New material for generators: thyssenkrupp Schulte supplies material for innovative aluminum fan blades

thyssenkrupp Schulte, a company of thyssenkrupp’s Materials Services business unit, has collaborated with Siemens to develop new fan blades made from a special aluminum alloy. The innovative material is used among other things in generator cooling fans.

Gerald Mulot, sales manager for major customers at thyssenkrupp Schulte, believes this will deliver significant cost benefits to the customer: “Being in close proximity to our customers means we can check their production processes regularly for potential savings. That was the case with the fan blades. The switch from steel to aluminum will provide Siemens with the same functionality at significantly lower cost.”

The optimized part was identified as part of thyssenkrupp Schulte’s central key account support. Extensive tests were conducted and trial deliveries met all requirements.

thyssenkrupp Schulte will now supply Siemens with several tons of aluminum mill products per year from its logistics center in Dortmund on a just-in-time basis. “That will allow Siemens to concentrate fully on its core activities,” says Mulot.

thyssenkrupp Schulte GmbH is a materials partner for carbon and stainless steels and nonferrous metals, providing made-to-measure products for over 70,000 customers in industry, construction and the trades. The company has a broad range of flat products, sections and tubes for all requirements which can be cut to customer specification. Closeness to customers is another key advantage: With over 40 sites in Germany, thyssenkrupp Schulte is always close at hand and can serve customers throughout the country quickly and reliably. A wide product range, professional advice and extensive services round out the portfolio of Germany’s biggest materials distributor.

About Siemens Power & Gas Division

The Siemens Power and Gas Division offers utilities, independent power producers, engineering, procurement and construction companies (EPCs), and oil and gas customers a broad spectrum of products and solutions for the environmentally-compatible and resource-saving generation of power from fossil fuels and renewable sources of energy and for the reliable transportation of oil and gas.

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New material for generators: thyssenkrupp Schulte supplies material for innovative aluminum fan blades

thyssenkrupp Schulte, a company of thyssenkrupp’s Materials Services business unit, has collaborated with Siemens to develop new fan blades made from a special aluminum alloy. The innovative material is used among other things in generator cooling fans.

Gerald Mulot, sales manager for major customers at thyssenkrupp Schulte, believes this will deliver significant cost benefits to the customer: “Being in close proximity to our customers means we can check their production processes regularly for potential savings. That was the case with the fan blades. The switch from steel to aluminum will provide Siemens with the same functionality at significantly lower cost.”

The optimized part was identified as part of thyssenkrupp Schulte’s central key account support. Extensive tests were conducted and trial deliveries met all requirements.

thyssenkrupp Schulte will now supply Siemens with several tons of aluminum mill products per year from its logistics center in Dortmund on a just-in-time basis. “That will allow Siemens to concentrate fully on its core activities,” says Mulot.

thyssenkrupp Schulte GmbH is a materials partner for carbon and stainless steels and nonferrous metals, providing made-to-measure products for over 70,000 customers in industry, construction and the trades. The company has a broad range of flat products, sections and tubes for all requirements which can be cut to customer specification. Closeness to customers is another key advantage: With over 40 sites in Germany, thyssenkrupp Schulte is always close at hand and can serve customers throughout the country quickly and reliably. A wide product range, professional advice and extensive services round out the portfolio of Germany’s biggest materials distributor.

About Siemens Power & Gas Division

The Siemens Power and Gas Division offers utilities, independent power producers, engineering, procurement and construction companies (EPCs), and oil and gas customers a broad spectrum of products and solutions for the environmentally-compatible and resource-saving generation of power from fossil fuels and renewable sources of energy and for the reliable transportation of oil and gas.

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New order from Jindal Group

JSW Steel Ltd. in Toranagallu, India, belonging to Jindal Group, has awarded SMS Concast, a company of SMS group (www.sms-group.com), an order covering a 5(6)-strand high-speed billet caster. This project is part of a bigger expansion plan, and the main objective is a productivity increase.

The existing steel plant consists of a 160-ton electric arc furnace, ladle furnace, billet caster and rolling mill and shall increase the annual production to 1,500,000 tons of steel after installation of the new billet caster. The caster will be designed for fast casting of square billets with an edge length of 165 millimeters.

SMS Concast’s caster configuration will allow the common use of spares in two different steel meltshops. This is one big feature to decrease OPEX.

Furthermore, latest technology will be applied to reach the specified productivity and OPEX targets. One special product is the lowmaintenance oscillation drive called CONDRIVE, another the advanced INVEX® mold technology.

The CONDRIVE mold oscillation represents a totally new approach combining the advantages of hydraulic and mechanic drives in one. Due to the innovative torque drive, the amplitude, frequency and oscillation profile can be adjusted online and independently. Thus it grants full functionality, however without the hydraulic system drawbacks in terms of maintenance and piping. In this context, CONDRIVE is one part of the advanced maintenance concept with a view to reduced spare parts inventory.

