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Gold/Mining/Energy : Flag Resources (FGR.A A) -- Ignore unavailable to you. Want to Upgrade?

To: jbr29 who wrote (2598)	3/7/2000 1:34:00 AM
From: Natedog	Read Replies (1) \| Respond to of 4269

This is a very interesting news release by INCO everybody. Besides, Im getting nervous here boys. FLAG"S find could be very very unique if I do say so :) Flag Resources, Mustang Minerals and Pacific North West. "Inco's Exploration Strategy Paying Off in Kelly Lake Deposit near Sudbury TORONTO, March 6 /CNW/ - Inco Limited today announced that a major deposit at Kelly Lake near Sudbury has concentrations of nickel and platinum-group metals that are richer than those currently mined in its Ontario Division. The Company said today that the deposit, first identified in 1997, has an estimated 10.5 million tonnes of ore containing 1.77 per cent nickel, 1.34 per cent copper and 3.6 grammes per tonne of platinum-group metals. The Ontario Division currently mines ore with average grades of 1.41 per cent nickel, 1.40 per cent copper and 1.8 grammes per tonne of platinum-group metals. Inco is expected to make a decision later this year on when to bring the deposit into production. It is accessible by existing infrastructure near Inco's Copper Cliff South Mine. ``Our exploration strategy of aggressively searching for new deposits around our existing operations is really starting to pay off for us,' said Inco Chairman and Chief Executive Officer Michael D. Sopko. ``Our Canadian operations are very vital to our strategy of becoming the lowest-cost, most profitable nickel producer in the world. The Kelly Lake deposit is one of several new projects that we expect to be able to transform into low-cost mining operations.' Exploration at the Kelly Lake deposit is part of Inco's ongoing exploration strategy to find new sources of high grade ore at shallow depths or near its existing Canadian mines. The success of this program is reflected in the Kelly Lake discovery and in the recently announced high grade zone of nickel, copper and platinum-group metals at Totten, also in the Sudbury area. Because of its continued exploration success in the Ontario Division, the Company plans to spend US $7.7 million there this year on underground and surface exploration of several high potential targets. This will be Inco's highest annual exploration expenditure in Ontario since the late 1970s. 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.