Continental Nickel Limited (TSX VENTURE: CNI) ("CNI" or the
"Company") is pleased to announce the appointment of key
consultants to complete the Technical Studies and prepare a
Preliminary Economic Assessment of the Ntaka Hill Nickel Project.
The group of consultants selected includes Roscoe Postle Associates
Inc. (RPA), Mineralurgy Pty Ltd. (Mineralurgy), G&T
Metallurgical Services (G&T), Lycopodium Minerals Pty Ltd.
(Lycopodium), MTL Consulting Company Limited (MTL) and Coffey
Environments (Coffey).
The Preliminary Economic Assessment will focus on the Ntaka Hill
Nickel Project, which is part of the larger 75:25 exploration joint
venture with IMX Resources Limited (ASX: IXR) for the Nachingwea
Project in Southern Tanzania. The Ntaka Hill Nickel Project has
currently identified resources as outlined below.
----------------------------------------------------------------------------
Tonnes Contained Ni
Resource Category (000's) % Ni % Cu (tonnes)
----------------------------------------------------------------------------
Measured & Indicated 4,981 1.22 0.24 60,900
Inferred 17,260 0.76 0.17 131,000
----------------------------------------------------------------------------
Note: Resources calculated at a US$17/tonne Net Smelter Return
("NSR") cut-off. See CNI press release April 15, 2011.
RPA, based in Toronto, Ontario, brings project familiarity and
continuity as they have previously completed the June 2009 and
April 2011 mineral resource estimates. RPA will conduct the mining
studies as well as lead the development of the preliminary economic
assessment to TSXV standards. The mining studies will include
investigating the options relating to both open pit and underground
mining to select the optimal approach for the development of the
project.
Mineralurgy is represented by world recognised metallurgical
consultant, Mr. Peter Munro. Peter has previously worked on many
base metal flotation projects including the Prominent Hill Copper
Project in Australia which is viewed as the benchmark by CNI in
terms of delivering the metallurgical performance promises from the
test work program. Peter will manage the metallurgical test work
and develop the process flowsheet and design criteria for the
proposed processing plant for the project.
The metallurgical test work will be carried out by G&T who
are based in Kamloops, B.C., and have extensive experience in the
metallurgical test work and flowsheet development for nickel and
other base metal flotation projects. G&T utilise a
mineralogical based approach to metallurgical test work that they
pioneered and developed over the last 25 years that has proven
invaluable in the effective understanding of an ore body's
metallurgy and the development of appropriate mineral processing
flow sheets.
Lycopodium, out of Perth, Western Australia, will complete the
costing study for the process plant and site infrastructure,
drawing on its many years of experience in nickel flotation and its
track record of project delivery in Tanzania. This experience in
Tanzania has most recently been working with an Xstrata Nickel and
Barrick Gold Corporation JV on feasibility studies and early stage
engineering for the Kabanga Nickel Project in north western
Tanzania. The Kabanga project has provided Lycopodium with a unique
understanding of the challenges with the evaluation, design and
costing of a nickel project in Tanzania. Besides assisting with the
evaluation of Kabanga, Lycopodium has an impressive track record of
project delivery in Tanzania including projects such as Golden
Pride, Buzwagi and Geita.
In addition to the Preliminary Economic Assessment, MTL, a
Tanzanian based environmental consulting group, will commence
environmental base line studies, initiate the registration of the
project for environmental approval and prepare the environmental
scoping study and terms of reference which comprise the first phase
of obtaining environmental project approval. MTL, being a Tanzanian
consultant, is uniquely experienced with the regulatory framework
in Tanzania and country specific challenges concerning
environmental, social and community issues.
To ensure that this environmental work carried out is in line
with CNI's environmental policy and international standards,
Coffey, a world class environmental consulting group, has been
engaged to provide oversight on the environmental investigations
and on the subsequent submissions and management plans which will
be developed.
The consultant team will be managed by Stewart Watkins, CNI's
Study Manager. The preliminary assessment is targeted for
completion in October 2011.
Mr. David Massola, President and Chief Executive Officer,
commented "We are very pleased to confirm engagement of the team
that has been assembled to move the project through this first
phase of development. This first phase includes the delivery of our
inaugural Preliminary Economic Assessment of the project together
with the commencement and progression of the critical path items
for subsequent project development such as environmental baseline
studies and approval and the collection of samples for the full
metallurgical test work program.
We have selected consultants who bring a pragmatic approach
which will allow the mapping of a development pathway for the Ntaka
Hill project which is cost effective while being suitably flexible
to allow for increases in resources from our current drilling
activities which will not be quantified until the Sleeping Giant
zone at Ntaka Hill is fully delineated. Additionally, it is of
particular importance to have a project scale and development
strategy that the Company can finance.
It is envisaged that this development strategy will incorporate
the initial exploitation of the high grade near surface resources
at Ntaka Hill followed by an expansion of the facilities to
increase the treatment rate and subsequent nickel production.
Targeting the completion of the preliminary assessment by
October 2011 is the first major step in the fast track development
program to bring this new significant nickel sulphide project into
production. This group of consultants will complement our existing
experienced management and exploration team in working towards
realising the value of the identified resources of the Nachingwea
land package in Tanzania."
About Roscoe Postle Associates
Roscoe Postle Associates Inc. (RPA) is based in Toronto with
offices in Canada, the United States and the United Kingdom. RPA
provides major mining companies, mid-caps, junior mining and
exploration companies, financial institutions, governments, law
firms, and individual investors with cost effective strategic
advice and solutions to challenges, through access to people
experienced in all aspects of the development and operation of
mining projects.