Regarding productivity, the SMS Concast-developed INVEX® mold allows for very high strand throughputs in the area of 790 kg/min. The special tube geometry and enhanced water cooling features allow the mold to achieve efficient heat transfer and thus a more uniform solidification at the faces and in the corner areas, thus enabling higher casting speeds.

“Considering the very good performance of the existing SMS Concast equipment, its advanced technology and reduced OPEX, we have decided to go for another co-operation in order to implement our expansion plan,” says Mr. Purushottam Prasad from JSW Steel Ltd.

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ArcelorMittal Bremen will upgrade its hot strip mill with the aid of SMS group

ArcelorMittal Bremen, Germany, has contracted SMS group (www.sms-group.com) to modernize its hot strip mill with the objective of improving hot strip tolerances.

The upgrade will comprise the installation of a CVC®plus work roll shifting system with integrated bending mechanism and of new drive spindles in the first three mill stands of the finishing line, plus the installation of a new PCFC® (Profile, Contour and Flatness Control). The modernization will provide ArcelorMittal Bremen with a powerful actuator to influence strip profile and strip flatness.

The facility in Bremen is the third hot strip mill of the ArcelorMittal group to be equipped with the CVC®plus system (Continuously Variable Crown) by SMS group within a short period. Axial shifting of the work rolls, that come with the special CVC®plus crown, combined with roll bending system and the technological process model PCFC® permit the roll gap to be perfectly adjusted to changing process conditions and hence to produce strips with close geometrical tolerances. The drive spindles to be supplied to ArcelorMittal Bremen will be SIEFLEX® HT gear-type self-aligning spindles (High Torque) developed by SMS group.

Finishing stands F1 to F3 will be modernized in two steps during the regular annual maintenance downtimes in October 2018 and October 2019. The PCFC® will be integrated before the second downtime already and run in parallel to the existing control system. Thanks to this so-called shadow mode, it will be possible to check all functions, interaction with the automation environment as well as model adjustment prior to commissioning, and finally to ensure the smooth start of production.

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Lianxin Steel and Shandong Laigang Yongfeng order TMbaR mill from SMS group

For decades, SMS group (www.sms-group.com) has been a pioneer in and promoter of thermomechanical rolling. Now, two Chinese companies, Lianxin Steel and Shandong Laigang Yongfeng Steel, have decided to employ TMbaR, the process developed by SMS group for thermomechanical rolling of rebar.

With SMS group’s TMbaR process, it is possible to produce fine-grained final products while reducing the content of expensive alloys in the input stock.

Thermomechanical rolling is a forming process in which final reduction is carried out within a defined temperature range leading to specific properties of the rolled stock. Thus, sufficient capacity for cooling and equalization has to be provided for in the plant design. The lower rolling temperatures (750 to 820 degrees Celsius) require higher rolling forces and consequently wire rod blocks capable of sustaining very high loads. Under these rolling conditions, grain sizes that in conventional rolling would typically range between ASTM 8 and 10 can be improved to ASTM 12 with thermomechanical rolling.

Key components of the SMS group TMbaR technology are a loop line with water boxes for controlled cooling and equalizing and a MEERdrive® finishing block. Besides its rigid design, which allows rolling forces so far unattained in the market, the MEERdrive® block is equipped with a single drive which provides the flexibility required to optimally control recrystallization after rolling.

Two companies have now decided in favor of the TMbaR technology: Lianxin Steel and Shandong Laigang Yongfeng.

Lianxin Steel has ordered a TMbaR mill for its Dafeng site. The plant will be designed for an annual production of 1,000,000 tons of rebar with diameters ranging between 8 and 40 millimeters at a maximum rolling speed of 45 meters per second. SMS group will supply all rolling mill stands for the roughing, intermediate and finishing mills, including two six-stand MEERdrive® finishing blocks, shears, water boxes as well as the double HSD® system. Additionally, the complete package of electrical and automation systems as well as supervision of erection and commissioning are in the scope of supply. The plant is scheduled to be started up by the end of 2018.

The TMbaR mill for Shandong Laigang Yongfeng´s Dezhou site is part of a capacity conversion program using the EAF-based production route to replace the existing facilities. The new plant will be designed for an annual production of 1,000,000 tons of rebar in diameters ranging between 8 and 32 millimeters. This includes straight bars with diameters between 8 and 25 millimeters to be rolled at a maximum speed of 45 meters per second and bar-in-coil in diameters ranging from 8 to 32 millimeters to be rolled at a maximum speed of 35 meters per second. Yongfeng is going to install two five-strand continuous casting machines supplied by SMS Concast as well as a new high-speed rolling area, including two six-stand MEERdrive® finishing blocks, cooling and equalizing lines, a high-speed outlet consisting of a two-strand HSD® (High-Speed Delivery) system with dividing shears and pinch roll unit as well as a VCC® (Vertical Compact Coiler) system for coils weighing up to five tons. Additionally, the electrical and automation systems for the three mechanical packages and supervision of erection and commissioning will be supplied. The plant is scheduled to start production in 2019.

