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hitekinvestor (ID#: 204917) Very Interesting Inco (N) news release. 6/8/00 19:14 1617001
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Howdy Folks,
What I think is a news release that I will call a benchmark of what they call
a "low cost - profitable orebody" - "orebodies containing eight million
tonnes, grading 1.88 per cent nickel, 0.84 per cent copper and 0.91 grams per
tonne of platinum-group metals."
So obviously if Flag could come up with these numbder or better it is off
to the races. I don't even think Scrapper925 could despute that one !!
It just answers (in my mind) the speculation I have heard many times on
this board, as to what grading does one need to open a mine, or get Inco
or some other producers attention to do so..
Tim
INCO LIMITED
Canadian Quotes from Telenium
N. (TSE)
--------------------------------------------------------------------------------
Attention Business Editors:
Inco to expand high grade McCreedy East Mine near Sudbury
TORONTO, June 7 /CNW/ - Inco Limited announced today that it is moving
forward with a Cdn.$46 million (U.S.$33 million) project to develop a high-
grade nickel deposit at its McCreedy East Mine near Sudbury, Ontario.
The project represents Inco's fourth mining or exploration announcement
this year as part of its strategic objective to bring into production more low-
cost, profitable orebodies at its Canadian operations. It will involve mine
development of the Main and adjacent West orebodies containing eight million
tonnes, grading 1.88 per cent nickel, 0.84 per cent copper and 0.91 grams per
tonne of platinum-group metals.
"This new project is an expression of confidence in our Sudbury
operations and in our employees who recently concluded a new collective
bargaining agreement that we consider a breakthrough since it links employee
remuneration to the profitability of the Ontario Division," said Peter Jones,
Executive Vice-President, Operations.
Jones added that expanding the McCreedy East Mine provides the Ontario
Division with another source of low-cost production for at least another 15
years. In addition, McCreedy East has other mineral zones with excellent
potential to further extend the life of this mine.
The project will allow the McCreedy East Mine to increase its production
to 4,350 tonnes a day from the current 2,700 tonne rate when it is expected to
be in full production by late 2004. At this rate, it would produce 48 million
pounds of nickel and 92 million pounds of copper annually, up from the current
29 million pounds of nickel and 82 million pounds of copper.
Located about 50 kilometres west of Sudbury, McCreedy East is one of
Inco's most productive mines with its ore handling and materials
transportation accessible by existing infrastructure at Inco's nearby Coleman
Mine.
As part of its strategy to develop new low-cost sources of nickel in
Canada, Inco announced earlier this year the deepening of the Birchtree Mine
at its Thompson, Manitoba operations. The Company also reported positive
exploration results at its Kelly Lake and Totten Mine deposits near Sudbury.
Inco is one of the world's premier mining and metals companies. It is a
leading producer of nickel, supplying about 24 per cent of total world demand.
It is also an important producer of copper, precious metals and cobalt.
This news release contains forward-looking statements regarding this
project, including its timing, ore grades and production rate. Actual results
may differ materially from those contemplated by these statements depending
on, among others, such key factors as construction costs and timetables,
production rates and costs and metals prices.
%SEDAR: 00001084EB
-30-
For further information: Investor Relations: Sandra Scott,
(416) 361-7758; Media Relations: Jerry Rogers, (416) 361-7754;
Or www.inco.com.
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