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Trevali Mining Corporation

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  1400 - 1199 West Hastings Street
Vancouver, BC
Canada, V6E 3T5
Tel No.: (604) 488-1661
Fax No.: (604) 629-1425
Toll Free No.: 1-855-638-3690
Web Site: www.trevali.com
E-mail: info@trevali.com
Contact Person: Steve Stakiw
Position: Vice President Investor Relations


Company Data

Traded Market: TSX
Traded Symbol: TV
Outstanding Shares: 830,632,885
Public Float: 610,000,000
52 Week High: $ 1.75
52 Week Low: $ 0.73
Present Price: Click Here


Introduction

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Trevali Mining Corporation is a zinc-focused, base metals company with four mines: the wholly-owned Santander mine in Peru, the wholly-owned Caribou mine in the Bathurst Mining Camp of northern New Brunswick, its 90% owned Rosh Pinah mine in Namibia and its 90% owned Perkoa mine in Burkina Faso.


Projects in Hand

Santander Mine Project, Peru

Location:

Peru (approx. 200 km northeast of Lima)

Ownership:

100% Trevali

Type of deposit:

Carbonate Replacement Deposit (CRD)

Mining:

Underground – Modified Avoca (cut-and-fill)

Processing:

Concentrator plant with crushing, milling, flotation, thickening and filtration

End product:

Zn concentrate and Pb-Ag concentrate

Infrastructure:

2,000 tpd underground mining operation and processing mill

Current mine life:

5 years; remains open, drilling ongoing

Reserves and Resources (as of Dec. 31/2017)

314 million lbs contained Zn in Measured & Indicated Resources

Magistral North, Central, South Orebodies:

Category

Tonnes

Zn

(%)

Pb

(%)

Ag

(g/t)

Reserves

Proven

460,000

3.8

0.8

26

Probable

1,460,000

4.6

0.7

32

Proven & Probable

1,930,000

4.4

0.8

31

Resources

Measured

1,057,558

4.2

0.8

27

Indicated

1,930,033

5.1

0.9

38

Measured & Indicated

2,987,591

4.8

0.8

34

Inferred

3,080,000

5.1

0.5

32

Santander Exploration Potential

  • Two Principal Targets: Magistrals and Santander High-Grade Pipe
  • Magistral deposits (North/Central/South) currently in production
  • 18,000-metre 2018 drill program aimed at resource upgrade and delineation to facilitate long-range mine planning
  • Santander pipe previously mined between 1957 and 1991
  • Proof of concept drilling in 2010 confirmed historic grades
  • 2017 drilling: SAN225 returns 65m at 7.26% Zn, including 6.5m at 20.38% Zn and 0.43% Cu
  • Implementation of Directional Drilling in 2017
  • Remains open at depth and along the anticline axis
  • 2018 Program: minimum 5,000-metre resource delineation drilling

2018 Production Guidance

  • 55-58 million payable lbs Zinc
  • 11-12 million payable lbs Lead
  • 654,000-687,000 payable ozs Silver
  • Site operating costs US$38-42/tonne milled
  • Cash production cost of US$0.49-0.53 per lb zinc (net of by-products)

Caribou Mine Project, Northern New Brunswick, Canada

Location:

Bathurst Mining Camp, New Brunswick, Canada

Ownership:

100% Trevali

Type of deposit:

Volcanogenic Massive Sulphide (VMS)

Mining:

Underground – Modified Avoca (cut-and-fill)

Processing:

Concentrator plant with crushing, milling, flotation, thickening and filtration

End product:

Zn concentrate and Pb-Ag concentrate

Infrastructure:

3,000 tpd underground mining operation and processing mill

Current mine life:

6 years; remains open, drilling ongoing

Reserves and Resources (as of Dec. 31/2017)

1.2 billion lbs contained Zn in Measured & Indicated Resources

Category

Tonnes

Zn

(%)

Pb

(%)

Ag

(g/t)

Cu

(%)