Both companies put their trust in the long-standing experience of SMS group and its one-step-ahead TMbaR technology, which will allow Lianxin Steel and Shandong Laigang Yongfeng to respond better and faster to market demands, achieve improved material properties and save on alloys and operating costs.

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Successful modernization of AOD converter at SěAH CSS

The 100-ton AOD converter at the SěAH CSS stainless steel mill in Changwon, South Korea, was successfully re-commissioned in March 2018, after installation of an electro-hydraulic torque retainer from SMS group.

The purpose of the modernization was to minimize the destructive forces acting on the gears, bearings and converter car during gas injection.

The scope of supply of SMS group (www.sms-group.com) comprised an electro-hydraulic torque retainer including electrical equipment and automation systems as well as the supervision of erection and commissioning.

The installation of the torque retainer was performed during a scheduled maintenance standstill and completed within ten days, including cold and hot commissioning. Hot commissioning even took place two days ahead of schedule under regular production conditions. The guaranteed values were fully reached. Thanks to the new electro-hydraulic torque retainer from SMS group, the dynamic loads on the entire converter equipment have been significantly reduced. This is the result of the successful cooperation between the teams from SěAH and SMS group.

Seungheon Lee, General Manager Steelmaking Facility Team: “The new torque retainer from SMS group has significantly reduced the vibrations of the AOD converter. We experience the benefits of this modernization every day. Maintenance costs will be reduced significantly. We are very satisfied.”

SěAH Changwon Integrated Special Steel produces stainless steel, tool steel and carbon steel at a production volume of 1.2 million tons per year. The produced high-tech steel grades are used in a wide range of applications, for example in vehicles, machinery, aircrafts, nuclear power plants, shipbuilding and electronics.

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Firesteel Resources Boosts Operating Team Strength with the Appointment of Seasoned, International Gold Mining CFO

FIRESTEEL RESOURCES INC. (TSX-V: FTR) (“Firesteel” or the “Company” – https://www.youtube.com/watch?v=svqa541JNhA&t=3s) today announced that it has appointed Gregory Duras as Chief Financial Officer for Firesteel.

Gregory has over 20 years of experience working in the resource sector and over 10 years of experience working as Chief Financial Officer for various publicly traded companies including Avion Gold Corp. which had mining operations in Mali and Burkina Faso.

Gregory has an abundance of international mining experience, having served as Vice President of Finance and Administration at S.C. Rosia Montana Gold Corporation, a mineral exploration and mining development company based in Romania, and more recently working in the resource sector based in Seville, Spain.

Gregory has a Bachelor of Administration from Lakehead University and is a Certified Professional Accountant (“CPA”). 

Michael Hepworth, President and CEO of Firesteel said; “Given the international nature of our operations and the fact that we are set to begin production in the 4th quarter of 2018, we have been intent on building a competent management team with appropriate, international business and hands on gold mining experience. Gregory is thus a welcome addition to the team, having been responsible for the CFO function in several international gold mining operations.”

“Firesteel wishes to thank Grant Smith for his contributions to Firesteel’s success while he was CFO. We wish him every success in his future endeavors.”

About the Company

Firesteel is an exploration-stage junior mining company engaged in the acquisition and exploration of prospective precious and base metal properties in Canada and stable jurisdictions around the world. Firesteel is currently working to evolve from an exploration company to becoming a junior producer.

On April 7, 2017, Firesteel first announced the signing of heads of agreement with Nordic Mines AB to form a joint venture to operate and eventually acquire 100% of Nordic Mines Marknad, a wholly owned subsidiary of Nordic Mines AB. Nordic Mines Marknad owns 100% of Nordic Mines OY, the operator of the fully permitted and past producing Laiva Mine near Raahe in Finland.

Firesteel recently completed an updated Resource Estimate prepared in accordance with NI 43-101 guidelines and CIM standards (Firesteel Press release dated August 21, 2017).   The results of that study include:

The mineral resources presented here were estimated using a block model with a block size of 9 m by 9 m by 9 m sub-blocked to a minimum of 3 m by 3 m by 3 m using ID3 methods for grade estimation.  All mineral resources are reported using a pit constrained gold cut-off of 0.40 g/t Au.  

 Mineral resources which are not mineral reserves do not have demonstrated economic viability.  The estimate of mineral resources may be materially affected by environmental permitting, legal, title, socio-political, marketing, metals prices or other relevant issues.

  • Nordic Mines OY
    • 250 tonne per hour autogenous Outotec mill
    • Cyanide leaching circuit
    • First dore cast in 2011
    • Conventional open pit mine
    • Excellent local infrastructure
  • 2 additional early stage gold properties in Finland.

