Continental Nickel Files the NI 43 101 Technical Report for Its Ntaka Hill Nickel Project
15 Noviembre 2011 - 9:00PM
Marketwired
Continental Nickel Limited (TSX VENTURE:CNI) ("CNI" or the
"Company") is pleased to advise that the Technical Report
supporting the recently released results of a Preliminary Economic
Assessment (Press Release October 5, 2011) has been filed with
SEDAR.
The Preliminary Economic Assessment ("PEA") delivered positive
results for the development of its Ntaka Hill Nickel Project
("Ntaka Hill" or the "Project"). Ntaka Hill is part of the 75:25
Nachingwea exploration joint venture property in southern Tanzania
with IMX Resources Limited of Australia.
Highlights
-- Total after tax NPV for the Base Case, which consists of all open pit
mining is US$207M.
-- Total life of mine forecast production for the Base Case of 376 million
lbs of nickel contained in high grade concentrate, based on Mineral
Resources announced 15 April 2011.
-- Low capital cost for the project reflecting the low infrastructure
requirements and staged development.
-- Initial scale of the project sized to suit extraction of high grade near
surface Measured and Indicated Resources in the first four years
followed by an expansion, which will be at a scale to suit the resources
in the Sleeping Giant zone which is still the subject of step-out
drilling.
-- Overall mine life in excess of 12 years.
-- Excellent metallurgical performance (previously announced in detail 15
September 2011) delivers the possibility to attract a premium for the
concentrate off take.
Immediate Upside
-- Previous drilling of the Sleeping Giant zone showed the presence of
additional disseminated mineralisation that is not included in the
current resource estimate.
-- Results of the PEA indicate that this additional disseminated
mineralisation is economic to treat.
-- A Sensitivity Case based on an allowance for the potential tonnage and
grade of this additional disseminated mineralisation contained within
the Base Case open pit indicated the possibility of increasing contained
nickel production by 20% and greatly improving project after-tax NPV by
US$100M.
-- The current step-out drilling program continues to provide positive
results on the Sleeping Giant zone which also includes further wide
intersections of disseminated mineralisation within the Base Case pit
shell. These results, along with full analysis of the already identified
disseminated mineralisation, will be used to update Mineral Resources
and the economic assessment at the beginning of the second quarter of
2012.
Mr. David Massola, President and CEO, commented "the issuing of
the full Technical Report on the study provides all the details on
the economic assessment that has been carried out on the Ntaka Hill
Project. Along with this it clearly outlines the development
program which is aimed at moving towards the next stage of project
evaluation and optimisation to realise the upside that has been
identified."
"The next objective for the project evaluation is to update this
economic assessment and technical report in light of the current
step-out drilling on the Sleeping Giant zone and upcoming mineral
resource update. This mineral resource update will also incorporate
the understanding of the project economics that were gained from
this initial assessment. We are confident that these updates will
demonstrate significantly increased return from the project"
Additional detailed information on the PEA is contained in the
October 5, 2011 Press Release and the Technical Report available on
SEDAR.
Next Steps
Based on the results of this PEA, CNI's management and board are
committed to continuing the evaluation of the Project. Activities
that are currently underway, which include drilling to secure
additional metallurgical samples, metallurgical test work,
environmental baseline studies and the preparation of the
environmental scoping study will position the project for fast
track development.
Following the completion of this year's step-out drilling the
Mineral Resource and PEA will be updated. The company is targeting
early 2012 to release the results of this work.
The preliminary economic assessment was compiled by Roscoe
Postle Associates Inc. ("RPA"), Mineralurgy Pty Ltd ("Mineralurgy")
and Lycopodium Minerals Pty Limited ("Lycopodium"). The key
consultants involved in the studies are described the October 5,
2011 press release, in the "Qualified Persons" section and in the
technical report. The preparation of the study was managed by
Stewart Watkins, CNI's Study Manager.
All qualified persons have reviewed this press release and
consented to the inclusion of the data in the form and context in
which it appears.
Note: All cases in this Preliminary Economic Assessment are
preliminary in nature and include both Indicated and Inferred
Mineral Resources. Inferred Mineral Resources are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as Mineral
Reserves. There is no certainty that the Preliminary Economic
Assessment will be realized.
About Continental Nickel Limited
Continental is focused on the exploration, discovery and
development of nickel sulphide deposits in geologically
prospective, but under-explored regions globally. The Company's key
asset is its 75% interest in its Nachingwea property in Tanzania,
where Mineral Resources (Measured and Indicated) have been
estimated at 60,900 tonnes of contained nickel, and an additional
131,000 tonnes of contained nickel in Inferred Mineral Resources
(CNI press release April 15, 2011). The project is a 75:25
exploration joint venture between the Company and IMX Resources
Limited.
The Company also has an option to joint venture on the St.
Stephen project in New Brunswick, Canada where the 2010 diamond
drill program discovered new Ni-Cu sulphide zones.
As at the date of this release, the Company has 42,738,508
common shares issued and outstanding (50,956,914 on a fully-diluted
basis) and trades on the TSX Venture Exchange under the symbol CNI.
The Company remains well funded with over C$13.6 million in the
treasury as at June 30, 2011.
On behalf of Continental Nickel Limited
Dave Massola, President and Chief Executive Officer
CAUTIONARY STATEMENT: 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 potential mineralization,
potential or estimated metal recoveries, resources and reserves,
exploration results, future plans and objectives of Continental
Nickel Limited, is forward-looking information that involves
various risks and uncertainties. There can be no assurance that
such information will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such information. Important factors that could cause actual results
to differ materially from Continental Nickel Limited's expectations
are the risks detailed herein and from time to time in the filings
made by Continental Nickel Limited with securities regulators.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein.
Contacts: Continental Nickel Limited Dave Massola President and
Chief Executive Officer (905) 815-0533 Ext. 228 (905) 815-0532
(FAX) Continental Nickel Limited Stewart Watkins Vice President
Projects +61 403 242
954info@continentalnickel.comwww.continentalnickel.com
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