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News Article | February 27, 2017
Site: www.businesswire.com

LYNCHBURG, Va.--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE: BWXT) ("BWXT" or the "Company") today reported fourth quarter 2016 revenues of $403.9 million, 11% growth compared to $363.9 million in the fourth quarter of 2015. GAAP earnings per share (EPS) for the fourth quarter of 2016 were $0.34 compared to $0.00 in the fourth quarter of 2015. Adjusted (non-GAAP) EPS from continuing operations for the fourth quarter of 2016 were $0.46 compared to $0.38 in the fourth quarter of 2015. A reconciliation of non-GAAP results is detailed in Exhibit 1. Unless stated otherwise, the results of operations discussed in this release are on a continuing operations basis and exclude the results of operations from our former Power Generation business, which are included as part of discontinued operations in the attached financial statements. GAAP EPS for the full year 2016, which include a $0.14 per share impact of non-cash, mark-to-market loss for pension and other post-retirement benefits, increased to $1.76 compared to $1.31 in 2015. Adjusted EPS for the full year 2016 increased 24% to $1.76 versus adjusted EPS of $1.42 in the prior year. In the fourth quarter of 2016, we adopted new stock compensation accounting rules retrospectively, which resulted in $0.02 per share of additional earnings through reduced provision for income taxes during the nine months ended September 30, 2016. "BWXT closed an outstanding 2016 with an exciting fourth quarter, successfully delivering on our commitments to our customers and our shareholders," said Mr. John A. Fees, Executive Chairman. "We completed the high-quality, strategic acquisition of GE-Hitachi Nuclear Energy Canada Inc., which is now called BWXT Nuclear Energy Canada Inc. With the provincial government's strong commitment to nuclear energy and a low-carbon energy portfolio, we expect to expand the Nuclear Energy business's product and service offering to the Canadian nuclear market and we believe the Canadian refurbishment activities offer significant long-term growth opportunities to BWXT. Our Nuclear Operations business continued to produce near record results and our Nuclear Energy business achieved a 20.3% operating profit margin for the year, which was an 11.8% adjusted operating profit margin when the impact of a reversal of a $16.1 million loss contingency is excluded. Lastly, we continued to increase return to shareholders by repurchasing $293 million of BWXT stock in 2016, increasing our dividend by 50%, and outperforming the market (S&P 500) by more than 1,500 basis points.” The Company’s consolidated GAAP operating income for the fourth quarter of 2016 was $45.8 million compared to GAAP operating income of $9.6 million in the fourth quarter of 2015. Adjusted (non-GAAP) operating income for the fourth quarter of 2016 was $71.8 million compared to adjusted (non-GAAP) operating income of $62.1 million in the fourth quarter of 2015. The increase in GAAP and non-GAAP operating income compared to the prior year period was driven by increases in our Nuclear Operations and Nuclear Energy segments’ operating income. Nuclear Operations segment revenues increased approximately 10.3% to $331.5 million in the fourth quarter of 2016 compared to $300.4 million in the same quarter of 2015 due to increased activity in component manufacturing. Nuclear Operations operating income was a near record $76.6 million in the fourth quarter of 2016, almost 17% higher than the $65.5 million in the prior year period. Revenues from our Nuclear Energy segment grew 18.7% to $49.5 million in the fourth quarter of 2016 compared to $41.7 million in the prior year period, primarily due to higher volume in the equipment business related to the Bruce Power refurbishment activities. Nuclear Energy's operating income was $3.6 million in the fourth quarter of 2016, ahead of the prior year period operating income of $1.6 million. Technical Services segment revenues reached $25.4 million in the fourth quarter of 2016 compared to $22.4 million in the same quarter of 2015 due to increased management and operations activity at certain sites. Consistent with expectations, Technical Services operating income decreased to $1.8 million in the fourth quarter of 2016 from $2.6 million in the prior year period due to increased business development costs, finishing the year within our previously provided guidance range. "BWXT accomplished several key strategic initiatives this year and we are excited about the upcoming prospects for all of our segments as we head into 2017," said Mr. Fees. "Our Nuclear Operations business has a record backlog and several near-term organic growth opportunities related to options that the Navy is considering for expansion of their submarine and aircraft carrier fleet. Our Nuclear Energy segment is positioned for long-term growth as it supports ongoing outage work and the refurbishment activities at Ontario Power Generation and Bruce Power. Furthermore, the addition of BWXT Nuclear Energy Canada to our Canadian Nuclear Energy business is expected to open up new growth opportunities in CANDU fuel, equipment and services. We continue to invest in a robust pipeline of opportunities in the Technical Service segment, and we intend to begin restoring that business to higher levels of profitability over the next few years. Lastly, we remain committed to our balanced capital allocation approach and continue to evaluate opportunities for acquired growth and strategic investments." The Company had net cash from operating activities of $147.4 million in the fourth quarter of 2016 compared with net cash from operating activities of $96.3 million in the fourth quarter of 2015. At the end of the fourth quarter, the Company’s cash and investments position, net of restricted cash, was $149.2 million. As of December 31, 2016, outstanding balances under our credit facility included $285.0 million on our original term loan, $246.0 million term loans made available to us through the September amendment, and letters of credit issued under the facility totaling $154.9 million. As a result, the Company has $245.1 million of remaining availability under our credit facility, taking into account the additional capacity provided by the amendment. The remaining availability excludes the additional $250 million accordion provision. During 2016, the Company paid a total of $293 million to repurchase shares, including $200 million for an accelerated share repurchase (ASR) that we entered into during the third quarter. As of December 31, 2016, $43.0 million remained under our current $300 million share repurchase authorization. On February 24, 2017, our Board of Directors authorized the repurchase of up to $150 million of additional shares over a three year period ending on February 24, 2020. On February 24, 2017, our Board of Directors declared a quarterly cash dividend of $0.09 per common share within restrictions allowed due to the recent ASR. The dividend will be payable on March 29, 2017, to shareholders of record on March 10, 2017. The Company expects to achieve consolidated revenues between $1.60 billion and $1.70 billion in 2017. Adjusted earnings per share for 2017 are expected to be between $1.85 and $1.95, which excludes mark-to-market adjustments for pension and post-retirement benefits. The Company also expects the following for 2017: Beyond 2017, we anticipate an EPS CAGR in the low double digits over the next 3-5 years based upon our robust organic growth strategy and remaining balance sheet capacity. Starting with the quarter ending March 31, 2017, we will report our results in the following three business segments: Date: Tuesday, February 28, 2017, at 8:30 a.m. EST Live Webcast: Investor Relations section of website at www.bwxt.com BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues, anticipated benefits of the acquisition of GE-Hitachi Nuclear Energy Canada Inc., management’s plans and expectations for our Nuclear Energy segment and Canadian Nuclear Energy business, potential growth opportunities in our Nuclear Operations segment, management’s intentions for our Technical Services business, as well as our outlook and guidance for 2017. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; the lack of, or adverse changes in, Federal appropriations to government programs in which we participate; the demand for and competitiveness of nuclear power; capital priorities of power generating utilities; adverse changes in the industries in which we operate and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2016 and subsequent quarterly reports on Form 10-Q. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. Headquartered in Lynchburg, Va., BWX Technologies, Inc. (NYSE:BWXT) is a leading supplier of nuclear components and fuel to the U.S. government; provides technical and management services to support the U.S. government in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components, services and fuel for the commercial nuclear power industry. With approximately 6,000 employees, BWXT has nine major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at a dozen U.S. Department of Energy and two National Aeronautics and Space Administration (NASA) facilities. Follow us on Twitter @BWXTech and learn more at www.bwxt.com.


