Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (36674)	3/23/2007 9:25:52 AM
From: LoneClone	Respond to of 78431

Skye plans for Guatemalan ferronickel mine output in late 2009 Source: Platts metalsplace.com Canada's Skye Resources Inc. aims to start commercial production from its Fenix ferronickel project in Guatemala in the latter part of 2009, the company said Thursday. Ian Austin, company president and CEO said: "In April, Skye's Guatemalan subsidiary was granted an exploitation license for an initial term of 25 years that allows mining to take place at the Fenix project. In September, Skye received the feasibility study for the ferronickel smelting project and the preliminary assessment for an expansion project using hydrometallurgical processing. These studies support management's view that Fenix is one of the world's best high grade nickel deposits, capable of being brought into production in the near term, and so we are continuing to aggressively advance the project with a view to being in production in the latter part of 2009." The proven and probable reserves classified in the feasibility study are sufficient for a 30 year mine life for the ferronickel smelting project. The ferronickel project would produce about 50 million lb/year of nickel over its first 20 years of operations. Meanwhile, Skye reported a loss of C$33.65 million ($29.01 million) for the year ended December 31, 2006, compared with a loss of C$28.47 million for 2005. The company attributed the loss mainly to exploration and development costs associated with Skye's Fenix project in Guatemala and corporate and non-cash stock-based compensation expense.