Poseidon Nickel Makes Progress Toward Lake Johnston Restart

Poseidon Nickel Ltd. (ASX:POS) announced that the interim bankable feasibility study for its Lake Johnston project has been completed. The project should be Poseidon’s second to restart operations in 2015 (after Windarra).

Other activity at Lake Johnston includes:

• Initial mineral resource for the Lake Johnston, Maggie Hays deposit, has been announced as 3.8 million tonnes @ 1.41% nickel for 53,100 tonnes nickel
• Substantial activity underway to develop the geological model of Maggie Hays. Poseidon has recently identified a large volume of data not included in the resource/reserve block model particularly in the high grade north shoot. Further resource updates likely in Q1 2015.
• Capital cost for plant and infrastructure refurbishment to operating condition estimated to be A$6.8m including contingency and management costs
• Underground mine refurbishment costs to allow operations restart to be circaA$1.5m
• Tailings storage facility capacity extension currently under competitive tender with offers received in line with budget
• Key operational licences and permits remain in place and have been transferred to Poseidon

Click here to read the full Poseidon Nickel Ltd. (ASX:POS) press release.