Disclosure: Companies typically rely on comprehensive feasibility reports on mineral reserve estimates to reduce the risks and uncertainties associated with a production decision.  The Company has not completed a feasibility study on, nor has the Company completed a mineral reserve estimate at the Laiva Mine and as such the financial and technical viability is deemed to have higher risk than if this work had been completed.  Based on historical engineering and geological reports, historical production data and current engineering work completed or in process by Firesteel, the Company intends to move forward with the development of this asset.

The Company further cautions that it is not basing any production decision on a feasibility study of mineral reserves demonstrating economic and technical viability, and therefore there is a much greater risk of failure associated with its production decision. In addition, readers are cautioned that inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves.

Firesteel currently has one highly prospective property in British Colombia.

The Star property is currently operated under a Joint Venture agreement between Firesteel (49%) and Prosper Gold. (TSX-V: PGX) (51%).

About Pandion Mine Finance, LP

Pandion is an affiliate of PFL Raahe Holdings LP and is a mining-focused investment firm backed by MKS PAMP Group and Ospraie Management, LLC that provides flexible financing solutions to developing mining companies.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Paul Sarjeant, P.Geo., a Qualified Person under National Instrument 43-101 and a director of the Company.

For a detailed overview of Firesteel Resources Inc. please visit:

www.FiresteelResources.com

For further information, please contact:

Michael Hepworth

President and Chief Executive Officer

(416) 419 5192

mhepworth@firesteelresources.com

www.firesteelresources.com

In Europe:

Swiss Resource Capital AG

Jochen Staiger

info@resource-capital.ch

www.resource-capital.ch

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Advisory Regarding Forward Looking Statements

This news release contains forward-looking statements. Users of forward-looking statements are cautioned that actual results may vary from forward-looking statements contained herein. Forward-looking statements include, but are not limited to: expectations, opinions, forecasts, projections and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. While the Company has based these forward-looking statements on its expectations about future events as at the date those statements were prepared, the statements are not a guarantee of the Company’s future performance.  Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. 

The Company’s forward-looking statements are expressly qualified in their entirety by this cautionary statement and are made as of the date of this new release.  Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.

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Panoro Reports Positive Preliminary Economic Assessment for Antilla Copper Project Heap Leach & SX/EW Operation

Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”, the “Company”) is pleased to announce that it has received the results of an independent Preliminary Economic Assessment ("PEA") of the Company’s 100% owned Antilla project in Peru. The Antilla project is a copper-molybdenum porphyry deposit, located 140 km south west of the city of Cuzco, in the Apurimac region in Southern Peru.

Highlights

  • Pre-tax Estimates:
  • NPV (7.5%) of US$ 519.8 million;
  • IRR of 34.7%; and
  • Payback of 2.6 years.
  • After-tax Estimates:
  • NPV (7.5%) of US$ 305.4 million;
  • IRR of 25.9%; and
  • Payback of 3.0 years.
  • Conventional open pit mine focused on supergene copper sulphides;
  • Heap Leach and Solvent Extraction Electrowinning (SX/EW) process;
  • Design throughput of 20,000 tonnes per day with an operational mine life of 17 years
  • Low waste to mill feed ratio of 1.38:1;
  • Average annual payable copper of 46.3 million pounds, as Cathodes;
  • Average direct cash costs (C1) of US$1.51 per pound of payable copper;
  • Initial Project capital costs of US$ 250.4 million, including contingencies; and
  • Good potential for discovery of additional supergene mineralization adjacent to the current mineral resource area.

Having completed the optimization of the Antilla Project, the Company will be completing a strategic review of the development and financing plans to put the Antilla Project on the road to development.

The PEA was prepared by Moose Mountain Technical Services Ltd. (“MMTS”) in accordance with the definitions in Canadian National Instrument 43-101. The PEA is based on a Mineral Resource estimate completed by Tetra Tech Inc. (“Tetra Tech”) in December 2013, based on 2,919 metres of drilling from legacy campaigns (2003-5), 9,130 metres of drilling by Panoro (2008), and 2,242 metres of drilling during a joint venture agreement with Chancadora Centauro SA (CHC) in 2010. The Mineral Resource estimate includes primary and supergene sulphides, as well as mixed hypogene and supergene copper mineralization.

The PEA is considered preliminary in nature. The mine plan of the PEA includes 113.3 million tonnes of Indicated Mineral Resources and 5.4 million tonnes of Inferred Mineral Resources.   Inferred Mineral Resources are considered too speculative to have the economic considerations applied that would enable classification as Mineral Reserves. There is no certainty that the conclusions within the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Luquman Shaheen, President & CEO of Panoro Minerals states, “The redesign of the Antilla Project has resulted in significantly improved project economics.  The mine plan has focused on the higher grade, near surface secondary sulphides, which are amenable to processing through heap leaching, solvent extraction, and electrowinning (LIX-SX-EW).  As a result, the initial capital costs have been reduced by 59%, the C1 cash costs reduced by 18%, the C2 cash costs by 23% and the sustaining capital required for a tailings facility has been eliminated. The base case, after tax NPV(7.5) has increased 36%, the IRR has increased 11% and the payback period has been reduced by 27%.  Over 95% of the mineralized material contained in the mine plan is classified as Indicated. The improved Antilla Project is now near the lower quartile of new copper projects in terms of both cash costs and capital intensity.  The much reduced $250 million initial capital cost will facilitate a broader range of strategic financing and/or development approaches to advancing the Antilla Project through feasibility studies and into development and operation.  We are very pleased to have achieved the objective of optimizing the Antilla Project and look forward to advancing our strategic plan. We continue focussing on our Flagship Cotabambas Project where our investment programs for 2018 and 2019 are focussing on enhancing the project economics and growth profile through exploration success.”

