InvestmentPitch Media Video Discusses Voyageur Pharmaceuticals' Notice of Work with the BC Ministry of Mines, for the Removal of 2,000 Tonnes of Barium Sulfate from its Frances Creek Project
VANCOUVER, British Columbia, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Voyageur Pharmaceuticals (TSXV:VM) (OTCPink:VYYRF) has submitted a notice of work with the BC Ministry of Mines, for the removal of 2,000 tonnes of barium sulfate from its Frances Creek Project. The Frances Creek project is one of the company’s three 100% owned projects in British Columbia with grade suitable for the pharmaceutical barite marketplace.
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Upon approval from the BC Ministry of Mines, Voyageur will excavate small, 2-metre-wide surface trenches, to remove 1,000 tonnes of barite from the A zone and 1,000 tonnes from the B zone. This tonnage is expected to allow for complete testing and modifications to the new barium active pharmaceutical ingredient or API pilot plant, that the company plans to construct, with construction tentatively scheduledto begin in 2023.
Upon completion of this work program, a notice of work for a Small Quarry will be submitted to the BC Ministry of Mines, with plans for full production in 2024.
With the 2,000 tonnes expected to be a high-grade sample with low waste, Voyageur anticipates extracting 1,000 to 1,200 tonnes of high purity barium sulfate from this sample, to be used in barium contrast manufacturing.
To put the number in perspective, 1,000 tonnes of pharmaceutical grade barium sulfate, can create:
Contrast materials, which may be taken orally or rectally, are used to improve pictures of the inside of the body helping to distinguish or "contrast" selected areas of the body from surrounding tissue allowing the radiologist to distinguish normal from abnormal conditions.
SGS Canada completed a Preliminary Economic Assessment and assigned a NPV of $344 million with an IRR of 137%, to the Frances Creek project.
The company is designing a new barium API pilot plant, with the goal of reducing the capital required, from the $36 million over three years, stated in the PEA. Voyageur’s plan is to build a lower cost production facility, fast track production, process the 2,000 tonnes of barium sulfate and complete full feasibility based on live real time sales of product. This is expected to allow the Frances Creek project to be valued with a NI 43-101 defined reserve.
Voyageur is moving forward with its business plan of becoming the only fully integrated company in the radiology medical field, by controlling all primary input costs under the motto of: "From the Earth to the Bottle".
The shares are currently trading at $0.105. For more information, please visit www.VoyageurPharmaceuticals.ca, contact Brent Willis, President and CEO, by email at [email protected], or Al Deslauriers, CFO, at [email protected].
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