Kola Mining Updates Progress on Russian Feasibility Study at Souker
06 August 2009 - 12:27AM
Marketwired
Kola Mining Corporation ("Kola Mining, The Company") (TSX VENTURE:
KM)(FRANKFURT: C8M) is pleased to announce that the Russian
feasibility study (TEO Konditsiy) currently underway for the Souker
project on the Kola Peninsula, Russia is progressing well and that
as per the license agreement should be completed by the end of
2009.
The study will include an update to the current NI 43-101
compliant resource of 103,000,000 tonnes at a grade of 0.26% Ni and
0.06% Cu classified as Indicated Mineral Resources and an
additional 261,000,000 tonnes at a grade of 0.24% Ni and 0.06% Cu
classified as Inferred Mineral Resources, containing 268,000 tonnes
(590,000,000 pounds) of indicated and 630,000 tonnes (1,390,000,000
pounds) of inferred resource of nickel metal (see Kola Mining Press
Release dated June 11th, 2008).
The company anticipates that the global average grade of the
deposit that will be submitted to the Russian Federation for
registration may exceed the average grade indicated in the recent
NI 43-101 technical report due to the inclusion of internal waste
zones in the previous work in which the current study anticipates
removal during mining. The company also anticipates the delineation
of locally higher grade zones for the same reason.
The updated resource estimate will include cobalt which is
estimated to be 0.02 - 0.03%. The inclusion of cobalt will raise
the equivalent grade of the deposit and the company envisions
recovering it in processing.
The Company is also completing additional metallurgical tests
with the hope of improving the quality of the concentrate to be
produced making it more desirable for the majority of buyers of
nickel concentrate. This includes the use of hydro-metallurgy,
pressure leach and others.
Metallurgical tests will be conducted in Russia by the
Technological University "Moscow Institute of Steel and Alloys",
one of the oldest and most regarded educational and research
institutions of nonferrous metallurgy in the Russian Federation and
validated by Kola Mining's QPs.
"We are encouraged by the recent developments in the world
economy and nickel price performance. We believe that nickel prices
will continue to rise. We are making excellent progress, and are on
schedule to register the Souker deposit with the Russian State
Committee on Resources (GKZ)," commented Mikhail Yuryev, Kola
Mining Chairman of the Board.
Brian McEwen is the qualified person (QP) for the Souker Project
as defined by the guidelines under NI 43-101. He has reviewed and
approved the contents of this news release.
On behalf of the Board of Directors of KOLA MINING CORP.
Victor Tskhovrebov, President & C.E.O.
Forward Looking Statements
This Company Press Release contains certain "forward-looking"
statements and information relating to the Company that are based
on the beliefs of the Company's management as well as assumptions
made by and information currently available to the Company's
management. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including,
without limitations, competitive factors, general economic
conditions, customer relations, relationships with vendors and
strategic partners, the interest rate environment, governmental
regulation and supervision, seasonality, technological change,
changes in industry practices, and one-time events. Should any one
or more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: Kola Mining Corporation Victor Tskhovrebov President
& C.E.O. 604.694.1600 www.kolamining.com
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