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Significant Increase in Talvivaara Mineral Resources

27.10.2010  |  Globenewswire Europe
STOCK EXCHANGE RELEASE
27 October 2010



 Significant Increase in Talvivaara Mineral Resources



Highlights

·         54% upgrade in total resources to 1,550mt
·         Resources contain 3.4mt of nickel and 7.6mt of zinc
·         Talvivaara is assessing options for production capacity expansion


Talvivaara Mining Company Plc ("Talvivaara" or the "Company") announces the
results of successful drilling campaigns at its Kuusilampi and Kolmisoppi
deposits in Sotkamo, Finland and an upgrade in Talvivaara's Mineral Resources.

The total Mineral Resources, as defined by the JORC code, increased by 54% to
1,550mt from the total of 1,004mt announced in December 2008. Measured and
Indicated Resources increased by 75% to 1,121mt (Table 1). The increased
resources contain 3.4mt of nickel and 7.6mt of zinc, up from 2.2mt and 5.0mt in
2008, respectively.

Most of the new resources were found as a result of an infill drilling campaign
at the Kolmisoppi deposit between September 2009 and June 2010. The campaign
resulted in a 270% increase in total resources at the deposit from 178mt to
660mt.

At the Kuusilampi deposit, geological mapping and diamond drilling were
primarily focused on improving the classification of the orebody and resulted in
a 56% increase in Measured and Indicated Resources from 505mt to 788mt. The
total resource increased by some 8% to 890mt. Metal grades in both deposits
remained unchanged at 0.22% nickel and 0.49% zinc, further reaffirming the
homogeneous nature of the ore bodies (Table 2).

Following the substantial upgrade in Mineral Resources, Talvivaara is currently
evaluating options for growth through a further expansion of production capacity
at the mine. The Company anticipates providing further information on the
results and conclusions of the evaluation over the coming months.


Table 1: Total Mineral Resources at 0.07% nickel cut off

----------+----+-------+------+----+------+------
Cetegory |Year|Million|Nickel|Zinc|Cobalt|Copper
| | tonnes| (%)| (%)| (%)| (%)
----------+----+-------+------+----+------+------
Measured |2010| 432| 0.23|0.50| 0.02| 0.13
----------+----+-------+------+----+------+------
  |2008| 364| 0.23|0.51| 0.02| 0.13
----------+----+-------+------+----+------+------
Indicated|2010| 689| 0.23|0.50| 0.02| 0.13
----------+----+-------+------+----+------+------
  |2008| 278| 0.22|0.49| 0.02| 0.13
----------+----+-------+------+----+------+------
Subtotal |2010| 1 121| 0.23|0.50| 0.02| 0.13
----------+----+-------+------+----+------+------
  |2008| 642| 0.23|0.50| 0.02| 0.13
----------+----+-------+------+----+------+------
Inferred |2010| 429| 0.20|0.47| 0.02| 0.12
----------+----+-------+------+----+------+------
  |2008| 363| 0.20|0.49| 0.02| 0.12
----------+----+-------+------+----+------+------
Total |2010| 1 550| 0.22|0.49| 0.02| 0.13
----------+----+-------+------+----+------+------
  |2008| 1 004| 0.22|0.50| 0.02| 0.13
----------+----+-------+------+----+------+------






Table 2: Mineral Resources at the Kuusilampi and Kolmisoppi deposits at 0.07%
nickel cut-off

--------------------------------------------------------------------------------
    Million Nickel Zinc Cobalt Copper Uranium
tonnes (%) (%) (%) (%) (%)
--------------------------------------------------------------------------------
Kuusilampi

  Measured 331 0.23 0.50 0.02 0.13 0.0016

  Indicated 457 0.23 0.50 0.02 0.13 0.0017
----------------------------------------------------------------------
  Subtotal 789 0.23 0.50 0.02 0.13 0.0017
----------------------------------------------------------------------
  Inferred 101 0.14 0.44 0.01 0.09 0.0018
----------------------------------------------------------------------


  Total 890 0.22 0.49 0.02 0.13 0.0017
----------------------------------------------------------------------


Kolmisoppi

  Measured 101 0.24 0.51 0.02 0.14 0.0019

  Indicated 232 0.24 0.50 0.02 0.14 0.0019
----------------------------------------------------------------------
  Subtotal 333 0.24 0.50 0.02 0.14 0.0019
----------------------------------------------------------------------
  Inferred 328 0.22 0.48 0.02 0.13 0.0017
----------------------------------------------------------------------


  Total 660 0.23 0.49 0.02 0.14 0.0018
----------------------------------------------------------------------


Total

  Measured 432 0.23 0.50 0.02 0.13 0.0017

  Indicated 689 0.23 0.50 0.02 0.13 0.0018
----------------------------------------------------------------------
  Subtotal 1 121 0.23 0.50 0.02 0.13 0.0018
----------------------------------------------------------------------
  Inferred 429 0.20 0.47 0.02 0.12 0.0017
----------------------------------------------------------------------


  Total 1 550 0.22 0.49 0.02 0.13 0.0017
----------------------------------------------------------------------


CEO Pekka Perä commented: "The significant resource upgrade announced today
continues to strengthen Talvivaara's position as a growing base metals producer
of increasing global significance.

Our current focus remains on the ramp up to our target 50,000tpa nickel
production rate at the Talvivaara mine. However, we will assess options to
deliver long term shareholder value through further organic growth of our assets
at Sotkamo. Our proven technology and large resource base make production
expansion at Talvivaara a preferred strategic option for us in the coming
years."


ENQUIRIES

Talvivaara Mining Company Plc          Tel: +358 20 712 9800
Pekka Perä, CEO
Jukka Pitkäjärvi, Chief Geologist

Merlin PR                                             Tel: +44 207 726 8400
David Simonson
Anca Spiridon

Talvivaara Mining Company Plc
Talvivaara Mining Company is an internationally significant base metals producer
with its primary focus on nickel and zinc using a technology known as
bioheapleaching to extract metals out of ore. Bioheapleaching makes extraction
of metals from low grade ore economically viable. The Talvivaara deposits
comprise one of the largest known sulphide nickel resources in Europe. The ore
body is sufficient to support anticipated production for at least 46 years.
Talvivaara has secured a 10-year off-take agreement for 100 per cent of its main
output of nickel and cobalt to Norilsk Nickel and entered into a long-term zinc
streaming agreement with Nyrstar NV. Talvivaara is listed on the London Stock
Exchange Main Market and NASDAQ OMX Helsinki and is included in the FTSE 250
Index. Further information can be found at www.talvivaara.com.


[HUG#1455474]





Significant Increase in Talvivaara Mineral Resources:
http://hugin.info/136227/R/1455474/395388.pdf




This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Talvivaaran Kaivososakeyhtiö Oyj via Thomson Reuters ONE


Unternehmen: Talvivaaran Kaivososakeyhtiö Oyj - ISIN: FI0009014716
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