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INDEPENDENT NICKEL CORP.
102 - 957 Cambrian Heights Drive
Sudbury, ON P3C 5M6
(the "Company")
NEWS RELEASE
October 11, 2007
Independent Nickel Receives Positive Results from
Metallurgical Testing
Sudbury, Ontario – October 11, 2007 – Independent Nickel Corp. (TSX:
INI) (the “Company”) announced today that it is in receipt of
metallurgical test results on ore from its Lynn Lake Nickel deposit.
Testing completed confirms that a conventional milling and flotation
process delivers very high metal recoveries from Lynn Lake nickel ores.
Highlights of the results are as follows:
- Nickel recovery of 81.5%;
- Copper recovery of 92.0%;
- Cobalt recovery of 80.5%;
- A high quality mill concentrate containing 9.3% nickel, 7.5%
copper and 0.3% cobalt; and
- Favorably low magnesium (MgO) content of 1.3% in the
concentrate.
As a result of these high recovery rates and concentrate
characteristics, Wardrop Engineering is evaluating the bioleach model as
the base economic case in the current pre-feasibility study. To that
end, the Company has recently completed test work to determine the
amenability of the Lynn Lake concentrate to bioleaching. Initial testing
in this regard has been very successful. High rates of metal recoveries
leached from the concentrate have been realized, including 92.5% for
nickel. 81.4% for copper and 85% for cobalt. These recoveries confirm
that the sulphur content of the concentrate is within an acceptable
range for bioleaching.
As the Company intends to pursue the bioleaching of concentrate
process for the Lynn Lake nickel mine, it has initiated discussions with
a number of organizations with global expertise in the area of
bioleaching. Company President and CEO, Richard Murphy, along with a
senior Wardrop engineer with expertise in the field of bioleaching,
recently traveled to South Africa and Uganda to meet with several
bioleach operators. This included a tour of the Kasese Cobalt bioleach
facility in Uganda. The results of this due diligence were very
positive, with both the Company and Wardrop representatives coming away
with a strong sense of the technical feasibility of a bioleach facility
at Lynn Lake.
The Company is planning further metallurgical work, with a view to
bringing bioleaching, a globally proven process technology, to North
America, where base metal ores have traditionally been treated by
relatively expensive and less environmentally friendly smelters.
The attraction of the bio-leaching economic model to the Company is
twofold. First, the Company will avoid costly transportation and smelter
fees associated with selling concentrate. Second, a bioleach facility
can be coupled with a conventional solvent extraction-electrowinning
circuit to produce a refined nickel product.
The establishment of such a facility at Lynn Lake will position
Independent Nickel among a very short list of integrated nickel
producers and marketers of nickel products worldwide, of which there are
currently only three in North America. As an integrated nickel producer
and marketer, the Company will be better positioned to realize the
maximum value from its nickel deposit.
All metallurgical test work was completed by Process Research
Associates of Richmond, British Columbia, under the supervision of
Wardrop Engineering. Metallurgical results will be incorporate into the
Pre-feasibility Study on the Lynn Lake Nickel deposit, which is
scheduled for completion at the end of this month.
Independent Nickel owns 100% of the Lynn Lake Nickel Mine, located
in Lynn Lake, Manitoba. The Company also owns a Net Smelter Return
Royalty on Victory Nickel Inc.’s Minago Nickel Property, also located in
Northern Manitoba. The NSR pays the Company 3%of all mineral product
value when nickel prices exceed US$6/lb.
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
Tim Maunula, P.Geo, of Wardrop Engineering Inc. and Project
Manager for the Lynn Lake prefeasibility study, has reviewed and
approved the content of this press release.
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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