For your eyes only:From...

For your eyes only:

From Miningnetnews.net:
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Titan begins mining at Armstrong

Michael Quinn


Monday, April 05, 2004
TITAN Resources says mining has begun at its Armstrong project and that at the current nickel price the project would deliver it a cash flow, net of royalties, of around $30 million.

Nickel is currently trading at over US$14,000/t, with Armstrong containing 465,000t grading 2.12% nickel.

Capital and operating expenditure for the life of mine have been calculated by Golder Associates at $55 million. Golder did the pre feasibility study and calculated a cash flow, net of royalties, of $18 million using a nickel price of US$12,000/t.

Titan said the study was based on certain conservative assumptions, and that there were opportunities to improve upon them through operational efficiencies.

Shares in Titan were off 1c to 48.5c in morning trade, after rising around 15% on Friday.
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