CaNickel Improved Mill Performance in February and Extends Loan Facilities
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/08/12 -- CaNickel Mining Ltd. ('CaNickel' or the 'Company') (TSX: CML), is pleased to report the improved mill performance at its 100% owned Bucko Lake Mine, Manitoba, Canada. As results of continuing fine tune mill process, a total of 21,081 tonnes of ore was milled with an average recovery rate of 73.4%, producing 406,687 pounds of nickel in concentrate in February 2012.
Production results from Bucko Lake mine for February 2012, January 2012, year to date of 2012, and full year 2011 are summarized as follows:
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February January Year to date Year
Bucko Lake Mine 2012 2012 2012 2011
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Ore mined (tonnes) 19,405 25,102 44,507 107,451
Ore milled (tonnes) 21,081 12,372 33,453 102,069
Head grade 1.19% 1.16% 1.18% 1.18%
Mill recovery rate 73.4% 71.7% 72.8% 61.0%
Nickel produced (lb) 406,687 226,729 633,416 1,631,916
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Dr. Dianmin Chen, the Director and CEO of CaNickel, comments that we are pleased to see the improvement of our production performance so far this year. With the continued support from all stakeholders of the Company, we will continue our efforts to optimize the productions at Bucko Lake Mine and aim to turn it around to be a profitable operation in 2012.
The Company also reports that it has entered into an amending agreement with Hebei Wenfeng Industrial Group Limited ('Hebei Wenfeng'), a related party of the Company, to extend the terms of its US$5.0 loan facility with Hebei Wenfeng from one year term to three-year term, and up to May 28, 2014. The Company also entered into an amending agreement with Luckyup Investment Limited ('Luckyup') to extend the terms of its US$25.0 loan facility with Luckyup from one year term to three-year term, and up to July 22, 2014. All other terms of the loan facilities remain unchanged. Additional information about the loan facilities information can be referred to our press releases dated May 30, 2011, July 26, 2011 and December 29, 2011.
The technical information contained in this press release has been reviewed and approved by James Wong, P.Eng, P.Geo., who is a qualified person under the definitions established by National Instrument 43-101.
ABOUT CANICKEL
CaNickel Mining Limited, formerly 'Crowflight Minerals Inc.', (TSX: CML) is a Canadian junior mining company that owns and operates the Bucko Lake Nickel Mine near Wabowden, Manitoba. The Company also holds nickel, copper and Platinum Group Mineral (PGM) projects in the Thompson Nickel Belt and Sudbury Basin.
Advisory Respecting Forward-Looking Information
This press release contains forward-looking statements under Canadian securities legislation. Forward looking statements include, but are not limited to, statements with respect to continue efforts to optimize the productions at Bucko Lake Mine and aim to turn it around to be profitable in 2012. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks of the Company described in its annual information form that is available under its profile on SEDAR at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Contacts:
CaNickel Mining Limited
Dr. Dianmin Chen
Director and CEO
204 - 689 2972 ext.1031
dchen@canickel.com
CaNickel Mining Limited
Derek Liu
CFO and Corporate Secretary
778 - 372 1806
dliu@canickel.com
www.canickel.com