News Article | February 27, 2017
Site: www.businesswire.com

LAFAYETTE, La.--(BUSINESS WIRE)--PHI, Inc. (The Nasdaq Select Global Market: PHII (voting) PHIIK (non-voting)) today reported financial results for the year ended December 31, 2016. Consolidated operating revenues for the year ended December 31, 2016 decreased $170.1 million compared to the year ended December 31, 2015. Oil and Gas segment revenues decreased $135.5 million related primarily to decreased aircraft flight revenues resulting predominately from less aircraft on contract and decreased flight hours. Operating revenues in the Air Medical segment decreased $30.9 million, due principally to decreased revenues attributable to overseas operations. Technical Services segment revenues decreased $3.7 million due to a reduction in services provided to a third party customer. Consolidated net loss for the year ended December 31, 2016 was $26.7 million, compared to net earnings of $26.9 million for the year ended December 31, 2015. The decrease in earnings is primarily due to the decreased profits in our Oil and Gas and Air Medical segments, partially offset by an increase in profits in our Technical Services segment, net gains on asset dispositions and decreases in our Corporate unallocated costs. Oil and Gas segment loss was $27.3 million for the year ended December 31, 2016, compared to segment profit of $41.3 million for the prior year period. The decrease in segment profit was due to decreased revenues, which were only partially offset by decreased expenses. Air Medical segment profit was $43.0 million for the year ended December 31, 2016, compared to a segment profit of $55.8 million for the year ended December 31, 2015. The decrease in profit is primarily attributable to the decreased revenues, partially offset by the decreased aircraft operating expenses. Technical Services segment profit was $7.1 million for the year ended December 31, 2016, compared to $1.9 million for the year ended December 31, 2015. In 2015, we booked a loss in a project for a third party customer due to higher than expected labor hours incurred. In 2016, our project work associated with this customer was profitable. For additional information, please see (i) the attachments hereto and (ii) the Annual Report on Form 10-K for the year ended December 31, 2016 that we filed today with the U.S. Securities and Exchange Commission. PHI provides helicopter transportation and related services to a broad range of customers including the oil and gas and air medical industries, and also provides third-party maintenance services to select customers. PHI Voting Common Stock and Non-Voting Common Stock are traded on The NASDAQ Global Select Market (symbols PHII and PHIIK). Summarized financial information concerning the Company’s reportable operating segments for the years ended December 31, 2016, 2015, and 2014:


THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES Century Global Commodities Corporation (TSX:CNT) ("Century" or the "Company") is pleased to announce that it has filed its condensed consolidated interim financial statements for the third fiscal quarter ended December 31, 2016 and the related management's discussion and analysis ("MD&A"). Copies of these documents may be obtained under Century's SEDAR profile at www.sedar.com and will be posted on Century's website at www.centuryglobal.ca. The Company reported substantial working capital of $30.8 million, comprised of cash, bank deposits and investment portfolio of $20.4 million and a net receivable of $10.0 million as at December 31, 2016, not tied to any funding commitment for any project development. We continue to support our large portfolio of strong iron ore assets, while maintaining our readiness to advance our flag ship DSO project, Joyce Lake, when the market fully recovers. Recovery in the iron ore market was strong in the quarter with iron ore spot prices staying steadily at about US$80/t in December 2016. In the meantime, we continue to diversify into new international business areas where we can capitalize on management's core competence, developed and accumulated over the past few years. This ensures that over time, our shareholders will benefit from both our iron ore and non-iron ore businesses. One highlight of our new development is our food business in China. Started in mid-2015 in Hong Kong, we achieved our first sales in January of 2016. Over the four quarters of calendar year 2016, growth in sales revenue, product range and customer base has been strong and steady. The following table shows the rapid growth of our food business since the beginning of calendar year 2016, when sales began. The December 2016 quarter continued this healthy growth trend with sales revenue growing by approximately 20% from the September 2016 quarter, delivering a gross margin of approximately 20%. On a year-to-date basis, sales for the three fiscal quarters reached $899,793 and our gross margin reached approximately 26%. We are now a credible player in the local market. Our core product range now reaches about 100 retail stores, covering the major super market chains, as well as an international airline, hotels and restaurants. This business has grown to the point that it is now necessary under IFRS to report our operations by segment for this third quarter of fiscal 2016-17 in our financial statements, in order to provide our shareholders a clearer view of this more diversified Century. In addition, our Mining Database won the Canada China Business Council's Silver Award in Professional, Scientific and Technical Services in December 2016. This is a significant recognition of our work and encouragement for our hard-working team. We are pleased to see the rebound of our share price at the beginning of 2017. We hope that the market will, in due course, recognize our continued efforts to create value for the Company: more than $30 million in cash and receivables at the end of the third quarter; our iron ore assets; the food business; and the potential of other initiatives we are undertaking. Century Global Commodities Corporation (TSX:CNT) is building shareholder value through existing and entrepreneurial business units that meet continuing and growing demand from China, the largest market in human history. With WISCO International Resources & Investment Limited and Minmetals Exploration & Development (Luxembourg) Limited S.àr.l., both Global Fortune 500 Chinese strategic partners, Century owns one of the largest iron ore mineral resource bases in the world, across five projects in Quebec and Newfoundland and Labrador. Joyce Lake, a direct shipping ore project in Newfoundland and Labrador, is our most advanced project. It has completed feasibility and permitting studies and can be brought to production within approximately 30 months. We are maintaining our properties in preparation for a return to higher iron ore prices. Century is monitoring investment and acquisition opportunities. When the right opportunity presents itself, our strong balance sheet will allow us to invest or acquire undervalued assets during the current down-cycle, positioning ourselves for gains when the market improves. Quality food products sourced from advanced countries are in great demand from the quickly-growing middle class in China. The emphasis is on the need for safe, high-quality food products. Century has established a professional marketing team and built a distribution system to serve Hong Kong and eventually mainland China. Initial successes include contracts with one of the largest egg producers in Australia and supply contracts with hotels, restaurants, grocery chains as well as an international airline. THIS PRESS RELEASE CONTAINS "FORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF CANADIAN SECURITIES LEGISLATION. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF CENTURY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. FORWARD-LOOKING INFORMATION INCLUDES INFORMATION THAT RELATES TO, AMONG OTHER THINGS, CENTURY'S INTENTION TO EVALUATE PROSPECTIVE TRANSACTIONS ARISING FROM THE REVIEW BY CENTURY OF ITS STRATEGIC OPTIONS AND ITS AVAILABLE WORKING CAPITAL, AS WELL AS STATEMENTS REGARDING THE FUTURE PERFORMANCE AND PROSPECTS OF THE COMPANY'S FOOD BUSINESS. FORWARD-LOOKING INFORMATION IS BASED ON, AMONG OTHER THINGS, OPINIONS, ASSUMPTIONS, ESTIMATES AND ANALYSES THAT, WHILE CONSIDERED REASONABLE BY CENTURY AT THE DATE THE FORWARD-LOOKING INFORMATION IS PROVIDED, ARE INHERENTLY SUBJECT TO SIGNIFICANT RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS AND EVENTS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION. THE RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION MAY INCLUDE, BUT ARE NOT LIMITED TO, RISKS GENERALLY ASSOCIATED WITH CENTURY'S BUSINESS, AS DESCRIBED IN CENTURY'S ANNUAL INFORMATION FORM FOR THE YEAR ENDED MARCH 31, 2016 AND IN THE OTHER PERIODIC REPORTS PUBLICLY FILED AND ANNOUNCEMENTS PUBLICLY MADE BY CENTURY FROM TIME TO TIME. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE CENTURY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.


