THEMAC Resources Group Limited announced an update of project economics and permitting for the Copper Flat Mine Project in Sierra County, New Mexico, USA. A technical report titled "Copper Flat Project, Form NI 43-101F1 Technical Report Project Feasibility Study Update" meeting the CIM definitions for a feasibility study to support this announcement is being prepared by M3 Engineering & Technology Corporation in Tucson, Arizona. At the federal level, the US Bureau of Land Management completed a seven-year environmental review of the proposed mine and has issued environmental clearance to proceed with the Company proposed operation. Additionally, the US Army Corps of Engineers has authorized the Copper Flat Mine to operate under the Nationwide Permit 44 for mining activities. Multiple state permits have been received. Approval by the New Mexico Mines and Minerals Division of the Energy, Minerals, and Natural Resources Department of a Company financial guarantee for reclamation and closure of the site after mining is required to obtain the Mining Permit; when that step is accomplished, the Copper Flat Mine will be a fully permitted facility. The Company has filed an appeal of the State of New Mexico Third District Court ruling that invalidated a large percentage of 7,500 acre-feet of inchoate water rights. That appeal has been assigned to the New Mexico Court of Appeals and awaits a court date to hear oral arguments. Meanwhile, a 2019 lease agreement has secured more than half of the water supply required to operate the project. Copper Flat is a porphyry copper-gold deposit that is near surface and amenable to open pit mining methods. The pit operations are planned to use standard mining equipment, including: 45,000 lb., single pass rotary blast hole drills, 19-cu-yd front-end loaders, and 100 ton off-highway haul trucks. The mine plan includes a mine support fleet comprised of track and rubber-tired dozers, motor graders, and 10,000-gallon water trucks. Material mined totals 158 million tons of ore and waste over the life-of-mine at an average stripping ratio of 0.40 tons of waste per ton of ore. The mining rate peaks at 17.5 million tons of total material per year. The construction program benefits from the use of existing infrastructure and the timeframe expected to construct and commission the project is estimated to require 18 months. Following construction, the project schedule includes 11.1 years of mining and ore processing. Ore will be processed through a standard crushing, grinding and sulfide flotation concentrator to produce a copper-gold-silver concentrate and a molybdenum concentrate. The Copper Flat concentrator is scheduled to process 10.8 million tons per year for the first five years of production and 9.9 million tons per year for the remainder of the mine life when harder ores are encountered at depth in the deposit. Copper recovery to concentrate is projected to average 70 million pounds per year during the first five years of operation and 57 million pounds per year when averaged over the full life-of-mine. The Copper Flat ore lends itself to common crushing and grinding practice and standard flotation reagents and the mill is designed to have a simple gyratory crusher and SAG/ball mill grinding circuit followed by a conventional floatation circuit to produce separate copper and molybdenum concentrates. Metallurgical testing shows the Copper Flat ore contains coarse gold that is recoverable through physical separation and gravity separation equipment, this equipment is included in the process flow sheet to improve gold recovery. As a result of metallurgical test work, the expected life-of-mine process recoveries are projected to be: 93% copper; 78% molybdenum; 74% gold; and 83% silver. The mine will produce approximately 100,000 tons of copper concentrate and 1,300 tons of molybdenum concentrates per year for the life- of-mine. The copper concentrate is expected to assay 27% to 30% copper based on lab tests and actual plant performance achieved by Quintana Minerals in the past operation. The molybdenum concentrate is expected to assay 50% to 60% molybdenum oxide. ICP analysis of the copper concentrate determined that the concentrate is expected to contain very low concentrations of potential smelter penalty elements.