June 24 - WDA.ASE - Update on Exploration Progress
WEDA BAY NICKEL/COBALT PROJECT - HALMAHERA ISLAND
A JOINT VENTURE BETWEEN WEDA BAY MINERALS INC. (90%)AND P.T. ANEKA TAMBANG (10%)
HIGHLIGHTS
- Initial Big Kahuna drill results including 10.35 metres of 2.10% Ni and 0.07% Co in hole DHW 098 confirm the potential of this prospect which is well in excess of 50 million tonnes
- President and CEO Louis Clinton commits full time to Weda Bay Minerals
- Preliminary results of the bulk sample being tested at Fort Saskatchewan, Alberta confirm the metallurgical testwork done to date.
EXPLORATION PROGRESS
Big Kahuna
Results have been received for the initial twelve holes from the extensive Big Kahuna prospect being drilled on a nominal 500 metre grid basis. An average thickness of 8.33 metres of laterite has been intersected grading 1.65% Ni and 0.10% Co in the nine holes drilled within the thicker laterite sequences. Because of the nominal 500 metre drill spacing two holes were drilled on the edge of the prospect and one over a basement high.
Good cobalt grades occur at Big Kahuna including 4 metres of 0.41% Co in hole DHW 103. Overburden material grading less than the 1% Ni cut-off averages 2m in thickness at a grade of 0.82% Ni and 0.23% Co.
These results confirm the potential of the Big Kahuna prospect which is located north and west of the Jira River prospect. Based on the size of the mapped area of laterite, the potential resource at Big Kahuna is well in excess of 50 million tonnes.
MANAGEMENT
With the completion of the Project Evaluation Study confirming the Weda Bay Nickel project as world class and, following his resignation as Chairman of Highland Pacific, the President and CEO of Weda Bay Minerals Inc., Mr. Louis Clinton, has agreed to commit full time to the Weda Bay Nickel project. Mr. Clinton expressed his confidence that the project can be developed rapidly and successfully and has the potential to become one of the world's lowest cost producers of nickel and cobalt. He noted that recent events in Indonesia had not affected the company's program. Recent statements from Mr. Kuntoro, Minister of Mines and Energy, confirm that all contracts with the Indonesian Government will be honoured.
METALLURGY
Preliminary results from the three tonne bulk sample of Weda Bay ore being tested through a pilot pressure acid leach facility at Fort Saskatchewan in Alberta confirm the high recoveries and rapid leach kinetics of the Weda Bay laterite ore. A more comprehensive news release will be made on this work when the final report is received.
By Order of the Board
WEDA BAY MINERALS INC.
"Louis A. Clinton"
LOUIS A. CLINTON, PRESIDENT
For additional information, please contact:
(604) 687-6223
or 1-888-933-2646
Fax (604) 684-0342
The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
|