News Article | February 28, 2017
Site: www.businesswire.com

HOUSTON--(BUSINESS WIRE)--Clock Spring Company, LP (Clock Spring) today announced the 25-year-old brand’s relaunch, transforming the business with a focus on safety, innovation, and stewardship. The transformation includes today’s introduction of an enhanced executive team to carry out its new vision and a marketing communications refresh. Matt Boucher was recruited to Clock Spring in 2016 due to his deep background leading business transformations. He was elected as president and CEO in late January. His 2017 focus is helping the Clock Spring team build skills and capabilities and partnering with customers to help them enhance safety, maintain and protect their capital investments, and preserve the environment. Clock Spring also announced the promotion of Andrew Patrick and the appointments of Buddy Powers, Ivan Zavala, and David Teeter to newly created leadership roles. Twenty year Clock Spring veteran Patrick has been promoted to Executive Vice President of Global Sales, with responsibility for leading customer engagement programs and helping them enhance value with innovative composite solutions. Powers, a 15-year Clock Spring veteran who recently returned after a two-year leadership position with Stress Engineering, has been named Vice President, Product Management and Technical Services. He is responsible for listening to customers, understanding the challenges they face, and developing technically superior solutions. Zavala is Clock Spring’s Senior Director, Manufacturing and Quality, with a focus on Lean Manufacturing, delivering higher quality products, and enhancing on-time delivery. Teeter is Manager, Health, Safety and Environmental, where he is establishing industry leading worksite safety policies and procedures and ensuring the company practices superior environmental stewardship. “Andrew, Buddy, Ivan and David are key leaders in the Clock Spring transformation,” Boucher said. “Their collective expertise in customer service, product development, quality control, safety and environmental governance make them invaluable as we work to focus the business on innovation, stewardship, and growth.” Concurrently, Clock Spring is transforming its marketing and communication to leverage its brand equity while better representing the new Clock Spring. The first step is a more contemporary, redesigned logo that was unveiled today. The company is additionally enhancing its reputation and engaging customers and distributors through the launch of a new website, www.clockspring.com, and by extensively leveraging social media channels. Clock Spring helps drive global economies by ensuring critical infrastructure is managed safely and sustainably. The company’s composite pipeline repair products have been deployed in 75 countries and are easy to install, cost effective to deploy, and durable for decades. Clock Spring solutions also include Snap Wrap, Pipe Support, Contour and Casing Spacers, as well as training and installation services. www.clockspring.com.


TORONTO, ON--(Marketwired - February 22, 2017) - NewCastle Gold Ltd. (TSX: NCA) (NewCastle Gold or the "Company") is pleased to report additional assay results from ongoing angled drilling on the South Domes target ("South Domes") at the Castle Mountain gold project (the "Project") located in San Bernardino County, California. This work is part of the 40,000 metre Phase II definition and exploration drill program ("the program") that commenced November 1, 2016. Results are from 30-metre spaced cross-sections 10600N, 10570N and 10540N at South Domes to follow up on previously reported results. Assays from six (6) new drill holes support the advancement of this exciting target with the longest intercept reported to date by the Company in hole CMM-129. New drilling continues to push the extent of gold mineralization beyond currently modeled mineral resources and pit limits, with hole CMM-129 ending in mineralization 100 metres below the modeled pit shell. The South Domes target remains open along strike to the north and south and at depth. Assay highlights from two (2) core and four (4) reverse circulation ("RC") drill holes include: Gerald Panneton, President and CEO commented: "The South Domes area continues to demonstrate the open potential of this exciting target with gold mineralization well above average resource grade. Gold mineralization is being intersected both outside modeled pit limits and at depth. South Domes continues to be our prime exploration target as the deposit is open in all directions. We have added a core drill to the South Domes area to continue expanding the deposit." There are seven (7) rigs actively drilling at the Castle Mountain project. The current drill program is approximately 50% complete with 20,000 metres of core and RC drilling as of February 20, 2017. Eighty percent (80%) of the program is focused on bringing the South Oro Belle pit to the mineral reserve category after completion of the ongoing pre-feasibility study work. The remainder is focused on the growth of the South Domes area, and further exploration on the property. Gold mineralization at South Domes is characterized by broad, shallow east-dipping zones within felsic flows, pyroclastic and intrusive units, with narrower steeply-dipping higher grade zones associated with hydrothermal breccias and quartz-feldspar porphyry intrusive bodies. All new exploration holes were drilled at 290 degrees azimuth, with dips of -60 degrees and to an average depth of 250 to 600 metres. Reverse circulation drill samples from hole CMM-133 were submitted to ALS Minerals in Reno, Nevada for crushing until 70% of the sample is finer than a nominal two millimeters in size. A 250 gram ("g") sub-sample is taken from the crushed material and pulverized until 85% passes a 200 mesh (75 µm) screen (ALS Method PREP-31). A 30 g portion of pulverized material (pulp) is then sampled and subjected to fire assay ("FA") with atomic absorption ("AA") finish (ALS Method AuAA-23). Any gold assays greater than 10 g/t Au are re-analyzed where a 30 g portion is taken from the pulp and assayed by FA with a gravimetric finish (ALS Method Au 30 g FA - GRAV). All samples that yield greater than 0.2 ppm assay are also analyzed for gold cyanide solubility (ALS Method AuAA-13). Half-sawn core and reverse circulation drill samples from holes CMM-122C/126/129/131/134C were submitted to Inspectorate America Corporation in Sparks, Nevada for crushing until 70% of the sample is finer than a nominal two millimeters in size. A 250 g sub-sample is taken from the crushed material and pulverized until 85% passes a 200 mesh (75 µm) screen (Method PRP70-250). A 30 g portion of pulverized material (pulp) is then sampled and subjected to fire assay ("FA") with atomic absorption ("AAS") finish (Method FA430). Any gold assays greater than 10 g/t Au are re-analyzed where a 30 g portion is taken from the pulp and assayed by FA with a gravimetric finish. All samples that yield greater than 0.2 ppm assay are also analyzed for gold cyanide solubility (Method CN403). The Company employs an industry-standard QA/QC program consisting of standard pulps, coarse blanks and rig duplicates. NewCastle Gold (an augustagroup company) has a 100% interest in the Castle Mountain property in San Bernardino County, California. The Castle Mountain heap leach gold mine produced over one million ounces of gold from 1992 to 2004. The Mine and Reclamation Plan, under which the mine operated, was authorized by the County of San Bernardino as the Lead Agency and remains in effect. Water for the drill programs was accessed from existing patented wells on the Project. An updated NI 43-101 resource for the project was announced December 2, 2015 which includes Measured Mineral Resources of 17.4 million tonnes grading 0.86 g/t gold containing 0.48 million gold ounces, Indicated Mineral Resources of 202.5 million tonnes grading 0.57 g/t gold containing 3.71 million gold ounces along with Inferred Mineral Resources of 40.8 million tonnes grading 0.58 g/t gold and containing 0.76 million gold ounces. The Project hosts a disseminated low sulphidation epithermal system. Gold is primarily hosted by late-stage rhyolite volcanic units within zones of silicification and brecciation associated with northeast-southwest trending/southeast dipping fault structures which are interpreted to have developed within a collapsed caldera environment. Eleven gold domains are represented by both steep and shallow-dipping orientations. Ian R. Cunningham-Dunlop, P. Eng., the Company's Senior Vice President Technical Services, is the designated Qualified Person for this news release within the meaning of NI 43-101. He has reviewed and verified that the technical information contained in this release is accurate and has approved of the written disclosure of the same. 