Reserves

Proven

2,620,000

5.8

2.1

64.3

0.35

Probable

2,480,000

5.9

2.2

62.1

0.39

Proven & Probable

5,110,000

5.8

2.2

63.2

0.37

Resources

Measured

5,870,000

6.1

2.3

67.0

0.37

Indicated

3,030,000

6.1

2.3

70.0

0.39

Measured & Indicated

8,890,000

6.1

2.3

68.0

0.38

Inferred

7,000,000

5.7

2.1

65.0

0.30

Caribou Exploration Potential

  • Deposit remains open
  • 2017 exploration program discovered additional zones (North Limb Extension)
  • Successful utilization of directional drilling to hit tight targets opens up opportunity for further definition drilling from surface
  • 2018 work program: 10,000-metre underground resource delineation drilling in “Hinge” area

2018 Production Guidance

  • 86-90 million payable lbs Zinc
  • 27-28 million payable lbs Lead
  • 627,000-658,000 payable ozs Silver
  • Site operating costs US$55-61/tonne milled
  • Cash production cost of US$0.68-0.74 per lb zinc (net of by-products)

Rosh Pinah Mine Project, Namibia

Location:

Namibia (600 km south of Windhoek)

Ownership:

90% Trevali, 10% Namibian Empowerment Partners

Type of deposit:

Sediment hosted

Mining:

Underground – Sub-level open stoping

Processing:

Concentrator plant with crushing, milling, flotation, thickening and filtration

End product:

Zn concentrate and Pb-Ag concentrate

Infrastructure:

2,000 tpd underground mining operation and processing mill

Current mine life:

12 years; remains open, drilling ongoing

Reserves and Resources (as of Dec. 31/2017)

1.85 billion lbs contained Zn in Measured & Indicated Resources

Category

Tonnes

Zn

(%)

Pb

(%)

Ag

(g/t)

Reserves

Proven

2,660,000

9.1

1.3

18

Probable

5,080,000

6.8

1.4

20

Proven & Probable

7,740,000

7.6

1.4

20

Resources

Measured

4,370,000

8.5

1.9

27

Indicated

6,400,000

7.3

1.5

24

Measured & Indicated

10,760,000

7.8

1.7

25

Inferred

3,000,000

6.5

1.1

31

Rosh Pinah Exploration Potential

  • Active mining zones remain open for significant expansion, specifically Western Orefield (WF)
  • There has never been a sustained, modern exploration program undertaken until now
  • 6,000-metre underground drill program underway with additional 6,000-metre surface drill program contingent on results

2018 Production Guidance (100% basis)

  • 95-105 million payable lbs Zinc
  • 5.7-6.0 million payable lbs Lead
  • 123,000-129,000 payable ozs Silver
  • Site operating costs US$49-54/tonne milled
  • Cash production cost of US$0.55-0.60 per lb zinc (net of by-products)

Perkoa Mine Project, Burkina Faso

Location:

Burkina Faso (150 km west of Ouagadougou)

Ownership:

90% Trevali, 10% Government of Burkina Faso

Type of deposit:

Volcanogenic Massive Sulphide (VMS)

Mining:

Underground – Transversal and retreat

Processing:

Concentrator plant with crushing, milling, flotation, thickening and filtration

End product:

Zn concentrate

Infrastructure:

2,000 tpd underground mining operation and processing mill

Current mine life:

5 years; remains open, drilling ongoing

Reserves and Resources (as of Dec. 31/2017)

1.47 billion lbs contained Zn in Measured & Indicated Resources

Category

Tonnes

Zn

(%)

Reserves

Proven

2,290,000

13.9

Probable

1,040,000

11.1

Proven & Probable

3,330,000

13.1

Resources

Measured

2,630,000

15.7

Indicated

2,220,000

11.4

Measured & Indicated

4,850,000

13.7

Inferred

680,000

8.9

Perkoa Exploration Potential

  • 233 sq. km land package
  • Mineralization remains open at depth below the orebody
  • 22,000-metres drilled in 2017 from both surface and underground
  • Regionally – 46 electromagnetic anomalies identified for follow-up; multiple clusters at 5-km intervals along prospective Perkoa Mine Horizon
  • Geologically analogous to large Canadian VMS systems (Matagami, Flin Flon, Noranda, etc.; approx. 40-100 million-tonne endowments)

