company is current with all routine and required filings. This icon is typically removed within 15 to 30 days after the promotion ends.
We expect to file our Q3 docs well ahead of the deadline. Moreover as a company we maintain 2 separate X (twitter) accounts: the current one @hirumining (investor & corporate relations) and @hirucorpnew (communications CSR). CSR meaning investor customer service. We resumed using our old X account as it had certain valuable goodwill.
Additional news filings and regular routine updates will follow in a timely manner.
About Hiru Corporation:
Hiru Corporation (OTC Pink: HIRU) is a holding Co headquartered in Toronto Canada financial district. HIRU board members and control block holders are in Qatar and Australia. The company is primarily engaged in exploration stage mining in a massive Belfour mine project in Australia. (Core business). The main investors are a Qatari royal family member and a 7th generation one of the wealthiest landlords in Tasmania
Disclaimer Regarding Forward-Looking Statements
Certain statements that we make may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions and divestitures, anticipated results of litigation and regulatory developments or general economic conditions. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would," as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements.
Contact:
Corporate Communications
Irina Veselinovic (Secretary)
Website: www.otchiru.com & www.hirumining.com
Email: corporate@otchiru.com
Phone: +1 954-228-1053
Twitter: https://twitter.com/hirumining
Linkedin: https://www.linkedin.com/company/hiru-corporation/
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225963
FAQ
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