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 news release. This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. Forward-looking information includes information that relates to, among other things, statements with respect to the completion of the proposed drill program at Castle Mountain, the mineral resource expansion at Castle Mountain and the identification of future expansion targets at Castle Mountain. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that we identified and were applied by us in drawing conclusions or making forecasts or projections set out in the forward looking information include, but are not limited to that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results will be consistent with management's expectations. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, the risks discussed under the heading "Risks" in general to the business of NewCastle in documents filed (or to be filed) with Canadian regulatory authorities. Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, the reader should not place undue reliance on forward-looking information. NewCastle does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law. Image Available: http://www.marketwire.com/library/MwGo/2017/2/22/11G131070/Images/NCA-2017-02-22nd_PlanMap_SouthDomes-a251b8a3901ea7b08f8047446e39f5c6.jpg Image Available: http://www.marketwire.com/library/MwGo/2017/2/22/11G131070/Images/NCA-2017-02-22nd_CrossSection_10570N_South_Domes-204fb04dc374ad5d9ecdc9c8189a72df.jpg Image Available: http://www.marketwire.com/library/MwGo/2017/2/22/11G131070/Images/NCA-2017-02-22nd_Long_Section_SouthDomes-bdb63155a9029986a02825da1b95ca97.jpg


Agi Dagi Net Present Value Increased 240% with After-Tax IRR of 39%; Robust Initial Economics Outlined for Camyurt TORONTO, ONTARIO--(Marketwired - Feb. 22, 2017) - Alamos Gold Inc. (TSX:AGI)(NYSE:AGI) ("Alamos" or the "Company") today reported results from the positive feasibility study conducted on its Ağı Dağı gold project, located in the Canakkale Province in northwestern Turkey. The study is a continuation of the pre-feasibility study completed on the project in 2012. The Company also reported results from a positive preliminary economic assessment ("PEA") completed on its Camyurt gold project, located approximately 4 kilometres ("km") from Ağı Dağı. "With the step-change improvement in Ağı Dağı's economics, we now have three of the highest return, undeveloped gold projects in the world. With Kirazlı, followed by Ağı Dağı and Camyurt, we own a pipeline in Turkey that can provide low cost production and free cash flow growth for more than a decade," said John A. McCluskey, President and Chief Executive Officer. Key Changes from the 2012 Ağı Dağı Pre-Feasibility Study A large portion of the Measured and Indicated mineral resource at Ağı Dağı has been successfully converted to an initial Proven and Probable Mineral Reserve totaling 54.4 million tonnes, grading 0.67 g/t Au and 5.4 g/t Ag, containing 1.17 million ounces of gold and 9.5 million ounces of silver. Compared with the mineral resources included within the pre-feasibility mine plan, the initial mineral reserve is slightly smaller but significantly higher grade. The mineral reserve contains 22% higher gold grades, 21% fewer tonnes and 5% lower contained gold ounces. The mine plan in the pre-feasibility study included Measured and Indicated mineral resources of 69.1 million tonnes grading 0.55 g/t Au and 3.3 g/t Ag, containing 1.23 million ounces of gold and 7.3 million ounces of silver. Of the Inferred mineral resource, approximately 74,000 ounces of gold is contained within the mineral reserve pit and treated as waste in the feasibility mine plan. This represents an opportunity to add to the mine plan with its conversion through additional infill drilling. Mineral Resources at a 0.2 g/t gold cut-off grade - Effective as of December 31, 2016 Ağı Dağı's estimated base case after-tax IRR is 39% and after-tax NPV is $298 million, using an 8% discount rate based on an economic analysis conducted as part of the feasibility study. This represents a 1.9 year payback and assumes a gold price of $1,250 per ounce and silver price of $16.00 per ounce, and incorporates only Proven and Probable mineral reserves. The project's economics are sensitive to discount rates, metal price assumptions and input costs as detailed in the tables below. The Environmental Impact Assessment ("EIA") for Ağı Dağı has been approved by the federal government. The key remaining permits are the Forestry permits which are also granted by the federal government, and the GSM (Business Opening and Operation) permit which is granted by the Canakkale Governorship. The Company has not started pursuing the Forestry or GSM permits with the current focus on completing the permitting process at Kirazlı and proceeding with its development. Incorporating the Camyurt project into Ağı Dağı would require the submission and approval of an amended EIA. The Company expects to first develop Kirazlı and then utilize cash flows from that operation to help fund development of Ağı Dağı. Following a construction decision, the Company expects a 36 month development timeline for Ağı Dağı, including approximately three months of pre-commercial production. The critical path task for the completion of the Ağı Dağı project will be the construction of the water reservoir. Conventional open pit mining methods will be utilized at Ağı Dağı with contract mining to be employed. Ağı Dağı is comprised of two deposits which form the Baba and Deli pits. Baba and Deli are located approximately 2.5 km apart. The final pit designs are based on a 5 metre ("m") bench height. A traditional drill, blast, load and haul sequence will be used to deliver ore to the crushing circuit. Waste produced over the life of the mine will be used as engineered fill for the leach pad foundation, primarily during the pre-production phase, trucked to the waste rock dump located directly north of the Deli pit, or backfilled into the pits once the ultimate pit bottoms are achieved. As with Kirazlı, an opportunity to improve the design of the pit slopes at Ağı Dağı was outlined in the 2012 pre-feasibility study and additional geotechnical work was subsequently undertaken. The geotechnical evaluation was based on core logging, point load testing and laboratory analysis of the geotechnical core holes. Based on the findings, the recommended inter-ramp/overall pit slope angles have been increased to a range of 35 to 48° depending on the sector of the pits with all but one of the sectors between 40 and 48°. This has reduced the amount of waste to be mined resulting in a lower life of mine waste-to-ore ratio of 1.03:1, from 1.16:1 in the 2012 pre-feasibility study. This has helped reduce the mining cost per tonne of ore and improved the overall economics of the project. Ağı Dağı has been designed as a 30,000 tonnes per day ("tpd") heap leach operation utilizing a multiple lift, single use leach pad. Ore will be mined from both the Baba and Deli pits and processed through two primary crushers, one located near each pit. The primary crushed ore will then be conveyed to a central secondary crushing circuit where it will be crushed to a nominal size of 26 millimetres. The secondary crushed ore will be drum agglomerated, stacked on the leach pad by conveyor stacking and processed with conventional heap leaching methods. The crushed ore will be stacked in 10 m lifts with the leach pad facility to be constructed in three phases to an ultimate height of 70 m. Phase 1 will have a capacity of 29.7 million tonnes, phase 2, a capacity of 19.8 million tonnes, and phase 3, a capacity of 24.1 million tonnes for an ultimate capacity of 73.6 million tonnes. This is approximately 19.2 million tonnes larger than the current mineral reserve of 54.4 million tonnes to accommodate future potential exploration success and the current 16.6 million tonnes of ore included within the PEA mine plan for Camyurt. The capital required for all three phases is included within the total life of mine capital estimate for Ağı Dağı. A dilute cyanide solution will be applied to the crushed ore over a 90 day leaching cycle with the pregnant solution collected and processed through the adsorption-desorption-recovery ("ADR") plant where gold and silver doré will be produced. Based on column tests conducted on the different alteration types at Ağı Dağı, gold and silver recoveries are expected to average 80% and 25%, respectively. Ağı Dağı will be supplied with power by connecting to commercial power. Overhead power lines will connect 34.5 kV, three