Resource Mining Corporation (ASX:RMI) has extended to 31st March...

Resource Mining Corporation (ASX:RMI) has extended to 31st March 2015 final repayment for funding agreements reached with its largest shareholder Sinom (Hong Kong) Limited.

Sinom had previously agreed to provide the company with up to A$1 million for working capital and to the assessment and advancement of the Wowo Gap Nickel Laterite Project in Papua New Guinea.

In 2011, the U.S. Geological Survey identified Wowo Gap as the largest known nickel laterite deposit in the country.

It has a combined Resource of 125 million tonnes at 1.06% nickel and 0.07% cobalt. Mineralisation remains open to the north and south of the current resource.

The tenement licence was renewed to 28 February 2016

Planned work includes assessing higher grade DSO ore, assessing infrastructure requirements for DSO operations, continue permitting and baseline social and environmental studies and completing DSO Feasibility Study.