2018 Production Guidance (100% basis)

(The Perkoa Mine has been in commercial operation since 2013)

  • 164-174 million payable lbs Zinc
  • Site operating costs US$103-113/tonne milled
  • Cash production costs of US$0.82- 0.91 per lb zinc (net of by-products)


Management

Management and Directors

Mike Hoffman, Chairman

Over 35 years global mine development experience including Vice President Operations at Yamana Gold, Desert Sun and Goldcorp, and is on the Board of Eastmain Resources.

Dr. Mark Cruise, President & CEO, Director

Base metal deposit specialist with over 20 years project experience from exploration and resource definition to permitting and production in Europe and the Americas on behalf of Pasminco Exploration, Anglo American and TSX-listed companies. Co-founded Trevali in 2007 to position the Company for anticipated global Zn deficits.

Bryant Schwengler, Chief Operating Officer

17 years of experience in a variety of roles including senior management positions in both underground and open-pit mining operations. Mr. Schwengler commenced his career with Mount Isa Mines Ltd. at Ernest Henry Mine, then transitioned to Xstrata Zinc and ultimately Glencore at the world-class Mt Isa Zinc operations. He became GM at the Caribou Mine in early 2016.

Paul Keller, P.Eng., SVP Major Projects & Technical Support

30 years of mine operations experience in Canada and Peru. Mr. Keller began his career with Rio Algom and has also worked in various management roles with Barrick Gold's Hemlo mine in operations, engineering and maintenance.

Gerbrand Van Heerden, CA, CFA, Chief Financial Officer

18 years experience in the finance and mining industry. Mr. Van Heerden began his career at Deloitte and has worked at Metorex Limited as Group Financial Controller and moved to senior management positions there prior to joining Rosh Pinah Zinc Corp. as CFO in 2013.

Steve Stakiw, Vice President of Investor Relations & Corporate Communications

Over 25 years of geology/mining industry and research/finance market experience. Mr. Stakiw has held a senior management role with a leading mining research and investment publication and has consulted to resource-focused investment funds.

Daniel Marinov, Vice President of Exploration

Over 24 years of international experience in exploration and underground mining, and has held senior management roles with Rio Tinto and Anglo American (including project manager at Anglo's Michiquillay deposit in Peru).

Steve Molnar, VP General Counsel & Corporate Secretary

Joined Trevali from McCarthy Tetrault LLP, where he practiced corporate and securities law with a focus on the mining industry.

Yan Bourassa, VP Mineral Resource Management

Geologist with 20 years of experience in the resource industry in Africa and the Americas, whose experience ranges from exploration to operations & resource estimation.

Chris Eskdale, Director

Dan Myerson, Director

Anton Drescher, Director

Russell Ball, Director

Jessica McDonald, Director

Dan Isserow, Director


News Update

On January 17, 2019, Trevali Mining Corp. has released preliminary fourth quarter and fiscal 2018 production and sales results. The Company has provided its production, cash costs, and capital and exploration expenditure guidance for 2019.

On January 17, 2019, Trevali Mining Corp. announced that its Dr. Mark Cruise plans to step down as president and chief executive officer of the Company while Mike Hoffman plans to step down as chair of the board of directors of the Company, as part of the Company's continuing transformation, vision and strategy to be a premier global base metals mining company. Both Dr. Cruise and Mr. Hoffman will continue in their current roles until their successors are appointed in order to ensure a smooth transition to a new leadership team for the long-term benefit of Trevali and its stakeholders.

The Globe and Mail reports in its Thursday, Jan. 10, 2019 edition that expecting to see an improved outlook for TSX-listed base metals miners in 2019, BMO Nesbitt Burns analyst Jackie Przybylowski commenced coverage on Trevali Mining (43.5 cents) with an "outperform" rating and a share target of 80 cents.

