(TheNewswire)
Vancouver, B.C., Canada – TheNewswire – December2 , 2020 – Deep-South Resources Inc. (" Deep-South " or“ the Company ")(TSXV:DSM) annouces that in light of higher copper price expectations,Deep-South and METS Engineering Group (“METS”) have agreed toupdate the Preliminary Economic Assessment("PEA") on its Haib Copper Project inNamibia. The PEA from METSwas published on May 20, 2020 and can be viewedon SEDAR or at: https://www.deepsouthresources.com/projects/technical-reports/
"Haib iscertainly one of the world’s top undeveloped copper projects locatedin a favorable jurisdiction” stated Pierre Leveille, President & CEO ofDeep-South. “Our existing PEA demonstrated robust economics even at a much lowercopper price than the current spot price. For example, at a price of$3.00/lb copper, the after-tax NPV was US $ 957 million and theafter tax IRR was 29.7%. We do expect materially improved economics tocome from this refreshed PEA due very shortly. We endeavour tocontinue to refine and seek to improve the attractiveness of Haibthrough many initiatives that will be announced in 2021”
The updated PEA report will be available soon and willbe communicated to our shareholders in due course.
About METS Engineering
Established in 1988 by Damian Connelly, MineralEngineering Technical Services (METS) has a reputation for providingquality service to the global mining industryBased in Perth Australia.They have served clients all around the world from large companiessuch as Rio Tinto to exploration and development companies such asDeep-South Resources. They provide a comprehensive range of servicesincluding: Mineral processing, Engineering design and hydro metallurgytestwork.
About Deep-South ResourcesInc.
Deep-South Resources Inc. is a mineral explorationcompany largely held by Namibian shareholders and Management -Directors with 19% and Teck Resources Ltd with 21 % of Deep-Southshare capital.
Deep-South currently holds 100% of the Haib Copperproject in Namibia, one of the largest copper porphyry deposits inAfrica. Deep-South also holds an investment of 75% in the Kapili TepeCopper exploration project in Turkey.
Deep-South’s growth strategy is to focus on theexploration and development of quality assets, in significantmineralized zones, close to infrastructure, in stable countries.
This press release contains certain"forward-looking statements," as identified in Deep-South’s periodic filings with Canadian Securities Regulators thatinvolve a number of risks and uncertainties.
There can be no assurance that suchstatements will prove to be accurate and actual results and futureevents could differ materially from those anticipated in suchstatements.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined inthe policies of the TSXVenture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
More information is available by contacting PierreLéveillé, President & CEO at
+1-819-340-0140 or at: info@deepsouthresources.com or
Paradox Public Relations at +1-514-341-0408.
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