American Manganese Inc.: Artillery Peak Manganese Project Review and Update
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VANCOUVER, BRITISH COLUMBIA, Apr 06 (MARKET WIRE) --
Larry W. Reaugh, President and Chief Executive Officer of American
Manganese Inc., (TSX VENTURE: AMY)(PINK SHEETS: AMYZF) ("American
Manganese" or the "Company") is pleased to report and review the
Artillery Peak Arizona Manganese Project over the past year as follows:
The Company had initially acquired by option 90 unpatented mineral claims
hosting several known manganese occurrences in 2007. The company has
subsequently increased its land holdings to 116 patented and 254
unpatented claims covering an area of approximately 3200 hectares (7,900
acres). In early 2008 a 17 hole diamond drill program entailing 3,050
meters (9,995 feet) was completed resulting in an initial NI 43-101
compliant resource of:
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Tonnes %Mn Mn Pounds
---------------------------------------------
Indicated 10,865,929 4.46 1,068,307,976
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The Artillery Peak camp has been reported by the US Bureau of Mines to
contain the largest low grade deposit of manganese in the South Western
United States.
April 29, 2009
Utilizing 116 historical diamond drill holes, underground and surface
sampling the Company completed a NI 43-101 Resource Study at a 0.91% Mn
cut-off as follows:
---------------------------------
Tonnes %Mn Mn Pounds
---------------------------------------------
Indicated 10,865,929 4.46 1,068,307,976
---------------------------------------------
Inferred 96,933,724 4.52 9,661,091,721
---------------------------------------------
The manganese resource remains open in all directions.
August 5, 2009
Dr. Anthony E. Santelli II was appointed to the Board of Directors. Dr.
Santelli is the Founder and Portfolio Manager of AES Capital, a hedge
fund management company.
August 6, 2009
The Company completed a NI 43-101 Preliminary Economic Assessment Study
which indicates the Artillery Peak Manganese Project would potentially
become the lowest cost producer of electrolytic manganese ("EMM").
The NI-43-101 Economic Evaluation Study on a pretax basis is as follows:
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Plant Size 3500 TPD (Can easily be expanded to
meet increased demand)
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Resource 21,240,000 T's @ 4.48% (20% of Total
Resource)
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Mine Life 17 years (2.5/1 strip ratio)
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Recovery 90%
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Capital Cost $90 million (repaid at base case model
$1.10/lb) 1.73 years
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Base Case NPV @ 8% discount, $388 million, IRR
60%
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Current Manganese Metal Price $1.33/lb
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Cash Operating Cost $0.44/lb Manganese
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Break even price, including capital $0.63/lb Manganese
repayment
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Production of 50,000 tonnes of metal per year (110 million pounds)
See press release dated November 24, 2009 for description of the low
cost processing method for producing electrolytic manganese.
November 5, 2009 (Lonnie Niobium, BC Property)
The Company completed 5 diamond drill holes entailing 475 meters on the
new Lonnie North Carbonatite. Results contained no significant assays.
The known occurrences of niobium and rare earths remain untested. A
follow up drilling program to test the original Lonnie lense is planned
for this year.
January 19, 2010
The Company's name was changed from Rocher Deboule Minerals Corp. to
American Manganese Inc., Ticker Symbol: TSX.V: AMY.
February 25, 2010
The appointment of Mr. Michael MacLeod, P.Eng, to the position of Chief
Operating Officer. Mr. MacLeod will be responsible for all project
development, operational activities, assembling and leading an
experienced team of professionals for furthering the Artillery Peak
Manganese Project.
March 18, 2010
The Company commenced a reverse circulation drill program entailing
15,885 meters (52,000 ft) of drilling in 191 holes to increase the
integrity of the current resources from indicated and inferred to
measured and indicated, and increase the size of the known NI 43-101
resources. To date 12 holes have been completed, with 5 holes submitted
for assay on March 25, 2010.
On going metallurgical testing by Kemetco Research labs to streamline the
process as well as lay the foundation for developing a process stream is
ongoing.
About Manganese
-- China controls electrolytic manganese (EMM) supplying and producing
97.44% of the worlds needs (2.6 billion pounds per year).
-- There is no substitution for manganese in steel (total manganese market
greater than 30 billion pounds per year, fourth largest traded metal).
-- The most critical metal at risk to supply and restriction in the United
States. There is no US production.
-- EMM's greatest uses are upgrading specialty steel 47%, manufacture of
aluminum 32% and electronics 14%.
-- China has a 20% export duty on EMM and the US has a 14% import duty,
world price is $1.33/lb and US price is $1.68/lb.
-- Manganese resources are declining in China.
-- Overall manganese market grew at 8% per year to 30 billion pounds up to
2008. EMM market grew at 26% per year from 2003 - 2008 to 2.6 billion
pounds per year.
About American Manganese Inc.
American Manganese Inc. is a diversified specialty and critical metal
Company focusing on potentially becoming the lowest cost producer of
electrolytic manganese from its Arizona Manganese Project.
This release has been reviewed by Norman L. Tribe, P.Eng, a qualified
person pursuant to National Instrument 43-101.
On behalf of Management
AMERICAN MANGANESE INC.
Larry W. Reaugh, President and Chief Executive Officer
This news release may contain certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act
of 1934, as amended. All statements, other than statements of historical
fact, included herein are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such statements
will prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the
Company's expectations are disclosed in the Company's documents filed
from time to time with the TSX-Venture Exchange, the British Columbia
Securities Commission and the US Securities and Exchange Commission.
The TSX-Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts:
American Manganese Inc.
Larry W. Reaugh
President and Chief Executive Officer
604-531-9639
604-531-9634 (FAX)
www.americanmanganeseinc.com
Copyright 2010, Market Wire, All rights reserved.
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