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Gold/Mining/Energy : Nuinsco Resources (NWI) -- Ignore unavailable to you. Want to Upgrade?

To: donkeyman who wrote (919)	2/18/1999 4:22:00 PM
From: Tom Cat	Read Replies (2) \| Respond to of 5821

donkeyman, very interesting news in the Ni side of the equation, Sutton being purchased by Barrick was announced today, price tag is 550M. Sutton has 40% of the deposit that is described in the news below. The significance of this is that, in spite of the market conditions, there are good chances that a good deposit still commands a good price tag. Sutton was up today $5 closing close to $12. Barrick in the Ni business?....hmmmmm. Notice that the grades are in line with NWI's,all that NWI needs to do now is to prove about 30 million tonns and voila.... enjoy the ride TC =================================================== Sutton Resources Ltd - Sutton Resources' Kabanga project results Sutton Resources Ltd STT Shares issued 36,640,230 1999-02-11 close $6.75 Friday Feb 12 1999 Mr. Michael Sutton reports Sutton Resources Ltd. has received a new preliminary resource and some promising mine development studies from Anglo American Corporation of South Africa which resulted from an aggressive exploration and engineering program on the Kabanga nickel-cobalt sulphide project in western Tanzania. Anglo is earning a 60 per cent interest in this project from Sutton. Anglo has completed nearly 40,000 metres of diamond drilling at Kabanga focused primarily on the north deposit. A modest amount of drilling on the main deposit will be supplemented with additional work this year. The table below outlines the results of preliminary resource calculations on the size of the Kabanga deposits to date using a 0.8 per cent nickel cut-off grade. Both deposits are open and other good exploration targets remain to be tested. Deposit Tonnes Nickel Copper Cobalt (millions) (%) (%) (%) North 15.5 2.43 0.30 0.18 Main 5.8 1.50 0.19 0.11 Total 21.3 2.18 0.27 0.16 (These deposits contain over one billion pounds of nickel and 75 million pounds of cobalt.) A detailed prefeasibility study is examining the viability of a mine that could produce more than 35 million pounds of nickel and 2.5 million pounds of cobalt per year for more than 15 years. The Kabanga deposits are sulphide deposits exhibiting good metallurgical response and good metal recoveries to concentrates. Further testing to determine the best processing plan will be carried out this year along with additional exploration drilling and other engineering studies. On the nearby Kagera region (Anglo 60 per cent and Sutton 40 per cent) the regional reconnaissance licence has expired. As provided in Sutton's agreement with the government of Tanzania, a number of individual prospecting licences over promising nickel - cobalt anomalies will be issued to new Tanzanian companies owned by Anglo and Sutton. These targets will be assessed during 1999, as individual exploration budgets are approved.