Florence Copper to generate $3.3 billion in economic activity in Arizona over operational life

Jan 22, 2014, 10:33 ET from Curis Resources Ltd.

Updated Economic Benefit Study Reaffirms Huge Potential for Jobs, Economic Growth from the Florence Copper Project

VANCOUVER, Jan. 22, 2014 /PRNewswire/ - Curis Resources Ltd. ("Curis" or the "Company") (TSX: CUV) announces the results of the newly released 2013 supplement to the Arizona State University (ASU) 2012 Economic and Fiscal Benefits Study of Florence Copper Project ("the "2012 Study").  The supplement is based on the updated economic model provided in the detailed Pre-feasibility Study (PFS) of the Florence Copper project published in March 2013, and concludes Florence Copper would generate more than $3.3 billion in new economic activity to the state of Arizona over 30 years. This is an increase from the $2.2 billion from conclusions in the 2012 Study.

"The original ASU Study confirmed that Florence Copper will have a significant impact on the local economies of Florence and Pinal County, as well as a profound contribution to the economic well-being of the State by creating head of household jobs and spending hundreds of millions of dollars in supply and service contracts," said Michael McPhie, President & CEO of Curis Resources Ltd. "We are pleased that the updated study shows Florence Copper will create an even stronger boost to the local and state economies than originally projected, and shows the project can bring widespread benefits for years to come."

This additional economic uplift is described in ASU's Florence Copper Project 2013 Supplement, which indicates that Florence Copper would:

  • Generate $2.1 billion in total economic activity in Pinal County alone
  • Create and support 796 Arizona jobs and more than 25 years of full production
  • Increase personal income in Arizona by $1.98 billion and of that more than $959 million will benefit Pinal County residents
  • Create hundreds of new head-of-household jobs in the Town of Florence and Pinal County
  • Provide approximately $468 million in taxes and royalties to Arizona governments
  • Provide approximately $68.5 million in local tax revenues to the Town of Florence
  • Enable Pinal County and Town of Florence combined to collect approximately $102 million in local tax revenues

ASU's prestigious L. William Seidman Research Institute was commissioned by Florence Copper to provide the updated forecast of economic benefits for the project. Top local experts - Dennis Hoffman, Ph.D. and Eva Madly, M.A. - utilized an Arizona-specific 2013 version of REMI, a highly sophisticated and well-respected regional input-output forecasting model, to produce numeric estimates of the benefits on the Arizona economy of economic activity such as Florence Copper in Arizona. The report utilizes data from the U.S. Bureau of Labor Statistics, the U.S. Department of Commerce, the State of Arizona, Pinal County and other official sources to compile the study.

Technical details for the re-evaluation by ASU are based on a comprehensive Pre-Feasibility Study of the Florence Copper project completed by M3 Engineering of Tucson, Arizona in March 2013.  A full copy of this report is available on SEDAR at www.sedar.com and on the Curis website at www.curisresources.com. A significant part of the project evaluation was driven by the results of a large-scale metallurgical test completed at Metcon Research in Tucson, which employed updated testing techniques to simulate in-situ treatment of the copper deposit at the site.

The full report, entitled Economic and Fiscal Benefits of the Florence Copper Project: Supplement to the 2012 Report based on a New Assessment of Copper Recovery is available at www.florencecopper.com/s/EconomicBenefits.asp.

"Florence Copper represents an extraordinary opportunity to improve the local and regional economies near the project and provide lasting benefits," said Loren Locher, Florence Copper's director of communications and community affairs.   "We are committed to maximizing employment and business prospects for the residents of Florence and Pinal County and the outcomes of this study clearly demonstrate the benefits associated with this modern, safe and very low impact copper project.  We look forward to working with the citizens and officials in the community in helping to realize this unique opportunity."

About Curis Resources Ltd.

Curis is focused on the acquisition, development and operation of high-quality next-generation copper properties in progressive jurisdictions around the world. It is currently focused on advancing its 100%-owned Florence Copper project in Arizona to production.  Curis is associated with Hunter Dickinson Inc. (HDI), a diversified global mining company with a 25-year history of mineral development success.

Michael McPhie President and CEO

No regulatory authority has approved or disapproved of the information contained in this news release.

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include fluctuations in market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary environmental, land use and other permits, approvals, licenses and title on a timely basis and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, the final outcome of any lawsuits, the continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.

SOURCE Curis Resources Ltd.