I doubled up on FNI yesterday and there has been good follow through today, FNI up .07 today to .73.
When the market talks, one has to try and see if it is rhetoric or substantive. This one's speech appeared substantive-lol.
Sort of like picking good politicians-lol.
First Nickel Inc (C-FNI) - News Release
First Nickel releases 2007 Lockerby expectations
2006-12-18 12:32 ET - News Release
Shares issued 93,675,715
FNI Close 2006-12-15 C$ 0.61
Mr. William Anderson reports
FIRST NICKEL 2007 OUTLOOK
First Nickel Inc. is releasing an update and outlook on its underground operations at the Lockerby mine located in Sudbury, Ont.
First Nickel is currently driving production drifts and producing development ore from the 64 level and the 35 level in the Depth and East zones, respectively. These two areas will provide much of the production in 2007, while at the same time an aggressive development program will be maintained over the course of the year in order to establish access and infrastructure well in advance of 2008 production.
Forecast production for 2007 is 152,042 tons of ore grading 1.85 per cent nickel (Ni), 1.12 per cent copper (Cu) and 0.06 per cent cobalt (Co) which will yield approximately 4.7 million pounds payable nickel, 3.2 million pounds payable copper and 86,000 pounds payable cobalt.
The company will release a resource estimate to the 67 level in the first quarter based upon the recently completed very successful drilling campaign. The next phase of activity will include a drill program designed to define the resources to a higher category from 67 to 72 levels. The latter project should be completed by June.
Compilation and interpretation, carried out in 2006, of historic drilling and mining activities have generated exploration and potential development opportunities in the vicinity of the upper mine workings as well as elsewhere on the mine property. These targets represent potential to add near-term production, and a follow-up exploration program to advance those activities will be aggressively pursued.
"After a year of working through and correcting some difficult operating issues at Lockerby we can look forward in 2007 to steady production, solid cash flow, and most importantly, we can begin to focus on the upside opportunities on the property, which was the original reason for purchasing the mine," states William Anderson, president and chief executive officer of First Nickel. "We have put together a good team at this operation, and have the complementary technical and exploration talent to achieve our longer-term goals of growing the business and converting development opportunities into production areas."
Paul Davis, PGeo, vice-president, exploration, First Nickel, is the designated qualified person as defined by National Instrument 43-101, and is responsible for the verification and quality assurance of First Nickel's exploration data and analytical results. Samuele Renelli, PEng, Lockerby's chief mine engineer, oversees mine engineering activities on behalf of First Nickel.
First Nickel follows a rigorous quality-assurance/quality-control protocol on all of its exploration projects. Whole drill core is sampled and sent to a commercial laboratory, SGS Laboratories in Garson, for preparation and specific gravity measurements and shipped internally by SGS to Toronto for assay. A rigorous quality-assurance/quality-control program is employed which includes the insertion of standards and blanks for each batch of samples. Historic analytical work completed by Falconbridge was completed by a commercial laboratory, Lakefield Laboratories.
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