Economics

The table below summarizes base case economic metrics for the project as well as its sensitivity to the price of copper

Project economics were estimated on the basis of long-term copper price of US$3.05/lb.  The long-term forecasts were derived from prices periodically published by large banking and financial institutions and were applied to years 4 to 17 of the mine life.  Shorter term copper price estimates were used for Years 1 to 3 of the mine life reflecting higher price forecasts in the shorter term.  For the base case, Years 1 to 3 of the mine life used estimated copper prices of $3.20, $3.15 and $3.10, respectively.  Molybdenum is not included in the proposed process recovery and not included in the project economics.

Mineral Resources

The PEA was based on a Mineral Resource model prepared by Tetra Tech, which is documented in a technical report filed on Sedar, dated December 16, 2013.

Mineral Resources were estimated by Qualified Person Paul Daigle, PGeo. (APGO #1592). A block model was generated with grade estimation constrained by modeled mineralization wireframes. Mineralization is mined from an open pit and treated using a conventional hydrometallurgical flow sheet. Copper equivalent (CuEq) cut-offs were used to report the mineral resource. Metal prices: copper – US$3.25/lb and molybdenum – US$9.00/lb and metallurgical recoveries: copper – 90% and molybdenum – 80% were applied in the equivalency calculation.

Mining and Processing

The PEA incorporates an open pit mining operation using conventional truck and shovel methods delivering mineralized material to the heap leach pad.  Mining will be done using contractors. The estimated 17 year life of mine includes 118.7 million tonnes of mineralized leach pad feed plus 163.4 million tonnes of waste rock resulting in an average waste:process feed ratio of 1.38:1. The average life of mine leach pad head grade is 0.43% copper. The leach material placement is planned at an average rate of 20,000 tonnes per day. The waste rock will be placed in a storage area to the west of the pit, in between the pit and the leach pad.

Of the 118.7 million tonnes of leach material mined from the open pit, 117.1 million tonnes is classified as supergene enriched material with the balance of the 1.6 million tonnes being classified as overburden, leach cap or primary sulphides.

The sub-set of the Mineral Resources contained within the ultimate pit and included in the mine plan is 113.3 million tonnes averaging 0.45% Cu classified as Indicated Resources, and 5.4 million tonnes averaging 0.26% Cu classified as Inferred Resources. The reader is cautioned that the Inferred Resources included in the mine plan are considered too speculative geologically to have economic considerations applied to them that would enable categorization as Mineral Reserves. There is no certainty that Inferred Resources will be upgraded to Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Haul trucks will deliver the run of mine, mineralized material to a two-stage crushing plant. The product from the primary crusher will feed a secondary crushing station whose product will then be stored in a crushed ore stockpile. The crushed material will be loaded to trucks and delivered to the synthetic lined valley-fill heap leach facility for irrigation with sulfuric acid and ferric solutions. The pregnant leach solution (PLS) will be recovered from the heap leach operation and piped to a conventional solvent extraction and electrowinning (SX-EW) plant to produce grade-A copper cathodes. The copper-stripped solution generated in the SX plant (raffinate) will be conditioned with sulfuric acid and fresh water and then recycled to the heap leaching operation to irrigate more mineralized material.

Preliminary metallurgical characterisation testwork was completed on samples of mineralogical materials from the Antilla project in 2017. An extended testwork program was initiated at Aminpro Laboratories in March 2018 under the direction of Tetra Tech Mining and Minerals. Aminpro Laboratories are fully certified under both ISO 9001 and 1400. The testwork program comprises quantitative mineralogical analysis, sulphuric acid and ferric sulphate bottle roll predictor tests and column leach tests aimed at characterising the copper leaching characteristics of supergene mineralogical materials. Results from the predictor tests indicate secondary copper minerals are available for extraction with close to theoretical copper extractions being achieved. The column tests remain under leach and are estimated to be completed by September 2018. The results from the column leach program will be incorporated in subsequent technical studies. No test work has been conducted on the Cover, Cap and Primary Sulphide domains as these constitute only minor portions of the deposit.

Table 4 summarizes the expected recoveries of the four mineralized domains, with the Cover and Leach Cap performance assumed to follow the main domains based on similar copper mineralogy/speciation.

