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Thread: ENK - ENK PLC

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    Post ENK - ENK PLC

    ENK PLC was formerly known as European Nickel PLC.


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    Make the drill work for YOU springhill's Avatar
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    •Acoje Bankable Feasibility Study continues to make significant progress
    –The Acoje BFS is currently on track to be finalised during the current quarter. Much of the test work is now complete and entering the economic evaluation and write-up stage.
    –The estimated remaining cash cost to complete the BFS is US$6.5m.
    –Resource upgrade at Acoje resulted in increase in contained nickel of 36%

    •DSO Revenues
    –Cash received from ore sales during the quarter was US$1.4 million. Total ore shipped for the quarter was 242,913 wmt earning US$927k in profit share. Mining has now been discontinued as the site is prepared for construction of the tank leach processing plant.

    •Strong Cash Position
    –Cash on hand as of 30 June was US$30.3 million, equivalent to 7.5 pence (11.6 cents) per share. Further cash inflows of US$11.0 million, equivalent to 2.7 pence (4.2 cents) per share, are expected before end of December 2012.
    –Potential to fund project construction with minimal shareholder dilution.

    •Sale of Non-Core Assets
    –Sale of Berong shareholding completed for US$6.55 million. Sale undertaken of 60% interest in local partner Montemina Resources Corporation for US$11.0 million.

    Acoje Resource Upgrade
    In mid March 2012 ENK announced the completion of the infill drilling programme and an updated Indicated and Inferred JORC (2004) Resource estimate (at a 0.8% Ni cut-off) for Acoje of:
    Indicated: 40.9 million tonnes grading 1.08% Ni, 0.05% Co
    Inferred: 29.0 million tonnes grading 0.96% Ni, 0.06% Co
    This represents a total of over 720,000 tonnes of contained nickel at the Acoje Project.
    This represented an increase of 36% in contained nickel from the November 2008 Resource estimate. Nearly all of the Inferred material reported in the 2008 estimate has been converted to Indicated and a further 20 million tonnes have been delineated (seven million tonnes Indicated and 13 million tonnes Inferred).
    Due to the additional Inferred material that was delineated, the Company determined that an additional drill programme at Acoje, designed to convert a proportion of the Inferred material to Indicated status, would benefit the BFS. This programme is now complete and all assays and drill data have been received by Snowden Mining Consultants (‘Snowden’) for a further JORC update during the current quarter.
    The new resource upgrade, together with the Zambales resource, will result in a mine life in excess of 25 years.

    Direct Shipping Ore

    During the quarter there were three full shipments and four part shipments of nickel laterite direct shipping ore (‘DSO’) at an average nickel grade of 1.80% under the mining agreement with partner DMCI Mining Corporation, totalling 242,913 wet metric tonnes.
    Total revenue recognised for these shipments was US$927,000. This amount was lower than the prior quarter as there were no high-grade (+2.0% Ni) shipments. Receipt of cash from ore sales during the quarter was US$1,406,779.
    Mining at Acoje has now been discontinued as the site is prepared for construction of the tank leach processing plant.

    Zambales Resource Upgrade

    During June the Company announced that in consultation with its resource consultant, Snowden, that the historic Falconbridge test pit data collected in the 1970’s, which was used to calculate the previous JORC Inferred resource estimate of 23.5 million tonnes grading 1.18% Ni and 0.05% Co, is of insufficient detail to be used in the calculation of a JORC Indicated resource estimate due to the lack of ancillary elements and detailed logging data that the newer drilling data has provided. As such the Company is now undertaking the drilling of additional holes, adjacent to the historic test pits, to collect this required data.
    The drill programme, of 194 holes for 1,916 meters, commenced on 26 June 2012 and is now 42 % complete. Drilling is expected to be completed by the end of August and all data should be provided to Snowden by mid September to enable them to provide a JORC Indicated resource estimate for this tenement. The Zambales resource update is now expected to be available in early October 2012. The delay in the Zambales resource update should not impact the Acoje Feasibility Study as it is being planned to utilise limonite ore from the Zambales tenement only as an ore “top-up”, and sufficient data exists to model this. The Zambales tenement is situated approximately 5 kilometres north of the Acoje tenement on the island of Luzon, Philippines
    The JORC resource upgrade will add previously undrilled ore to the resource estimate including the previously untested saprolite horizon of the Zambales tenement.
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