VANCOUVER, British Columbia, May 16, 2022 (GLOBE NEWSWIRE) -- Manganese X Energy (TSXV:MN) (OTCQB:MNXXF) (FSE:9SC) announced positive results from the independent Preliminary Economic Assessment, prepared by Wood Canada Ltd., for its wholly owned Battery Hill project, located approximately 6 km northwest of the town of Woodstock and is accessible to the east via a new two-lane road.
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Key site infrastructure includes security and administration, crushing facility, process plant and ancillaries, sulphuric acid plant, mining facilities, waste rock storage facilities, run of mine mill feed stockpile, sedimentation ponds, power, water and fuel supply and distribution. Filtered residue from the process plant will be trucked to the filtered residue storage area for the first 24 years of mine production after which residue will be trucked to the Moody Hill Pit 2 and backfilled.
After tax net present value is US$486 million, using a 10% discount rate, with a 25% IRR and a CAPEX of US$350 million and a payback in 2.8 years. Life of mine is 40 years of production and another 7 years of stockpile reclaiming.
Average annual gross revenue of US$220 million of the first 7 years, with an average annual gross revenue of US$177 million over the 47-year project life. The life of mine operating cost is just US$122 per tonne processed. The PEA used a base case market price of US$2,900 per tonne for battery-grade, high-purity manganese sulphate, well below the long-term forecast price of US$4,200 estimated by CPM Group.
The company’s subsidiary, Disruptive Battery Corp., is working on the development of an HVAC air purification delivery system for cleaner and healthier air, aiming to mitigate COVID-19 and other contaminants on surfaces and in the air.
The shares are currently trading at $0.39. For more information, please visit the company’s latest news release and website at www.ManganeseXEnergyCorp.com, contact Martin Kepman, CEO, at 514-802-1814 or email martin@kepman.com.
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