Capital and Operating Costs

The projected capital and operating costs for Antilla over a 1 ½ year construction period and 17 year operating mine life are summarized in the tables below.

Power will be supplied via a 10 km long power line connected to the existing national grid connecting the Las Bambas mine to the Cotaruse substation in the district of Chalhuanca.  This power line passes by the south part of Antilla property.

Grade-A copper cathodes produced by Antilla Project will be trucked by a contractor from the mine site to the port of Marcona, in Nazca province, along existing road networks.

Opportunities for Project Growth and Enhanced Economics

  • Tetra Tech recommends that further investigation of the Antilla deposit is warranted and necessary. There is potential to add new mineral resources at depth and in the Northeast and Southeast sides of the pit shell. Tetra Tech recommends that additional drilling be carried out to reduce the drill spacing in those zones with copper mineralization, where drill spacing is greater than 100 m.  Additional drilling will determine, with greater confidence, both the continuity and extents of copper mineralization within and outside of the known deposit.
  • Tetra Tech recommends an extension of the current exploration grid to include the West Block, North Block, Middle Block and Chabuca exploration targets.  Tetra Tech recommends continued geochemical sampling and geophysical surveys over these areas located next to the current mineral resources. 
  • Considering the preliminary metallurgical testwork undertaken on the project to date, there is potential to increase recoveries with additional metallurgical testing

Future Work

Further work leading to a Pre-Feasibility or Feasibiilty Study is recommended and will include drilling, mineral resource modeling, metallurgical testwork, engineering, and marketing studies, hydrological and geotechnical analysis, as well as various baseline environmental and archeological studies. In addition, exploration work will be recommended over the other targets in the vicinity of the known deposits.

Environment & Permitting

Existing environmental liabilities associated with the project are restricted to those expected to be associated with an exploration-stage project, and include drill sites and access roads. Additional Environmental Baseline studies should be conducted to collect site data including surface water quality, archeology, aquatic and terrestrial biology, flora, fauna, and additional geochemical characterization of mine waste materials.  This information will inform a comprehensive Environmental Impact Study.

Technical Reporting

The complete technical report documenting the PEA will be filed within 45 days of this news release and will be available on Panoro’s website and on SEDAR. The technical report will be authored by the following Qualified Persons

About Panoro

Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. The Company is advancing its flagship project, Cotabambas Copper-Gold-Silver Project and its Antilla Copper-Molybdenum Project, both located in the strategically important area of southern Peru. The Company is well financed to expand, enhance and advance its projects in the region where infrastructure such as railway, roads, ports, water supply, power generation and transmission are readily available and expanding quickly.  The region boasts the recent investment of over US$15 billion into the construction or expansion of four large open pit copper mines.

Since 2007, the Company has completed over 80,000 meters of exploration drilling at these two key projects leading to substantial increases in the mineral resource base for each, as summarized in the table below.

Preliminary Economic Assessments (PEA) have been completed for both the Cotabambas and Antilla Projects, the key results are summarized below.

The PEAs are considered preliminary in nature and include Inferred Mineral Resources that are considered too speculative to have the economic considerations applied that would enable classification as Mineral Reserves. There is no certainty that the conclusions within the updated PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Luis Vela, a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

CAUTION REGARDING FORWARD LOOKING STATEMENTS:   Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable Canadian securities legislation and involve risks and uncertainties.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation:

  • risks relating to metal price fluctuations;
  • risks relating to estimates of mineral resources, production, capital and operating costs, decommissioning or reclamation expenses, proving to be inaccurate;
  • the inherent operational risks associated with mining and mineral exploration, development, mine construction and operating activities, many of which are beyond Panoro’s control;
  • risks relating to Panoro’s ability to enforce Panoro’s legal rights under permits or licenses or risk that Panoro’s will become subject to litigation or arbitration that has an adverse outcome;
  • risks relating to Panoro’s projects being in Peru, including political, economic and regulatory instability;
  • risks relating to the uncertainty of applications to obtain, extend or renew licenses and permits;
  • risks relating to potential challenges to Panoro’s right to explore and/or develop its projects;
  • risks relating to mineral resource estimates being based on interpretations and assumptions which may result in less mineral production under actual circumstances;
  • risks relating to Panoro’s operations being subject to environmental and remediation requirements, which may increase the cost of doing business and restrict Panoro’s operations;
  • risks relating to being adversely affected by environmental, safety and regulatory risks, including increased regulatory burdens or delays and changes of law;
  • risks relating to inadequate insurance or inability to obtain insurance;
  • risks relating to the fact that Panoro’s properties are not yet in commercial production;
  • risks relating to fluctuations in foreign currency exchange rates, interest rates and tax rates; and
  • risks relating to Panoro’s ability to raise funding to continue its exploration, development and mining activities.

