Sydney-headquartered takeover target Allegiance Mining NL has begun its 2008 summer drilling exploration program, targeting nickel, copper and tungsten in the more remote parts of its western Tasmanian tenements.
Principal targets are in the Trial Harbour tenement west of its flagship Avebury project, the Godkin tenement east of Melba and the East Renison tenement north-east of Melba.
In a statement to the Australian stock exchange on Tuesday, chairman Tony Howland-Rose said the summer program will cost about $2 to $3 million.
Mr Howland-Rose said Allegiance had long believed western Tasmania to be highly prospective for major base metal deposits similar to Avebury, which was discovered in the late 1990s.
Avebury, the company’s first nickel project, is due to start production in the first quarter of this calendar year. Read more
ORSK, Russia, — /PRNewswire-FirstCall/ — Mechel OAO , one of the leading Russian mining and metals companies, announces it has commissioned new self-propelled drilling rigs at the open pit mines of its subsidiary, Southern Urals Nickel Plant OAO. Commissioning of the new equipment will enable Mechel to increase nickel ore mining efficiency while reducing production costs.
The new Russian-made self-propelled drilling rig, UKB-5S, was commissioned at the Sakharinsk open pit mine at the Southern Urals Nickel Plant OAO this month. A similar unit was delivered to the Buruktal open pit mine administration last week.
The cost of commissioning two UKB-5S drilling rigs was more than RUR12.0 million (approximately US$480 thousand). The designed capacity of each unit is approximately 400 running meters per month.
The acquisition of the drilling rigs will allow the plant to carry out independent operational Read more
JAKARTA, Sept 24, 2007 (Asia In Focus via COMTEX) — PT WEDA BAY NICKEL, a company controlled by France’s mining company ERAMET SA will set aside up to US$2 billion to exploit nickel mines in Teluk Weda, Halmahera, North Maluku. Currently Weda Bay is conducting feasibility study expected to be completed in 2009, Coal and Geothermal Director General Simon Felix Sembiring said last weekend.
* Construction could start after the completion of the feasibility study and the production is expected to start in 2011, Sembiring said.
* Earlier Eramet Executive Vice President Francois Gabrie Sauvage said the Teluk Weda mines could produce up to 60,000 tons of nickel and 4,000 tons of cobalt a year. Read more
Asian stocks rose Thursday taking a clutch of markets to all-time highs as some of the caution triggered by stock market turbulence earlier in the year faded.
The jump in share prices saw the bourses in Hong Kong, Australia and Singapore hit record closing highs as investors put aside concerns that a US credit crunch could cause a major economic slowdown. Other Asian markets did well including Japan, where share prices surged 2.4 percent.
SHANGHAI: Chinese share prices closed 1.33 percent higher as banks were boosted by a strong rise in newly-listed China Construction Bank (CCB), dealers said. The Shanghai A-share Index rose 74.40 points or 1.33 percent to 5,677.21.
SEOUL: South Korean share prices closed 1.4 percent higher as investors returned to the market in an upbeat mood after a three-day trading break, dealers said. The KOSPI index ended 26.02 points higher at 1,945.28, after earlier rising to 1,952.39. Read more
TORONTO, ONTARIO–(MARKET WIRE)–Sep 6, 2007 — First Nickel Inc. (Toronto:FNI.TO – News) is pleased to provide an update and revised outlook on its operations.
Production at the Lockerby Mine is currently from stopes on the 64 level and the 35-1 level in the Depth and East zones, respectively. The main ramp on the Depth is 50m from the 65 Level where most of 2008 production has been scheduled. Production has continued to ramp up, with an estimate of 12,857 tonnes shipped to Strathcona Mill at an estimated grade of 1.86% Ni for August. The mine is now targeting 13,500 tonnes per month for the balance of the year, a rate which is in excess of the original plan. This will lead to full year output of 136,100 tonnes, or 90% of the original forecast of 152,000 tonnes. Payable nickel is estimated at 3.9 million pounds compared to the original forecast of 4.7 million. The difference is largely attributable to the decision taken earlier in the year to mine lower grade ore at the start of production on the 64 Level which was ore that would have otherwise been abandoned, and also allowed for the development of the western portion of the 64 Level and the continuation of the main ramp toward the 65 Level without interruptions to production. Read more
TIMMINS, ON–(MARKET WIRE)–Sep 7, 2007 — Liberty Mines Inc. (CDNX:LBE.V – News) (“Liberty or the Corporation”) is pleased to announce the acquisition of a block of contiguous mining claims encompassing the Groves nickel copper platinum group metals (“PGM”) deposit, located approximately 15 km south east of Gogama, Ontario. The 28 mining claims consist of 400 units or 6,400 hectares which cover a magnetic anomaly interpreted as a large gabbroic intrusion. The anomaly is approximately 12 km long and varies in width from 1 km to 2 km.
The center of the anomaly contains an historically reported resource of 500,000 tons (Canadian Mines Handbook, 1957) of 1.5% combined copper (“Cu”) plus nickel (“Ni”) above the 45.7m level in two separate zones, which was not drilled to NI 43-101 standards and should not be relied upon. Within the gabbroic/dioritic core, the southern portion of the two zones is continuous over a 69m strike length with an average historical grade of 0.975% Ni and 1.18% Cu over a 5.85m depth. The northern zone can be traced eastward for 123m at an average grade of 1.56% Ni and 1.46% Cu with a 3m depth, also above the 45.7m level. Both zones are open at depth. Read more
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 6, 2007) – MBMI RESOURCES INC. (TSX VENTURE:MBR – News; “MBMI”) (“the Company”) wishes to provide an overview and update of the mining activity and infrastructure progress by subsidiary Narra Nickel Mining and Development Corp. (“Narra Nickel”), which is developing the Alpha direct shipping nickel mine in Palawan, Philippines.
Narra Nickel Infrastructure:
The road to the Alpha mine site was completed during July, and Narra Nickel has steadily increased the daily ore delivery rate to its stockpile area on the coast as road conditions have been continually improved. Subject to weather conditions, operations are maintained on a 24 hours a day, 7 day per week schedule. During August, the peak rainy period for Palawan, operations were frequently disrupted as weather created unsafe transit conditions on the mine road; however, the gradual transition into the dry season is expected to commence shortly allowing the weekly ore production rate to rise to targeted levels. Read more