IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
First Nickel Inc. (“First Nickel” or the “Company”) (TSX:FNI) is pleased to provide an update on its Lockerby Depth Project and its plans to resume production at the Lockerby nickel/copper mine, located in Sudbury, Ontario, Canada. Both financing and project schedules are on track for commencement of ore production in the third quarter of this year with a ramp-up to full production of 10 million pounds of nickel and 7 million pounds of copper per year by mid 2012.
The re-commissioning phase of activity is nearing completion. This work entailed refurbishment of various mine conveyances, the current mobile fleet and equipment and the installation of a new waste/ore handling system on the 5100 level that will be ready for commissioning in early May.
The Company is pleased to announce it has engaged J.S. Redpath Limited as the mining contractor to execute the Company’s capital development program to the 7000 level. The work involves the completion of the ramp, as well as lateral and vertical development. J.S. Redpath Limited is an internationally-recognized mining contractor known for its focus on safety, project execution, and attention to cost. Mobilization of the crews will take place in May.
Gerry Bilodeau, Chief Operating Officer, commented “In the last few months the Lockerby team has focused its efforts to ready the mine for the re-start. Engaging J.S. Redpath Limited, a company we know well and respect, is one of the final major milestones needed to allow us to begin advancing our development program later this Spring”.
About First Nickel
First Nickel is a Canadian mining and exploration company that has recently commenced restart activities at its Lockerby nickel / copper mine in the Sudbury Basin in northern Ontario. Once the Lockerby mine reaches full production (expected in 2012), it will produce approximately 10 million pounds of nickel and approximately 7 million pounds of copper annually. In addition to the Lockerby nickel mine, the Company owns exploration properties in the Sudbury Basin, the Timmins region of northern Ontario, and the Belmont region of Eastern Ontario. First Nickel’s shares are traded on the TSX under the symbol FNI.
Image from First Nickel. Read the full news release here.
