NORTHERN ONTARIO - Toronto-based FIRST NICKEL has filed its first NI 43-101 report on the former Lockerby nickel mine. The property has measured resources of 223,000 tonnes averaging 1.90% Ni, 1.00% Cu and 0.06% Co. Another 892,000 tonnes of inferred resources averaging 2.4% Ni, 1.43% Cu and 0.07% Co were also identified.
First Nickel says the mine is well-maintained and production can be resumed with minimal development. The company has crews at the mine refurbishing the mobile equipment and re-establishing the surface and underground services in preparation for reopening later this summer. It plans to ramp up production to near the historic rate of 220,000 tonnes/year.
Former operator FALCONBRIDGE sold the Lockerby mine to First Nickel earlier this year. First Nickel paid $8.6 million in cash, common shares and the assumptions of liabilities. Mining ceased in September 2004.
The NI 43-101 report on the Lockerby mine is posted on the SEDAR web site (www.Sedar.com). Search for "First Nickel" in the database of public companies.
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