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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (34747)	3/26/2009 10:13:10 PM
From: LoneClone	Read Replies (1) of 193970

Metalica defers nickel laterite study March 26, 2009 news.theage.com.au Metallica Minerals Ltd has deferred a feasibility study into a planned nickel laterite operation at its flagship north Queensland nickel cobalt project near Townsville. The decision was made due to poor market conditions, depressed metal prices and sentiment, particularly for nickel and nickel laterite projects, it said in a statement on Thursday. "The feasibility study is at a stage that will enable it to be quickly re-started," it added. The study was at an advanced stage and involved two advanced nickel deposits, Bell Creek and Minnamoolka, at the northern end of the project. It did not include the emerging cobalt-rich Kokomo nickel laterite deposit in the centre of the project area. "The company continues to actively evaluate mineral resource opportunities becoming available in the current commodities market," it said. Metallica said it maintains a healthy cash position of about $19.8 million and has no debt. Metallica shares were up three cents to 23 cents at 1052 AEDT.

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