Reservoir Announces Filing of PEA for the Cukaru Peki Deposit in Serbia
(25/06/2016) - Reservoir Minerals Inc. owns 100% of the Cukaru Peki Upper Zone Copper-Gold Project in Serbia following a successful merger deal with Nevsun Resources Ltd. The project is one of the most significant discoveries in Europe for decades, the discovery team received the 2016 PDAC Thayer Lindsley Award reflecting the significance of the deposit to the exploration industry.
SRK Consulting (UK) Ltd has been continuously involved in the project since 2013 providing the maiden resource estimate for the project in January 2014. SRK then developed and coordinated geological, mining, processing and economic aspects providing Reservoir with ongoing technical and economic assessment of the project as it evolved. In early March 2016, Reservoir was given the opportunity to buy their partners’ share in the project but had only 60 days in which to raise the USD 135 million acquisition price and secure access to substantial additional funds for the development of the project.
Reservoir engaged in intensive discussions with several interested parties whilst SRK facilitated the associated due diligence processes, completed a Mineral Resource estimate and coordinated input from Reservoir’s technical team to produce a March 2016 Preliminary Economic Assessment providing the USD 1 billion-plus NPV of the project which allowed Reservoir to negotiate fair value for their shareholders.