This list is not exhaustive of the factors that may affect the forward-looking information and statements contained in this news release.  Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward‑looking information.  The forward‑looking information contained in this news release is based on beliefs, expectations and opinions as of the date of this news release.  For the reasons set forth above, readers are cautioned not to place undue reliance on forward-looking information.  Panoro does not undertake to update any forward-looking information and statements included herein, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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MecSoft Europe präsentiert VisualCAM für SolidWorks 2018

Das VisualCAM Plug-in mit seinen Modulen MILL und TURN wurde in seiner neuen Version 2018 komplett überarbeitet und erfuhr viele neue, praktische Verbesserungen – bei bewährter Bedienerfreundlichkeit wurde der Leistungsumfang der Module nochmals gesteigert.

Das MILL-Modul kann jetzt in einer Baugruppenumgebung von SOLIDWORKS ausgeführt werden. In der Baugruppe von SOLIDWORKS kann der Anwender eine oder mehrere Komponenten auswählen – als Teilegeometrie bezeichnet – wobei alle anderen Geometrien während der Bearbeitung ignoriert werden.

Dies ermöglicht das Modellieren der gesamten Bearbeitungsumgebung einschließlich der Maschinenkomponenten, Werkstücken und Aufspannvorrichtungen sowie die Positionierung mehrerer Kopien eines Teils oder von Teilen in einer Baugruppe für die Programmierung, ohne die gleiche Geometrie mehrfach kopieren zu müssen.

Feature Basierte Bearbeitung

Implementiert wurde die Automatische Feature Erkennung (AFD) von Bearbeitungsfunktionen auf dem gesamten Teil, so werden Bearbeitungsfunktionen am gesamten Teilemodell mit einem einzigen Klick erkannt; sowie die Automatische Feature Bearbeitung (AFM) von Features, welche Wissensdatenbanken verwenden: Hier ist mit nur einem Knopfdruck die Erstellung von Operationen zur Bearbeitung erkannter Features möglich.

Dazu gibt es nun eine Werkzeugweganzeige mit und ohne Tiefenprüfung und die interaktive Auswahl von Merkmalen zur einfacheren merkmalbasierten Bearbeitung und viele weitere Verbesserungen.

Mehr Info und Kontakt: www.mecsoft-europe.de oder Telefon 0671 – 920 650 40

Für Kunden mit aktiver Softwarewartung ist ein Update auf Version 2018 natürlich unentgeltlich.

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First Cobalt Announces Friendly Acquisition of US Cobalt

First Cobalt Corp. (TSX-V: FCC, ASX: FCC, OTCQB: FTSSF) (“First Cobalt” – https://www.youtube.com/watch?v=db8vIJ5fkO8&t=1s) and US Cobalt Inc. (TSX-V: USCO, OTCQB: USCFF) (“US Cobalt”) are pleased to announce they have entered into a definitive agreement (the “Arrangement Agreement”) whereby First Cobalt will acquire all of the issued and outstanding shares of US Cobalt pursuant to a plan of arrangement (the “Transaction”), further enhancing First Cobalt’s position as a pure-play North American cobalt company.

Under the terms of the Arrangement Agreement, all of the US Cobalt issued and outstanding common shares will be exchanged on the basis of 1.5 First Cobalt common shares for each US Cobalt common share issued and outstanding (the “Exchange Ratio”). The Exchange Ratio represents a 61.8% premium to US Cobalt’s closing price and a 58.5% premium based on both companies’ 5-day volume-weighted average trading prices, both as at March 13, 2018. As part of the Transaction, it is expected that (a) all US Cobalt stock options outstanding will be replaced with First Cobalt stock options and be exercisable for First Cobalt shares based on the Exchange Ratio for the remainder of their original term, and (b) all US Cobalt warrants outstanding will participate in the Transaction on a comparable basis to holders of US Cobalt common shares based on the in-the-money portion of those securities. This implies a total equity value of approximately $149.9 million on a fully-diluted in-the-money basis.

Upon completion of the Transaction, existing First Cobalt and US Cobalt shareholders will own approximately 62.5% and 37.5% of the combined company respectively, on a fully-diluted in-the-money basis, assuming all US Cobalt options and warrants are exercised prior to completion of the Transaction.

Transaction Highlights

  • Clean Cobalt: Strategically positions First Cobalt as a leading non-DRC cobalt company with North American projects located in close proximity to infrastructure as well as electric vehicle and technology hubs such as Michigan and California
  • Vertically Integrated: Pure-play North American cobalt company with three significant North American assets
    1. Ontario: 50 historic mines across 100 km2 in the Canadian Cobalt Camp
    2. Idaho: Iron Creek Cobalt Project in the U.S. with a historic mineral resource estimate (non-compliant with NI 43-101) of 1.3M tons grading 0.59% cobalt
    3. Refinery: The only permitted cobalt refinery in North America capable of producing battery materials
  • Revaluation Opportunity: Combined entity will have an enhanced capital markets profile with a global institutional shareholder base, a strong balance sheet and a proven management team

Trent Mell, First Cobalt President and CEO commented,

“We foresee a shortage of cobalt over the next five years yet there are few companies doing significant work to identify new sources of supply. This transaction creates a larger platform to discover and develop cobalt projects for the growing electric vehicle market by combining high quality North American assets in two of the best cobalt jurisdictions outside the DRC. US Cobalt’s Idaho project complements our Canadian Cobalt Camp properties, offering upside potential for shareholders of both companies. We view the First Cobalt Refinery as a strategic asset as it is the only permitted cobalt refinery in North America capable of producing battery materials. We look forward to working with the US Cobalt technical team as they complete drilling in support of a maiden mineral resource estimate expected later in 2018.”

