Szklary Ni Project - Mining Concession Renewal
Perth, April 15, 2013 AEST (ABN Newswire) - Northern Mining Limited (
ASX:NMI) is pleased to advise that the concessions and mining lease agreement for the Szklary Nickel Project ("the Project") in south west Poland were renewed for a further three years from 25 March 2013 to 25 March 2016 (NMI 90%).
The Benefits:
This Mining Concession renewal and the potential of the Szkalry Nickel Project is of economic significance to the Company.
The Potential:
NMI believes that the location of its concession areas to the KGHM Polska Miedz S.A. (KGHM) concession, combined with locating a reasonably priced source of sulphuric acid (KGHM a possible source) and heap leaching applied, will provide a strong strategy for the Company to maximise the real value of the Project. Additionally, potential exists to increase the size of the Szklary Inferred Resource through further study of the historic workings and determining their effect.
The Project:
Developed on the Szklary Ultramafic body, the Project is subdivided into three mineralised zones; NMI's two concessions are granted over the northern, southern and a portion of the middle zone, whilst KGHM - commonly referred to as "Polish Copper" and one of the world's largest copper producers, has a 515,000sqm concession granted over a portion of the middle zone (Figure 1).
The Project is located close to existing infrastructure and has an initial Inferred Resource to JORC reporting standards of 16.8Mt @ 0.6% Ni for 94,000t contained nickel (including 3.2Mt @ 0.9% Ni) (announced to the ASX on the 29 July 2008).
This resource estimate is for only 3.7 kilometres of the six kilometres of strike length of the NMI deposit. A significant portion of the southern concession area has been excised from the resource estimate due to uncertainty regarding historical workings (announced to the ASX on the 29 July 2008).
The Strategy:
NMI and experienced industry participants in nickel laterite heap leaching are currently assessing the potential value of combining the NMI and KGHM concessions for future sale or acquisition.
The Aim:
To obtain the maximum commercial value of the Project in the minimum amount of time.
NMI Moving Forward:
NMI believes that its projects contain high quality drill targets that offer the Company positive returns for the future. The Company is currently appraising its exploration portfolio with a view to maximising the potential of its projects in Western Australia, the Northern Territory and Poland. Results of these appraisals will be released soon.
Contact
Northern Mining Limited
T: (08) 9244 8499
F: (08) 9244 3166
WWW: www.northernmining.com.au/
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