phase and 50 Hz power system to a metering and switching substation located on site near each primary crusher. In the event of a power failure, a diesel-fired backup generator will be used to supply emergency power. Operational water will be supplied via a pipeline from a planned reservoir to be constructed by Alamos. The reservoir for Ağı Dağı will be independent of the reservoir to be constructed for the Kirazlı project. In conjunction with the Ministry of Forestry and Water Affairs - State Hydraulic Works ("DSI"), a water reservoir project has been designed to supply the process water requirements of the Ağı Dağı project and clean drinking water for the nearby communities. The feasibility study on the reservoir project has been approved by DSI. Total cash costs are expected to average $374 per ounce of gold and mine-site all-in sustaining costs $411 per ounce, net of silver as a by-product credit. Similar to Kirazlı, these are both among the lowest in the industry. Total unit costs per tonne of ore processed are expected to average $6.46 per tonne. This is down from $8.85 per tonne assumed in the 2012 pre-feasibility study reflecting the depreciation of the Turkish Lira, lower unit mining costs per tonne of material, and a lower waste-to-ore ratio. Unit mining costs have decreased to $1.72 per tonne of material with the application of Turkish mining contractor rates. This compares to $3.21 per tonne assumed in the 2012 pre-feasibility study which reflected North American mining costs. Unit mining costs per tonne of material at Ağı Dağı are expected to be slightly higher than Kirazlı reflecting longer haulage distances. Approximately 60% of Ağı Dağı's operating and capital costs are denominated in Turkish Lira. Of the remaining 40%, the majority is denominated in US dollars. The breakdown of unit costs is summarized as follows. Ağı Dağı and Camyurt are subject to a Mining State Right Royalty payable to the Turkish government. It is a top line sliding scale royalty based on the price of gold with a 50% deduction to the royalty for producing doré in country. Including certain other eligible deductions available for expenses related to transportation and processing costs, the Company expects the gross royalty of 4% would be reduced to a net payable royalty of approximately 1.5% (at a $1,250 per ounce gold price). In addition to the State Right Royalty, production from Ağı Dağı and Camyurt is subject to a 2% net smelter return ("NSR") royalty payable to Franco-Nevada Corporation. Initial capital cost of $250 million is down 10% from the $278 million assumed in the 2012 pre-feasibility study primarily reflecting lower capital required for pre-stripping. With good infrastructure and the ability to connect to the commercial electricity grid, the bulk of pre-production capital will be spent on construction of the leach pad, crushing circuit, process plant facilities, water management and the reservoir. The construction workforce is expected to ramp up to a maximum of 735 personnel and average approximately 500 over the peak phase of construction. Following a construction decision, the Company expects a 36 month development timeline, including approximately three months of pre-commercial production. A breakdown of the capital requirements is detailed as follows. The statutory corporate tax rate in Turkey is 20%; however, the Company expects to benefit from tax investment incentives that have been implemented by the Turkish Government to reduce the corporate tax rate on the Ağı Dağı project to 2%. Effective June 19, 2012, the Turkish Government legislated certain tax investment incentives designed to promote investment in specific industries and regions of Turkey. The Company has evaluated these investment incentives in consultation with a recognized international accounting firm and the Turkish Government, and expects that the Ağı Dağı project will qualify for the following incentives on successful application: Under the incentive program, the Company is expected to be eligible for a reduction to the corporate tax rate, resulting in an effective corporate tax rate of 2% over the current life of the Ağı Dağı based on the gold and silver price assumptions used in the financial analysis. For the purpose of the feasibility study, the Company has only incorporated the corporate tax rate reduction into the economic analysis. The Ağı Dağı project consists of 10,514 hectares and is located in the Canakkale Province on the Biga Peninsula of northwestern Turkey. The project is located approximately 50 km southeast of Canakkale, the largest centre on the Biga Peninsula with a population of approximately 100,000. There is excellent, well-serviced infrastructure in close proximity to the project with paved roads, electricity, transmission lines, and electricity generating facilities, the most significant being a large coal-fired power plant adjacent to the nearby Town of Can, which has a population of approximately 30,000. The Camyurt project is located approximately 4 km southeast of Ağı Dağı and is expected to utilize its processing infrastructure. The Company also owns the Kirazlı development project, located approximately 25 km northwest of Ağı Dağı. Both Kirazlı and Ağı Dağı are standalone open pit heap leach projects. The PEA for Camyurt was conducted on the basis that the project will have minimal standalone infrastructure. Ore from Camyurt will be mined and trucked approximately 8 km to be processed through the infrastructure at Ağı Dağı once the Baba and Deli pits have been mined out. As more detailed economic studies are completed on Camyurt, there are opportunities to both accelerate the processing of the Camyurt ore before the end of the mine life at Ağı Dağı and build a standalone crushing circuit and leach pad facility at Camyurt which would reduce haulage and mining costs. The PEA for Camyurt is based on the Measured and Indicated mineral resource of 17.7 million tonnes grading 0.89 g/t Au and 6.1 g/t Ag, containing 0.51 million ounces of gold and 3.5 million ounces of silver. The mine plan in the PEA incorporates Measured and Indicated mineral resources of 16.6 million tonnes grading 0.92 g/t Au and 6.3 g/t Ag, containing 0.49 million ounces of gold and 3.4 million ounces of silver. The mineable ounces were determined using an optimized pit shell based on gold and silver price assumptions of $1,200 and $18.00 per ounce, respectively. An Inferred mineral resource of 55,000 ounces of gold and 298,000 ounces of silver is contained within the pit shell and treated as waste in the PEA mine plan. This represents an opportunity to add to the mine plan with its conversion through additional infill drilling. Mineral Resources at a 0.2 g/t gold cut-off grade - Effective as of December 31, 2016 Camyurt's estimated base case after-tax IRR is 253% and after-tax NPV is $86 million, using an 8% discount rate based on an economic analysis conducted as part of the PEA. This represents a 1.4 year payback and assumes a gold price of $1,250 per ounce and silver price of $16.00 per ounce, and incorporates only Measured and Indicated mineral resources. The project's economics are sensitive to discount rates, metal price assumptions and input costs as detailed in the tables below. Camyurt is not covered under the EIA that was completed and approved by the federal government for Ağı Dağı. Incorporating the Camyurt project into Ağı Dağı will require a new EIA submission or an amendment to the existing Ağı Dağı EIA. Conventional open pit mining methods will be utilized at Camyurt with contract mining to be employed as with Ağı Dağı. The final pit designs are based on a 5 m bench height. A traditional drill, blast, load and haul sequence will be used to deliver ore to the crushing circuit at Ağı Dağı. Waste produced over the life of the mine will be sent to the waste rock dump located near the Camyurt pit, or backfilled into the pit once the ultimate pit bottom has been achieved. Camyurt has been designed as a 15,000 tpd mining operation with ore to be hauled approximately 8 km to the crushing circuit at Ağı Dağı where it will be processed by primary and secondary crushing to a nominal size of 26 millimetres. The secondary crushed ore will be drum agglomerated, stacked on the leach pad by conveyor stacking and processed with conventional heap leaching methods. The crushed ore will be stacked in 10 m lifts on the Ağı Dağı leach pad facility which will be expanded in three phases and have an ultimate capacity of 73.6 million tonnes. This is sufficient to accommodate the 54.4 million tonne Ağı Dağı mineral reserve and 16.6 million tonnes of ore included in the PEA mine plan for Camyurt. A dilute cyanide solution will be applied to the crushed ore over a 90 