Ms. Przybylowski says in a note: "Trevali has suffered from issues around operational execution and missed expectations. This, coupled with lack of confidence in the zinc market in general, has eroded investors' confidence in management and resulted in a material underperformance in Trevali's share price in 2018. In our view, the sell-off is now overdone. Trevali now represents one of the best value stocks in our coverage universe."

On October 22, 2018, Trevali Mining Corporation reported a downgrade of the 2018 production guidance for the Caribou mine due to challenging rock mass conditions. Increased zinc production from Perkoa operations is expected to partially offset metal losses. The Company reiterates it remains on track to achieve its 2018 consolidated zinc production guidance.

On September 26, 2018, Trevali Mining Corp. reported that its operations at the Santander mine in Peru have been temporarily halted as a result of an illegal blockade. Main road access was temporarily blocked by a small group of community members and other persons not affiliated with the Santander mine, and the company was unable to complete a scheduled delivery of supplies. The protesters allege that Trevali has failed to satisfy its community investment obligations under its agreement with the Santa Cruz de Andamarca community.

The Company has complied with all of its contractual obligations to the community and fully co-operated with government departments and other authorities regarding the blockade, which has now been lifted. Necessary supplies are now being delivered to the mine and full production is expected to resume within the week. The Company expects that production and sales for the quarter will be negatively impacted; however, the Company remains on track to achieve 2018 zinc production guidance at Santander. The Santander senior management team is pro-actively engaging with the local community and is in continuing consultation with elected community leaders to discuss their concerns and ensure that mine operations continue without further interruption.

On September 19, 2018, Trevali Mining Corp. announced that it has secured a new US$275-million revolving credit facility. The new facility replaces the US$160-million term loan facility and the US$30-million revolving facility entered into in August, 2017.

On August 29, 2018, Trevali Mining Corp. and Puma Exploration Inc. have released the drill results for the metallurgical drilling program conducted at the Murray Brook deposit located in New Brunswick, Canada. A seven-hole, 1,700-metre geotechnical and metallurgical drill program was undertaken. The program successfully intersected the massive sulphide deposit in each hole, matching perfectly with the resources model and a potential internal mine design.

Drilling confirmed good to excellent mineral continuity and significant zinc, lead and copper grades were returned over wide intervals, with highlights including:

  • MB18-01 intersecting 36.6 metres grading 1.4 per cent Cu (including a nine-metre interval of 4.0 per cent Cu);
  • MB18-02 intersecting 19.0 metres averaging 2.1 per cent Cu (including a five-metre interval of 4.3 per cent Cu);
  • MB18-03 intersecting 24.0 metres of 2.5 per cent Cu (including a six-metre interval of 4.0 per cent Cu);
  • MB18-05 intersected 120.9 metres grading 6.1 per cent Zn and 2.1 per cent Pb (including a 27-metre interval of 13.1 per cent Zn and 4.8 per cent Pb);
  • MB18-07 intersected 87.1 metres averaging 6.9 per cent Zn and 2.4 per cent Pb (including a 21-metre interval of 10.2 per cent Zn and 3.1 per cent Pb).

On August 8, 2018, Trevali Mining Corp. has released financial results for the three and six months ending June 30, 2018. Second quarter (Q2) net income was $23.5-million (three cents per share) and EBITDA (earnings before interest, taxes, depreciation and amortization) was $59-million on net revenues of $134-million. All financial figures are in U.S. dollars.

On July 18, 2018, Trevali Mining Corp. has released preliminary consolidated second quarter 2018 production of 103.9 million payable pounds of zinc, 10.5 million payable pounds of lead and 337,801 payable ounces of silver.

Second quarter highlights:

  • The Company remains on track with 2018 annual zinc production guidance of 400 million to 427 million payable pounds;
  • Preliminary consolidated operating costs of US$58 per tonne;
  • On track with 2018 consolidated operating cost guidance of US$60 to US$66 per tonne;
  • Continued strong performance at Perkoa;
  • Santander back at normal capacity following mill maintenance in the first quarter;
  • Caribou improved performance following winter seasonal effect in the first quarter;
  • Normal concentrate shipping schedules realized at all operations.


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