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Gold/Mining/Energy : Rumour Thread -- Ignore unavailable to you. Want to Upgrade?

To: Surething who wrote (133)	2/5/1998 9:10:00 PM
From: Mr Metals	Read Replies (1) \| Respond to of 223

Let me guess. Is it Weda Bay...WDA on the ASE. Weda Bay Minerals Inc - realtimeWDA - A7.0ÿ1.26 - 1.30ÿ9.0ÿ1.30ÿ+0.25ÿ312.9ÿ861.35-1.20-1.480.90 - 5.65Feb 5 14:26ÿFeb 5 Progress on Halmahera nickel project Weda Bay Minerals Inc WDAShares issued 173946841998-02-04 close $1.05Thursday Feb 5 1998Mr Louis Clinton reports Resource Estimation A 250% increase in total resource has been achieved since the previous news release on November 12 from 36.4 million dry tonnes of 1.53% Ni and 0.08% Co to 92.1 million dry tonnes of 1.39% Ni and 0.10% Co including 63.8 million dry tonnes of 1.51% Ni and 0.09% Co. This increase is the result of upgrading the inferred resource to an indicated resource and bringing additional known inferred resources to account. Material in the overburden containing above 0.1% Co but below 1.0% Ni has also been included in the total resource. A total of 11,195m of diamond drill core in 808 drill holes increases the confidence in the resource calculation. It is considered that the 200m by 100m grid drilled areas can now be classified as an indicated resource. This closer spaced pattern drilling means that comparisons can be made between mineralization encountered in the initial wide-spaced drill holes and the drill indicated resources. This comparison has enabled the known mineralization in areas of wider spaced drilling (500m) to be classified as an inferred resource category. The laterite material previously reported as being in the overburden and with a cut-off grade in excess of 0.1% Co, has been included in the total resource estimate as a high grade indicated cobalt rich resource. Additional potential, in excess of 150 million tonnes, has been identified from mapping of laterites using helicopter surveys and ground reconnaissance. Experience gained from the drilling of the Halmahera laterites during the past 12 months allows a potential tonnage for these undrilled laterites to be estimated without assigning any assay grades. The following is a summary of resources drilled to date on Halmahera, calculated on a 1% Ni cut-off and a dry specific gravity of 1.1 g/cc. Dry tonnes Ni Co Prospect (000's) (%) (%) ------------ ------ ------ ------ Area 2 3,200 1.72 0.07 Uni-Uni Hill 4,500 1.58 0.08 Tarzan West 7,500 1.44 0.08 Tarzan East 7,600 1.48 0.08 Sake River 15,200 1.51 0.06 Jira River 25,800 1.51 0.12 Total 63,800 1.51 0.09 Additional resources calculated at a 0.1% Co cutoff in the overburden over the above resource: Dry tonnes Ni Co Prospect (000's) (%) (%) ------------ ------ ------ ------ Area 2 400 0.81 0.21 Uni-Uni Hill 1,000 0.79 0.19 Tarzan West 1,300 0.80 0.14 Tarzan East 1,400 0.81 0.17 Sake River 1,400 0.81 0.17 Jira River 4,500 0.83 0.22 Total 10,000 0.82 0.19 Inferred resources based on 500m drill spacing at Casuarina, Orchid, Sake River West, Lipe River and the undrilled portion of Jira River (East). Dry tonnes Ni Co Prospect (000's) (%) (%) ------------ ------ ------ ------ Lipe River 8,000 1.15 0.14 Orchid 2,000 1.20 0.14 Casuarina 2,300 1.57 0.03 Sake West 2,000 1.69 0.08 Jira River 4,000 1.29 0.10 Total 18,300 1.28 0.11 Summary of total resources drilled to date: Dry Tonnes Ni Co Category (million) (%) (%) ------------ -------- ------ ------ Indicated resources at 1% Ni cut-off 63.8 1.51 0.09 Additional indicated resources at 0.1% Co cut-off 10.0 0.82 0.19 Inferred resources at 1% Ni cut-off 18.3 1.28 0.11 Total resources 92.1 1.39 0.10 150 million tonnes of potential additional Ni/Co bearing laterite identified from helicopter mapping surveys and ground reconnaissance. Scandium The Scandium concentrations in the Halmahera laterite represent a possible economic by-product. Scandium is widely distributed in the earth's crust but normally at low concentration levels. The main uses for scandium and its compounds are in highly specialized areas such as metal halogen lighting, laser crystals, master aluminium scandium alloys, aluminum/scandium weldwire, high temperature superconductors, catalysts and high intensity mercury vapour lamps. The future growth for scandium demand lies in the scandium/aluminum alloys for use in the aerospace, automotive, sporting and other industries. Location of Process Plant Preliminary engineering studies support the concept of an on site processing facility using the energy from the burning of sulphur for acid generation to produce high grade nickel and cobalt products. Contract of Work As previously reported, President Suharto and the government of Indonesia have approved the Weda Bay Contract of Work and have tentatively set February 17 1998 as the date for signing. Future Program Given the granting of the COW and the favourable metallurgical results, the company has decided to transport a bulk sample of typical lateritic ore to North America for pilot plant evaluation. Results from this testwork will be included into the company's preliminary feasibility studies and economic analyses when completed. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com Mr Metals