day leaching cycle with the pregnant solution collected and processed through the ADR plant where gold and silver doré will be produced. Based on column tests conducted on the different alteration types at Camyurt, gold and silver recoveries are expected to average 76% and 48%, respectively. Total cash costs are expected to average $604 per ounce of gold and mine-site all-in sustaining costs $645 per ounce, net of silver as a by-product credit. Total unit costs per tonne of ore processed are expected to average $14.03 per tonne. This is higher than Ağı Dağı reflecting higher unit mining costs per tonne of material, a higher waste-to-ore ratio and higher administration costs with Camyurt being a smaller tonnage operation. Unit mining costs of $3.31 per tonne moved are higher than that of $1.72 per tonne estimated at Ağı Dağı, primarily reflecting the longer haulage distances with ore to be trucked to the crushing circuit at Ağı Dağı. Approximately 60% of Camyurt's operating and capital costs are denominated in the Turkish Lira. Of the remaining 40%, the majority is denominated in US dollars. The breakdown of unit costs is summarized as follows. Initial capital is estimated to be $10 million. The life of mine capital, including sustaining capital and closure costs, is estimated to be $26 million. With ore to be trucked to Ağı Dağı for processing, minimal infrastructure is required. In addition, the estimated capital for Ağı Dağı includes a leach pad expansion which is expected to provide enough capacity for all ore to be processed from Camyurt in the PEA mine plan. A breakdown of the capital requirements is detailed as follows. As with Ağı Dağı, Camyurt is subject to the same Mining State Right Royalty payable to the Turkish government, and a 2% NSR royalty payable to Franco-Nevada. Given the small initial capital required to develop Camyurt, and the minimal impact of tax incentives, the Company expects it will be taxed at the statutory rate of 20% for the majority of the life of the project. The feasibility study for the Ağı Dağı project and preliminary economic assessment for the Camyurt project was consolidated by JDS Energy & Mining Inc. ("JDS"), an international engineering firm with extensive experience in both the construction and operation of mining projects, in collaboration with third party consulting firms and Alamos Gold's technical team. Chris Bostwick, FAusIMM, Alamos Gold's Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Chris Bostwick is a Qualified Person within the meaning of Canadian Securities Administrator's National Instrument 43-101 ("NI 43-101"). The Feasibility Study has been prepared by several independent Qualified Persons (QPs) along with Alamos' internal technical staff. With the exception of Mr. Cormier and Mr. Bostwick, each of the foregoing individuals are independent of Alamos Gold. They are all Qualified Persons within the meaning of NI 43-101. The Company expects to file a technical report prepared in accordance with NI 43-101 on SEDAR at www.sedar.com within 45 days of the date of this release. Alamos is a Canadian-based intermediate gold producer with diversified production from three operating mines in North America. This includes the Young-Davidson mine in northern Ontario, Canada and the Mulatos and El Chanate mines in Sonora State, Mexico. Additionally, the Company has a significant portfolio of development stage projects in Canada, Mexico, Turkey, and the United States. Alamos employs more than 1,300 people and is committed to the highest standards of sustainable development. The Company's shares are traded on the TSX and NYSE under the symbol "AGI". The TSX and NYSE have not reviewed and do not accept responsibility for the adequacy or accuracy of this release. Cautionary Note to U.S. Investors - Mineral Reserve and Resource Estimates All resource and reserve estimates included in this news release or documents referenced in this news release have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with NI 43-101 and the CIM Standards. These definitions differ materially from the definitions in SEC Industry Guide 7 ("SEC Industry Guide 7") under the United States Securities Act of 1933, as amended, and the Exchange Act. Under SEC Industry Guide 7 standards, a "final" or "bankable" feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101 and the CIM Standards; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the U.S. Securities and Exchange Commission (the "SEC"). Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in very limited circumstances. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures. This news release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including without limitation statements regarding outcomes of the Ağı Dağı feasibility study and Camyurt PEA, gold grades, recoveries, potential mineralization, reserves and resources, exploration results, and future plans and objectives of Alamos, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to expectations with respect to ongoing exploration, changes in mineral resources and conversion of mineral resources to proven and probable reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. There can be no assurance that forward-looking 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 Alamos' expectations include, among others, risks related to ongoing permitting requirements in Turkey, risks due to geopolitical risks of operating in Turkey, the actual results of current exploration activities, further conclusions of economic evaluations and changes in project parameters and costs as plans continue to be refined as well as future prices of gold, as well as those factors discussed in the section entitled "Risk Factors" in Alamos' Annual Information Form and other disclosures of "Risk Factors" by Alamos, available on SEDAR and EDGAR. Although Alamos has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.


News Article | February 21, 2017
Site: marketersmedia.com

This report studies sales (consumption) of Aircraft Maintenance in Global market, especially in United States, China, Europe, Japan, focuses on top players in these regions/countries, with sales, price, revenue and market share for each player in these regions, covering Air France KLM Engineering & Maintenance (The Netherlands) AAR Corp (US) Ameco Beijing (China) AMETEK MRO (US) Abu Dhabi Aircraft Technologies (UAE) Bedek Aviation Group (Israel) Delta TechOps (US) Aviation Technical Services, Inc (US) Hong Kong Aircraft Engineering Company (Hong Kong) TIMCO Aviation Services, Inc (US) Lufthansa Technik (LHT) (Germany) MTU AeroEngines (Germany) Singapore Technologies Aerospace (ST Aerospace) (Singapore) SR Technics (Switzerland) SIA Engineering Co (Singapore) Snecma Services (France) STAECO (China) VEM/TAP M&E (Brazil) Market Segment by Regions, this report splits Global into several key Regions, with sales (consumption), revenue, market share and growth rate of Aircraft Maintenance in these regions, from 2011 to 2021 (forecast), like United States China Europe Japan Split by product Types, with sales, revenue, price and gross margin, market share and growth rate of each type, can be divided into Type I Type II Type III Split by applications, this report focuses on sales, market share and growth rate of Aircraft Maintenance in each application, can be divided into Application 1 Application 2 Application 3 Global Aircraft Maintenance Sales Market Report 2016 1 Aircraft Maintenance Overview 1.1 Product Overview and Scope of Aircraft Maintenance 1.2 Classification of Aircraft Maintenance 1.2.1 Type I 1.2.2 Type II 1.2.3 Type III 1.3 Application of Aircraft Maintenance 1.3.1 Application 1 1.3.2 Application 2 1.3.3 Application 3 1.4 Aircraft Maintenance Market by Regions 1.4.1 United States Status and Prospect (2011-2021) 1.4.2 China Status and Prospect (2011-2021) 1.4.3 Europe Status and Prospect (2011-2021) 1.4.4 Japan Status and Prospect (2011-2021) 1.5 Global Market Size (Value and Volume) of Aircraft Maintenance (2011-2021) 1.5.1 Global Aircraft Maintenance Sales and Growth Rate (2011-2021) 1.5.2 Global Aircraft Maintenance Revenue and Growth Rate (2011-2021) 7 Global Aircraft Maintenance Manufacturers Analysis 7.1 Air France KLM Engineering & Maintenance (The Netherlands) 7.1.1 Company Basic Information, Manufacturing Base and Competitors 7.1.2 Aircraft Maintenance Product Type, Application and Specification 7.1.2.1 Type I 7.1.2.2 Type II 7.1.3 Air France KLM Engineering & Maintenance (The Netherlands) Aircraft Maintenance Sales, Revenue, Price and Gross Margin (2011-2016) 7.1.4 Main Business/Business Overview 7.2 AAR Corp (US) 7.2.1 Company Basic Information, Manufacturing Base and Competitors 7.2.2 113 Product Type, Application and Specification 