Chariot to Release Feasibility Study for Mina Justa Copper Mine in Peru

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Researched by Industrial Info Resources (Sugar Land, Texas)--Chariot Resources (TSX:CHD) (Toronto, Ontario) is nearly ready to release a final feasibility study for the $350 million Mina Justa copper mine project. The project is located in southern Peru, approximately 25 kilometers from the Pacific coast and 400 kilometers southeast of Lima.

The project entails the construction of an open pit and an underground mine, as well as a vat leach plant and a concentrator to produce 60,000 tons per year of cathode copper and 56,000 tons per year of copper concentrate. Mina Justa has inferred mineral resources of about 279 million tons at a grade of 0.57% copper, using a 0.20% copper cut-off grade.

GRD Minproc (Perth, Australia) is in charge of the economic evaluation, which is set to be released by the first quarter of 2009. According to the current schedule, construction could start one year later, with projected completion set for mid-2012. Mina Justa has an estimated mine life of 13 years.

The Marcona property, where Mina Justa is located, is owned by the joint venture Marcobre SAC (Lima), formed by Chariot holding 70% and Korea Resources Corporation (Seoul, South Korea) and LS-Nikko Copper Incorporated (Ulsan, South Korea), which own the remaining 30% interest.

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