they had an announcement on the 9/3/04, which was mostly about the bfs...
no mention in that about any problems with the bfs..
surely they would have know then about the big delay.. but they didn't say boo...
SBNC Sherlock Bay Nickel Corporation Limited ABN 46 008 942 809 Level 4, 5 Mill Street, Perth, W.A. 6000 Telephone :(08) 9322 2288 P.O. Box 7752, Cloisters Square W.A. 6850 Facsimile: (08) 9324 2164 Email: [email protected] The Manager Australian Stock Exchange Company Announcements Office Sydney 2000 NSW 9 March 2004 Dear Sir/Madam, SIGNIFICANT METALURGICAL TEST RESULTS The Directors of Sherlock Bay Nickel Corporation Limited (SBNC) advise that the results of independent metallurgical test work carried out as part of the Bankable Feasibility Study (BFS) have provided a materially higher recovery rate than had been estimated in initial scoping work that has previously been released to the market. At this time two sets of metallurgical tests using the Bio Leach method have been completed with a third proprietary leaching test in the final stages. The results of the two completed tests have given a very significant 88% Ni recovery rate together with, what the company considers, a relatively short leaching time of 37 days. The directors consider this to be an outstanding result, as potential increases in recovery have a significant result on project economics. In the context of the scoping study this result is well ahead of the recovery rates that were used. A recovery rate of 75% Ni was used in the scoping study. SBNC still has further test work in progress and further results will be announced as they come to hand. While using a different bacterial technology, at this time SBNC has no cause to believe that these results will vary materially adversely to those obtained to date. The full BFS is scheduled for completion by the end of the March quarter with a full market update to be provided at that time on the project. Regards AL (Boris) Gerick Managing Director
SHN Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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(20min delay)