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The MOU is subject to a number of conditions including the satisfactory conclusion of a feasibility study, entering into an engineering procurement and construction contract with TCC, the identification of an equity partner and an offtake partner for the Project.
The Marlborough ore resource, which is 100% owned by GPNL, has a JORC compliant resource of 71 million tonnes of laterite nickel ore at 0.91% nickel and 0.06% cobalt.
The resource is based on only five of the thirteen deposits on the Marlborough tenements.
The Company believes that there is sufficient ore resource at Marlborough for it to supply 100% of the feed for a standalone heap leach operation in addition to providing partial feed to the Company's proposed high pressure acid leach plant at Gladstone.
The development of the MHLP would establish the Company as a nickel producer.
The Directors believe that the Project has the potential to provide up to 24,600 tonnes/annum of contained nickel and 1,700 tonnes/annum of contained cobalt in intermediate product.
Initially the product is expected to be sold to nickel refiners for further processing.
The Company has undertaken four column tests (150mm wide and 4 meters high) on the Marlborough ore.
These tests indicate high extraction of between 75-88% Ni over a relatively short period of 165 days with sulphuric acid consumption of 300-550 kg/tonne of ore, which compares favorably to other proposed heap leach projects.
Testing has shown extractions of up to 80% within 126 days with sulphuric acid consumption of 261 kg/tonne from areas which are likely to be mined early in the Project.
(MORE TO FOLLOW) Dow Jones Newswires
10-15-09 0747ET
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