article

Thanks Miningnews.net

Mincor reserve boost

Andrea Hayward


Monday, September 06, 2004
MINCOR Resources has bolstered its ore reserves to 2 million tonnes at 2.7% nickel for 53,934 tonnes of contained nickel metal, up 6,500t on last years figure.

Mincor's total resources stand at 1,856,000 at 3.9% nickel, with 412,00t at 4.4% nickel in the measured category, 1,196,000t at 4.1% nickel in the indicated category and 247,000t at 2.4% nickel in the inferred category.

Meantime the WA nickel sulphide producer has also announced ore production has started at its third operating nickel mine, Redross, on budget and ahead of time. Production at Redross is set to ramp up over the next six months to a rate of 12,000t per month.

Mincor is aiming to increase its nickel output from 8500t per annum to 15,000tpa over the next two years.

Last month Mincor reported an annual profit of $11.3 million, based on sales revenue of $85.7 million from production of 8679t of contained nickel in concentrate at cash costs of $3.99/pound.

Shares in Mincor were trading down marginally at 68c in midday trade".