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Discovery Nickel's Botswana copper project viable

Posted: 14 September 2006

Discovery Nickel Limited’s copper project in Botswana could support a viable mining operation with a net present value of more than US$200 million, according to an independent study.

Discovery reported that an assessment by Snowden Mining Industry Consultants shows that the Maun Copper Project in north-west Botswana could support a viable open pit mine at the project’s existing mineralisation grades of 1.2 per cent copper.

Managing Director, Mr Jeremy Read, said the preliminary mining assessment was a significant positive advance for the project.

”With the mining assessment indicating that profitable open pit operations can potentially be established with average copper grades of 1.2 per cent and above, we now have greater confidence in the ability of the Maun Project to deliver the resource base required to establish a mine,” Mr Read said.

“Two of the key objectives of the drill program currently in progress is to attempt to increase the average grade of the Zeta resource above 1.2 per cent and to expand the Inferred Resource base to that required to establish profitable operations,” he said.

“If these objectives can be achieved the Maun Project will be even more robust with project net present values possible towards the higher end of the range indicated by the study.”

The current 30 hole drilling program – of which five diamond drill holes have been completed - is expected to be finished by the end of the year.



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