MANITOBA - Torontos VICTORY NICKEL continues to report encouraging drill results from its Minago nickel project 225 km south of Thompson. The best of the most recent holes returned 1.4% Ni over 36.0 m. The company is preparing a feasibility study on the project. A scoping study dated November 2006 indicates that the deposit will support both open pit and underground production at an annual rate of approximately 25.0 million lb Ni and a cash cost between US$3.50 and US$4.00/lb.
The Minago resources currently stand at 10.3 million t grading 0.6% Ni (measured), 38.8 million t grading 0.5% Ni (indicated), and 44.1 million t grading 0.5% Ni (inferred).
Victory Nickel (www.VictoryNickel.ca) was formed to manage the nickel assets of NUINSCO RESOURCES. It also owns the Mel project (also in the Thompson Nickel Belt) and the Lac Rocher project (in northwestern Quebec). Details on all of Victorys projects are available at its website.