ONTARIO – The results of the preliminary economic assessment of the Hart nickel project in Timmins is positive, says owner Liberty Mines of Toronto. Using a nickel price of $10 per pound, the project has a net present value of $35.8 million (8% discount). But if the price bumps up to $12/lb, the NPV rises to $81.5 million.
Liberty says total capital costs will be about $105 million, and the mining costs would average $64.43 per tonne. An underground mine accessible by ramp and producing 750 tonnes of ore daily is planned. Over the eight-year mine life, approximately 38.5 million lb of nickel would be produced. Ore will be treated at Liberty’s Redstone mill 5 km away.
The Hart deposit has indicated resources of 1.5 million tonnes grading 1.40% Ni and inferred resources of 322,000 tonnes grading 1.27% Ni.
To see an image of the Hart & Hart East projects, go to LibertyMines.com and read the investor presentation of June 2012.