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INDEPENDENT NICKEL CORP.
102 - 957 Cambrian Heights Drive
Sudbury, ON P3C 5M6
(the "Company")
NEWS RELEASE
August 15, 2007
Independent Nickel Corp. Announces Start of Trading
on Toronto Stock Exchange
and Provides Corporate Update
Sudbury, Ontario – August 15, 2007– Independent Nickel Corp. (INI:
TSX) (the “Company” or “INI”) is pleased to announce that its shares
will commence trading on the Toronto Stock Exchange (the “TSX”) as of
the open of markets today. The share structure and trading symbol will
remain unchanged.
“Our graduation to Canada’s premier stock exchange represents another
milestone in the development of Independent Nickel Corp.” stated Company
president and CEO, Richard Murphy. “We are progressing well on many
fronts in the development of Independent Nickel Corp. and, as we near
completion of the pre-feasibility study for the Lynn Lake nickel mine,
the increased liquidity and exposure provided through Canada’s senior
stock exchange will help us capitalize on the results of our efforts.”
At the Lynn Lake mine site, the 20,000 metre exploration drill
program, which commenced in March, is 25% complete. Drilling under the
current program to date has focused on the ‘Golf’ and ‘G’ target areas
with encouraging results (see news release dated June 6, 2007).
Additional results will be released as they are received and compiled.
Currently, there is one drill continuing to test the ‘Golf’ target area.
The Company will have a second drill at Lynn Lake in mid September.
The Company is also working to contract a third drill rig, in order to
further accelerate the drill program.
Once additional drills arrive on site, the large ‘Echo’ target area,
which is 3,000 feet in vertical extent by 1,600 feet horizontally, will
be drill tested for the first time by INI. The historical drill results,
which define the ‘Echo’ target, include higher grade intersections, such
as 14.4 feet of mineralization grading 2.2% nickel.
In addition to undertaking this sizable exploration program, the
Company commissioned Wardrop Engineering Inc. (“Wardrop”) earlier in the
year to complete a full pre-feasibility study for the Lynn Lake nickel
mine. The pre-feasibility work is currently on schedule for completion
around the end of the third quarter.
An important component of the pre-feasibility study is comprehensive
metallurgical testing to determine actual metal recoveries from the
ores. Wardrop is concurrently examining a new process for ore treatment
at Lynn Lake. If this work is successful, it will have profound
implications for the economics of the project. The metallurgical work is
well advanced and final results will be released when they are received
by the Company.
Historically, Lynn Lake ores yielded high nickel recoveries. Previous
operators were profitable due to the extraordinary metallurgical
characteristics that allowed for these very high nickel recoveries. In
the Preliminary Economic Assessment released on September 25, 2006,
Wardrop assumed future recoveries of 83% for nickel and 90% for copper.
In looking at broader industry fundamentals, the global nickel market
has been volatile over the past year. The price has recently come off
record highs of over US$24 per pound to current levels of approximately
US$12. The long term trend for nickel prices is still upward. Global
consumption of nickel grows at approximately 3% annually and, while
there are a few very large nickel mines coming on stream over the next
several years, there is no guarantee that they can even keep up with
global demand. As for nickel sulphide mines, like Lynn Lake, there are
very few new developments on the horizon. Nickel sulphide deposits are
advantageous because they require much less capital to develop and tend
to display far more predictable metallurgical qualities.
Nickel is expected to continue to do very well in a long term
commodities bull market INI owns 100% of the Lynn Lake nickel sulphide
deposit. INI also owns a 3% Net Smelter Royalty on all production from
the Minago property, which is owned by Victory Nickel Inc. (TSX:NI). The
Company’s undiluted ownership in these two main assets positions it as
one of a few truly independent nickel companies on the landscape.
To ensure that maximum value is realized from the Company’s assets,
INI has engaged the investment banking firm Paradigm Capital Inc. to
advise management and to fully explore the opportunities that exist for
INI in today’s global nickel market.
The Lynn Lake mine operated for 24 years between 1953 and 1976,
producing 22.2 million tons of ore. Currently, measured and indicated
resources on the Lynn Lake property include 16.1 million tons grading
0.7% nickel and 0.4% copper (see the Company’s 43-101 compliant resource
estimate, as detailed in its press release of September 19, 2005).
FOR FURTHER INFORMATION PLEASE CONTACT:
Independent Nickel Corp.
Richard Murphy, President and CEO
Tel: (705) 521-8444
Email: info@independentnickel.com
www.independentnickel.com
957 Cambrian Heights Drive
Suite 102
Sudbury Ontario P3C 5M6
This document may contain forward-looking statements relating to
Seymour Exploration Corp.’s operations or to the environment in which it
operates. Such statements are based on operations, estimates, forecasts
and projections. They are not guarantees of future performance and
involve risks and uncertainties that are difficult to predict and may be
beyond Seymour’s control. A number of important factors could cause
actual outcomes and results to differ materially from those expressed in
forward-looking statements, including those set forth in other public
filings. In addition, such statements relate to the date on which they
are made. Consequently, undue reliance should not be placed on such
forward-looking statements. Seymour disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, save and
except as may be required by applicable securities laws.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES
NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF
THIS NEWS RELEASE.
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