US Cobalt CEO Wayne Tisdale commented,

“The transaction offers our shareholders an opportunity to benefit from a larger North American cobalt company with a portfolio of high quality assets and a strong balance sheet. US Cobalt shareholders will have meaningful ownership in a vertically integrated pure-play cobalt company with a proven and experienced management team that shares our commitment to creating long-term sustainable value. We are very proud of what the US Cobalt team has accomplished in a very short period of time. We look forward to advancing our original vision that demand for ethically-sourced cobalt is just beginning.

Benefits to First Cobalt Shareholders

  • Acquisition of a high quality asset in the Idaho Cobalt Belt with excellent near-term resource potential
  • Strengthens and de-risks portfolio of assets with the addition of an advanced exploration project with a historic non-compliant resource estimate
  • Opportunity to leverage the First Cobalt refinery through exposure to projects in two jurisdictions
  • Aligns with First Cobalt’s strategy of growing its presence in North America

Benefits to US Cobalt Shareholders

  • Immediate and significant premium of approximately 61.8% based on the prior day closing price, and 58.5% based on the 5-day VWAPs of both companies
  • US Cobalt shareholders will maintain a meaningful position in First Cobalt, allowing for upside participation as First Cobalt progresses with exploration and development projects
  • US Cobalt shareholders will benefit from the increased size and liquidity of the combined company
  • Combined company has significant revaluation potential as a vertically integrated pure-play cobalt company with assets outside the DRC
  • US Cobalt exploration team joins a First Cobalt senior management team with significant experience in exploration, development and operations across various jurisdictions with a history of creating shareholder value

Transaction Summary

The Transaction will be completed pursuant to a plan of arrangement. The Transaction will require approval by two thirds of the votes cast at a special meeting of US Cobalt shareholders expected to be held in May 2018 with the Transaction expected to close by the end of May 2018. The directors and senior officers of US Cobalt, representing approximately 6.7% of the outstanding US Cobalt common shares, have entered into voting support agreements, pursuant to which they will vote their common shares held in favour of the Transaction.

In addition to securityholder and court approvals, the Transaction is subject to applicable regulatory approvals, including acceptance by the TSX-V, and the satisfaction of certain other closing conditions customary for a transaction of this nature. The Arrangement Agreement includes customary deal protections, including non-solicitation covenants, including a $5.5 million termination fee payable by either party under certain customary circumstances.

First Cobalt has agreed to appoint a US Cobalt nominee to its Board of Directors effective at the closing of the Transaction.

Full details of the Transaction will be included in the meeting materials which are expected to be mailed to the shareholders of US Cobalt in April 2018.

Board of Directors’ Recommendations

The Arrangement Agreement has been unanimously approved by the Boards of Directors of First Cobalt and US Cobalt. The Board of Directors of US Cobalt recommends that its shareholders vote in favour of the Transaction.

The Board of Directors of US Cobalt has received opinions from each of Fort Capital Partners and Eight Capital Corp. that, based upon and subject to the assumptions, limitations, and qualifications stated in each such opinion, the consideration to be received by US Cobalt shareholders (other than First Cobalt) pursuant to the Transaction is fair, from a financial point of view, to such US Cobalt shareholders.

Advisors and Counsel

Canaccord Genuity Corp. acted as financial advisor to First Cobalt. Fasken Martineau DuMoulin LLP acted as legal counsel to First Cobalt. Fort Capital Partners acted as financial advisor to US Cobalt and has provided a fairness opinion to the US Cobalt Board of Directors. Eight Capital Corp. has provided a second fairness opinion to the US Cobalt Board of Directors. Cassels Brock & Blackwell LLP acted as legal counsel to US Cobalt.

About First Cobalt

First Cobalt assets include almost half of the historic mining properties in the Cobalt Camp in Ontario, Canada. First Cobalt controls 50 historic mines over 10,000 hectares as well as a mill and the only permitted cobalt refinery in North America capable of producing battery materials. First Cobalt began drilling in the Cobalt Camp in 2017 and seeks to build shareholder value through new discovery and growth opportunities.

About US Cobalt

US Cobalt is an exploration company focused on the acquisition and development of deposits of production grade metal which are critical components to power storage solutions including lithium-ion batteries for electric vehicles and consumer electronics. US Cobalt’s key assets are located in Idaho and Utah.

 

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