First Nickel raises funds to reopen Lockerby mine

The Canadian Mining Journal.com reports that First Nickel (TSX:FNI) is working towards re-opening the Lockerby mine near Sudbury by raising funds with an equity offering.

The story is quoted as saying:

A feasibility study for reopening was produced in 2009. It indicated that the mine could produce 51.7 million lb of nickel, 34.4 million lb of copper, 1.0 million lb of cobalt. PGE and precious metals over a 6.5-year life. Unit cash costs were estimated to be US$4.56 million per pound of nickel net of byproduct credits. Pre-production capital expenditures were pegged at C37.5 million.

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