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ENVIRONMENTAL IMPACT: Victory Nickel files statement for Minago nickel project

MANITOBA - Toronto-based Victory Nickel has filed the environmental impact statement (EIS) for its 100%-owned ...



MANITOBA – Toronto-based Victory Nickel has filed the environmental impact statement (EIS) for its 100%-owned Minago nickel project in the Thompson Nickel Belt. If development proceeds, it will provide approximately 600 construction jobs and 400 full-time jobs once production begins.

The company expects that the technical review of the EIS and subsequent Manitoba conservation advice with respect to public consultations and requests for specific additional information will require several months.

Victory files the feasibility study in March 2010. It is to be an open pit mine with a
10,000-t/d conventional flotation mill. Pre-production capital expenditures would be $588.5 million in current Canadian dollars. Operating cost over the life of the mine is estimated at $2.12/lb net of byproduct credits. Frac sand would be the byproduct. The project has a net present value of $294 million (8% discount), and the initial capex would be repaid over seven years. The deposit contains a measured resource of 11 million tonnes at 0.56% Ni, an indicated resource of 34 million tonnes at 0.51% Ni, and an inferred resource of 15 million tonnes at 0.53% Ni (0.25% nickel cutoff).

Visit www.VictoryNickel.com to read the feasibility report in full.


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1 Comment » for ENVIRONMENTAL IMPACT: Victory Nickel files statement for Minago nickel project
  1. Henrik Thalenhorst says:

    Just a brief note on the Victory Nickel article. Since there is a feasibility study for the Minago project, mineral resources alone do not adequately describe the project. Also, the study makes a clear difference between total nickel content (which is stated for the resource grades in the article) and sulphide nickel content, the difference being unrecoverable silicate nickel. In addition to reporting measured and indicated resources of 54 million tonnes with an average grade of 0.52% total nickel, the article, in my opinion, should also have mentioned the proven plus probable reserves of 25.2 million tonnes with an average grade of 0.43% sulphide nickel (itself subject to a projected 71% metallurgical recovery). In the context of the project, the resource tonnages and nickel grades are economically misleading.

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