7.2.2.1 Type I 7.2.2.2 Type II 7.2.3 AAR Corp (US) Aircraft Maintenance Sales, Revenue, Price and Gross Margin (2011-2016) 7.2.4 Main Business/Business Overview 7.3 Ameco Beijing (China) 7.3.1 Company Basic Information, Manufacturing Base and Competitors 7.3.2 136 Product Type, Application and Specification 7.3.2.1 Type I 7.3.2.2 Type II 7.3.3 Ameco Beijing (China) Aircraft Maintenance Sales, Revenue, Price and Gross Margin (2011-2016) 7.3.4 Main Business/Business Overview 7.4 AMETEK MRO (US) 7.4.1 Company Basic Information, Manufacturing Base and Competitors 7.4.2 Nov Product Type, Application and Specification 7.4.2.1 Type I 7.4.2.2 Type II 7.4.3 AMETEK MRO (US) Aircraft Maintenance Sales, Revenue, Price and Gross Margin (2011-2016) 7.4.4 Main Business/Business Overview 7.5 Abu Dhabi Aircraft Technologies (UAE) 7.5.1 Company Basic Information, Manufacturing Base and Competitors 7.5.2 Product Type, Application and Specification 7.5.2.1 Type I 7.5.2.2 Type II 7.5.3 Abu Dhabi Aircraft Technologies (UAE) Aircraft Maintenance Sales, Revenue, Price and Gross Margin (2011-2016) 7.5.4 Main Business/Business Overview 7.6 Bedek Aviation Group (Israel) 7.6.1 Company Basic Information, Manufacturing Base and Competitors 7.6.2 Million USD Product Type, Application and Specification 7.6.2.1 Type I 7.6.2.2 Type II 7.6.3 Bedek Aviation Group (Israel) Aircraft Maintenance Sales, Revenue, Price and Gross Margin (2011-2016) 7.6.4 Main Business/Business Overview 7.7 Delta TechOps (US) 7.7.1 Company Basic Information, Manufacturing Base and Competitors 7.7.2 Aerospace & Defense Product Type, Application and Specification 7.7.2.1 Type I 7.7.2.2 Type II 7.7.3 Delta TechOps (US) Aircraft Maintenance Sales, Revenue, Price and Gross Margin (2011-2016) 7.7.4 Main Business/Business Overview 7.8 Aviation Technical Services, Inc (US) 7.8.1 Company Basic Information, Manufacturing Base and Competitors 7.8.2 Product Type, Application and Specification 7.8.2.1 Type I 7.8.2.2 Type II 7.8.3 Aviation Technical Services, Inc (US) Aircraft Maintenance Sales, Revenue, Price and Gross Margin (2011-2016) 7.8.4 Main Business/Business Overview 7.9 Hong Kong Aircraft Engineering Company (Hong Kong) 7.9.1 Company Basic Information, Manufacturing Base and Competitors 7.9.2 Product Type, Application and Specification 7.9.2.1 Type I 7.9.2.2 Type II 7.9.3 Hong Kong Aircraft Engineering Company (Hong Kong) Aircraft Maintenance Sales, Revenue, Price and Gross Margin (2011-2016) 7.9.4 Main Business/Business Overview 7.10 TIMCO Aviation Services, Inc (US) 7.10.1 Company Basic Information, Manufacturing Base and Competitors 7.10.2 Product Type, Application and Specification 7.10.2.1 Type I 7.10.2.2 Type II 7.10.3 TIMCO Aviation Services, Inc (US) Aircraft Maintenance Sales, Revenue, Price and Gross Margin (2011-2016) 7.10.4 Main Business/Business Overview 7.11 Lufthansa Technik (LHT) (Germany) 7.12 MTU AeroEngines (Germany) 7.13 Singapore Technologies Aerospace (ST Aerospace) (Singapore) 7.14 SR Technics (Switzerland) 7.15 SIA Engineering Co (Singapore) 7.16 Snecma Services (France) 7.17 STAECO (China) 7.18 VEM/TAP M&E (Brazil) For more information, please visit https://www.wiseguyreports.com/sample-request/768017-global-aircraft-maintenance-sales-market-report-2016


News Article | February 15, 2017
Site: www.marketwired.com

Net Present Value More than Doubled from 2012 Pre-Feasibility Study with Attractive After-Tax IRR of 44% TORONTO, ONTARIO--(Marketwired - Feb. 15, 2017) - Alamos Gold Inc. (TSX:AGI)(NYSE:AGI) ("Alamos" or the "Company") today reported results from the positive feasibility study conducted on its Kirazli gold project, located in the Canakkale Province in northwestern Turkey. The study is a continuation of the pre-feasibility study completed on the project in 2012. "This further validates the overall attractiveness of the Kirazli project. Despite using a lower gold and silver price, Kirazli's economics have improved substantially. With its low capital and operating costs and quick payback, Kirazli is one of the highest return, undeveloped gold projects in any price environment. Kirazli represents our next phase of growth and will be a significant source of free cash flow in the coming years," said John A. McCluskey, President and Chief Executive Officer. A large portion of the Measured and Indicated mineral resource at Kirazli has been successfully converted to an initial Proven and Probable Mineral Reserve totaling 26.1 million tonnes, grading 0.79 g/t Au and 12.0 g/t Ag, containing 0.67 million ounces of gold and 10.1 million ounces of silver. This initial mineral reserve represents an increase in terms of grade and contained ounces compared to the mine plan in the pre-feasibility study, which included Measured and Indicated mineral resources of 25.6 million tonnes grading 0.75 g/t Au and 11.8 g/t Ag, containing 0.61 million ounces of gold and 9.7 million ounces of silver. The Inferred mineral resource of 0.11 million ounces of gold and 1.6 million ounces of silver contained within the mineral reserve pit is treated as waste in the feasibility mine plan. This represents an opportunity to add to the mine plan with its conversion through additional infill drilling. Mineral Resources at a 0.2g/t gold cut-off grade - Effective as of December 31, 2016 Kirazli's estimated base case after-tax IRR is 44.3% and after-tax NPV is $187 million, using an 8% discount rate based on an economic analysis conducted as part of the feasibility study. This represents a 1.4 year payback and assumes a gold price of $1,250 per ounce and silver price of $16.00 per ounce, and incorporates only Proven and Probable mineral reserves. The project's economics are sensitive to discount rates, metal price assumptions and input costs as detailed in the tables below. With the Environmental Impact Study and Forestry Permits for Kirazli approved by the federal government, the Company is pursuing the GSM (Business Opening and Operation) permit which is granted by the Çanakkale Governorship. The full 2017 development budget for Kirazli will be provided following receipt of the GSM permit. Following a construction decision, the Company expects a 24 month development timeline for Kirazli, including approximately three months of pre-commercial production. Conventional open pit mining methods will be utilized at Kirazli with contract mining to be employed. The final pit designs are based on a 5 metre bench height. A traditional drill, blast, load and haul sequence will be used to deliver ore to the crushing circuit. Waste rock will be used as engineered fill for the leach pad foundation during the early years after which the majority will be sent to the waste rock dump and be used to backfill portions of the pit as the ultimate extents are achieved. An opportunity to improve the design of the pit slopes at Kirazli was outlined in the 2012 pre-feasibility study and additional geotechnical work was subsequently undertaken. The geotechnical evaluation was based on core logging, point load testing and laboratory analysis of the geotechnical core holes. Based on the findings, the recommended inter-ramp/overall pit slope angles have been increased to a range of 40 to 48° depending on the sector of the pit. This has reduced the amount of waste to be mined, significantly lowering the life of mine waste-to-ore ratio to 1.45:1 from 1.83:1 in the 2012 pre-feasibility study. This has helped reduce the mining cost per tonne of ore and improved the overall economics of the project. Kirazli has been designed as a 15,000 tonnes per day ("tpd") heap leach operation utilizing a multiple lift, single use leach pad. Ore will be processed by primary crushing and open circuit secondary crushing to a nominal size of 26 millimetres. The secondary crushed ore will be drum agglomerated, stacked on the leach pad by conveyor stacking and processed with conventional heap leaching methods. The crushed ore will be stacked in 10 metre lifts with the leach pad facility sized with a capacity of 35 million tonnes. This is approximately 8.9 million tonnes larger than the current mineral reserve to accommodate additional ore beyond the current mineral reserves. A dilute cyanide solution will be applied to the crushed ore over a 90 day leaching cycle with the pregnant solution collected and processed through the adsorption-desorption-recovery ("ADR") plant where gold and silver doré bars will be produced. Based on column tests conducted on the different alteration types at Kirazli, gold and silver recoveries are expected to average 81% and 31%, respectively. Power will be supplied from the commercial electricity grid with a new dedicated 30 kilometre long overhead line connecting the Canakkale utility substation to the Kirazli mine