offtake partner sought for wowo gap

ATTRACTING an offtake partner to help fund its proposed Wowo
Gap nickel laterite project in Papua New Guinea is now high on
Resource Mining Corporation’s agenda following a jump in
resources on the property.
Total numbers have grown by 52% to 125 million tonnes
grading 1.06% nickel versus the previous figure of 82Mt
at 1% nickel with contained nickel up 60% to 1.32Mt
from 830,000t, and the indicated component up to 72Mt
at 1.03% nickel from 39Mt at 1% nickel previously.
A cut-off grade of 0.8% nickel was also applied.
The upgrade incorporates results from a 295-hole core
drilling program which started on the project in August last year.
“The new estimate confirms the significance of the resource at Wowo Gap in a
global context, and coupled with research on our new organic leaching
technology, make the project very attractive to potential joint venture partners,”
RMC managing director Warwick Davies said in a statement.
“The next step is to find an offtake partner who can help fund the future
development.”
A potential site for a standalone hydro power source has also been identified
within the general area of the project.
“All the key elements are now starting to come together, a significant nickel and
cobalt deposit near surface which lends itself to open cut mining, an innovative
organic leaching process which is being developed to proof of concept stage, a
potential source of hydro power and an export port less than 30km away,” he
said.
Shares in Resource Mining Corporation were unchanged in morning trade on
A0.4c.

http://www.resmin.com.au/UserDir/AsxAnnouncement/20111214%20PNG%20Industry%20News%20-%20Offtake%20partner%20sought%20for%20Wowo%20Gap229.pdf