RPA have previously completed work on resource estimation on the
Ntaka Hill project including technical reports outlining the
mineral resources dated 30 June, 2009 and 8 April, 2011. RPA have
extensive experience in geology and mining associated with nickel
ore bodies around the world.
About Mineralurgy Pty Ltd.
Mineralurgy Pty Ltd. (Mineralurgy) was formed in 2000 as a
specialist consulting group solely focused on providing processing
expertise to the mining, metallurgical and process industries. The
company's senior staff members have over 150 years combined
experience at the "cutting edge" of processing, especially relating
to base metal flotation. Mineralurgy's staff has been instrumental
in the development of new processing technologies, as recognised by
the award of the President's Medal from the AusIMM and CSIRO medal
for various projects. Mineralurgy's consulting engineers focus on
interaction with geologists confirming relationships between a
deposit's geology and its processing characteristics.
Mr. Peter Munro, a Fellow of the AusIMM, has over forty years'
experience predominately in base metals flotation working for and
with companies such as MIM Holdings Limited (now part of Xstrata),
Oz Minerals and other major global producers. Peter's experience
covers all aspects of operations and project development including
flowsheet development, detailed design reviews, commissioning and
process optimisation and the provision of third party reviews for
financial and other institutions.
About Lycopodium Minerals
Lycopodium Minerals Pty Ltd. (ASX: LYL) (Lycopodium) is a
leading engineering and project management consultancy focused on
the evaluation and development of minerals processing, materials
handling and infrastructure projects. Since establishment in 1992,
major projects have been executed across a broad range of
commodities and technologies within Australia, Africa, Asia and
Europe. The organisation has an extensive Australian and
international client base and have established a reputation for
successfully delivering projects which consistently meet or exceed
all project criteria and performance targets.
Lycopodium provides a complete engineering service from study
phase through design, procurement, project and construction
management, often pioneering the introduction of modern process
plants and associated technologies to remote and logistically
challenging locations. Lycopodium is also proud to be acknowledged
by clients and peers for its innovative and collaborative approach,
while remaining committed to leaving positive legacies from its
services in the communities and environments in which the company
operates. Lycopodium has recently completed both study and EPCM
briefs for projects in Tanzania.
About MTL Consulting Company Limited
MTL Consulting Company Limited (MTL) of Tanzania was
incorporated in 1998 to provide consulting services in the areas of
geology, mining, mineral processing, geotechnical engineering and
environmental management. MTL brings together the experience of key
personnel from both industry and government sectors to leverage
local knowledge in the development of mining projects.
MTL has been involved in environmental consulting work on many
of the major mining projects developed and under development in
Tanzania, including the Kabanga Nickel Project, Golden Pride Gold
Project, Geita Gold Mine, Bulyanhulu Gold Mine, North Mara Gold
Mine, Tulawaka Gold Mine, Williamson Diamonds and a major uranium
project currently under development.
About Coffey Environments
Coffey International Limited (Coffey) (ASX: COF) is a specialist
professional services consultancy with expertise in geosciences,
international development, and project management. Operating for
more than 52 years, Coffey is well known in the market for deep
technical skills and market-leading solutions to complex tasks.
Coffey's geosciences consultancy, which includes Coffey
Environments, has worked on some of the world's most challenging
projects. Coffey Environments' specialist knowledge transforms
environmental, social and safety expenditure into investment. This
is achieved through the provision of technical and advisory
services covering environmental, social and health and safety
issues, waste management and energy monitoring services through a
project life cycle - from conception through design, approvals,
construction, operations, closure, decommissioning and site
rehabilitation. Coffey Environments has undertaken numerous
environmental and social impact assessments (ESIA) for projects
throughout the world, including the associated pre- and post-ESIA
work, with tasks involving strategic planning, site investigations,
training and localisation, public consultation and engagement,
baseline characterisation, ESIA preparation and reporting, and
performance monitoring and reporting.
About Continental Nickel Limited
Continental is focused on the exploration, discovery and
development of nickel sulphide deposits in geologically
prospective, but under-explored regions globally. The Company's key
asset is its 75% interest in the Nachingwea project in Tanzania,
where Mineral Resources (Measured and Indicated) have been
estimated at 60,900 tonnes of contained nickel, and an additional
131,000 tonnes of contained nickel in Inferred Mineral Resources
(CNI press release April 15, 2011). The project is a 75:25
exploration joint venture between the Company and IMX Resources
Limited.
The Company also has an option to joint venture on the St.
Stephen project in New Brunswick, Canada where the 2010 diamond
drill program discovered new Ni-Cu sulphide zones.
As at the date of this release, the Company has 42,713,508
common shares issued and outstanding (51,031,914 on a fully-diluted
basis) and trades on the TSX Venture Exchange under the symbol CNI.
The Company remains well funded with over C$8.7 million in the
treasury as at March 31, 2011.
On behalf of Continental Nickel Limited
Dave Massola, President and Chief Executive Officer
CAUTIONARY STATEMENT: This News Release includes certain
"forward-looking statements". All statements other than statements
of historical fact included in this release including, without
limitation, statements regarding potential mineralization,
potential or estimated metal recoveries, resources and reserves,
exploration results, future plans and objectives of Continental
Nickel Limited, is forward-looking information that involves
various risks and uncertainties. There can be no assurance that
such information will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such information. Important factors that could cause actual results
to differ materially from Continental Nickel Limited's expectations
are the risks detailed herein and from time to time in the filings
made by Continental Nickel Limited with securities regulators.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein.
Contacts: Continental Nickel Limited Dave Massola President and
Chief Executive Officer (905) 815-0533 (905) 815-0532 (FAX)
info@continentalnickel.com www.continentalnickel.com
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