substation. In the event of a power failure, a diesel-fired backup generator will be used to supply emergency power. Operational water will be supplied via a pipeline from a planned reservoir to be constructed by Alamos. In conjunction with the Ministry of Forestry and Water Affairs - State Hydraulic Works ("DSI"), a water reservoir project has been designed to supply the process water requirements of the Kirazli mine and clean drinking water and irrigation for the nearby communities. The feasibility and design of the reservoir project has been approved by DSI. Total cash costs are expected to average $339 per ounce and mine-site all-in sustaining costs $373 per ounce, net of silver as a by-product credit, both among the lowest in the industry. Total unit costs per tonne of ore processed are expected to average $8.49 per tonne. This is down from $12.62 per tonne assumed in the pre-feasibility study reflecting the depreciation of the Turkish Lira, lower unit mining costs per tonne of material, and a lower waste-to-ore ratio. Unit mining costs have decreased to $1.53 per tonne of material with the application of Turkish mining contractor rates. This compares to $2.97 per tonne assumed in the 2012 pre-feasibility study which reflected North American mining costs. Approximately 60% of Kirazli's operating and capital costs are denominated in the Turkish Lira. Of the remaining 40%, the majority is denominated in US dollars. The breakdown of unit costs is summarized as follows. Kirazli is subject to a Mining State Right Royalty payable to the Turkish government. It is a top line sliding scale royalty based on the price of gold with a 50% deduction to the royalty for producing doré in country. Including certain other eligible deductions available for expenses related to transportation and processing costs, the Company expects the gross royalty of 4% would be reduced to a net payable royalty of approximately 1.5% (at a $1,250 per ounce gold price). Initial capital cost of $152 million is consistent with the $146 million assumed in the 2012 pre-feasibility study. With good infrastructure and the ability to connect to the commercial electricity grid, the bulk of pre-production capital will be spent on construction of the leach pad, crushing circuit, process plant facilities, water management and the reservoir. The construction workforce is expected to ramp up to a maximum of 735 personnel and average approximately 500 over the peak phase of construction. Following receipt of the GSM permit, the Company expects a 24 month development timeline, including approximately three months of pre-commercial production. A breakdown of the capital requirements is detailed as follows. The statutory corporate tax rate in Turkey is 20%; however, the Company expects to benefit from tax investment incentives that have been implemented by the Turkish Government to reduce the corporate tax rate on the Kirazli project to 2%. Effective June 19, 2012, the Turkish Government legislated certain tax investment incentives designed to promote investment in specific industries and regions of Turkey. The Company has evaluated these investment incentives in consultation with a recognized international accounting firm and the Turkish Government, and expects that the Kirazli project will qualify for the following incentives on successful application: Under the incentive program, the Company is expected to be eligible for a reduction to the corporate tax rate, resulting in an effective corporate tax rate of 2% over the current life of the project based on the gold and silver price assumptions used in the financial analysis. For the purpose of the feasibility study, the Company has only incorporated the corporate tax rate reduction into the economic analysis. The Kirazli project consists of 1,541 hectares and is located in the Canakkale Province on the Biga Peninsula of northwestern Turkey. The project is located approximately 25 kilometres southeast of Canakkale, the largest centre on the Biga Peninsula with a population of approximately 100,000. There is excellent well-serviced infrastructure in close proximity to the project with paved roads, electricity, transmission lines, and electricity generating facilities, the most significant being a large coal-fired power plant adjacent to the nearby Town of Can, which has a population of approximately 30,000. The Company also owns the Agi Dagi development project, located approximately 25 kilometres southeast of Kirazli. Both are standalone open pit heap leach projects. A feasibility study to update the economics for Agi Dagi, as outlined in the positive 2012 pre-feasibility study, is nearing completion. A preliminary economic assessment is also being conducted on the higher grade Camyurt project located approximately 4 kilometres away from Agi Dagi. As with Kirazli, a number of significant changes including weakness in the Turkish Lira are expected to positively impact both projects' economics. The feasibility study for the Kirazli project was consolidated by JDS Energy & Mining Inc. ("JDS"), an international engineering firm with extensive experience in both the construction and operation of mining projects, in collaboration with third party consulting firms and Alamos Gold's technical team. Chris Bostwick, FAusIMM, Alamos Gold's Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Chris Bostwick is a Qualified Person within the meaning of Canadian Securities Administrator's National Instrument 43-101 ("NI 43-101"). The Feasibility Study has been prepared by several independent Qualified Persons (QPs) along with Alamos' internal technical staff. With the exception of Mr. Cormier and Mr. Bostwick, each of the foregoing individuals are independent of Alamos Gold. They are all Qualified Persons within the meaning of NI 43-101. The Company expects to file a technical report prepared in accordance with NI 43-101 on SEDAR at www.sedar.com within 45 days of the date of this release. Alamos is a Canadian-based intermediate gold producer with diversified production from three operating mines in North America. This includes the Young-Davidson mine in northern Ontario, Canada and the Mulatos and El Chanate mines in Sonora State, Mexico. Additionally, the Company has a significant portfolio of development stage projects in Canada, Mexico, Turkey, and the United States. Alamos employs more than 1,300 people and is committed to the highest standards of sustainable development. The Company's shares are traded on the TSX and NYSE under the symbol "AGI". The TSX and NYSE have not reviewed and do not accept responsibility for the adequacy or accuracy of this release. Cautionary Note to U.S. Investors - Mineral Reserve and Resource Estimates All resource and reserve estimates included in this news release or documents referenced in this news release have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with NI 43-101 and the CIM Standards. These definitions differ materially from the definitions in SEC Industry Guide 7 ("SEC Industry Guide 7") under the United States Securities Act of 1933, as amended, and the Exchange Act. Under SEC Industry Guide 7 standards, a "final" or "bankable" feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101 and the CIM Standards; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the U.S. Securities and Exchange Commission (the "SEC"). Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in very limited circumstances. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures. This news release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including without limitation statements regarding outcomes of the Kirazli feasibility study, gold grades, recoveries, potential mineralization, reserves and resources, exploration results, and future plans and objectives of Alamos, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to expectations with respect to ongoing exploration, changes in mineral resources and conversion of mineral resources to proven and probable reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. There can be no assurance that forward-looking 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 Alamos' expectations include, among others, risks related to ongoing permitting requirements in Turkey, risks due to geopolitical risks of operating in Turkey, the actual results of current exploration activities, further conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold, as well as those factors discussed in the section entitled "Risk Factors" in Alamos' Annual Information Form and other disclosures of "Risk Factors" by Alamos, available on SEDAR and EDGAR. Although Alamos has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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