one big seller, page-21

re: here come the buyers Buyers being very clever with their accumulation.

Talking about PNG nickel mines, hows this for a spec play. Market cap only 8 mill (RMI)

PNG nickel prospects look good

Niugini Nickel after huge deposit not far from town

By BRIAN GOMEZ

PAPUA New Guinea's role as a significant global gold and copper producer is set to gain a third dimension in the form of prospective nickel developments.
Following the commitment of the Chinese government's mining organisation to the US$650 million development of the Ramu nickel-cobalt venture, there is news that another explorer is confident of proving up 100 million tonnes of nickel-bearing ore.
Niugini Nickel NL, a subsidiary of the Australian-listed Resource Mining Corporation Ltd, has been proving up a major nickel laterite resource at Wowo Gap, 188km east of Port Moresby and 96km southeast of Popondetta.
Drilling at the site prior to last year had proven up 67 million tonnes of ore averaging 1.7% nickel and 0.09% cobalt.
A diamond-drilling program conducted last year by Niugini Nickel intersected limonite laterite in all holes except one, with thicknesses ranging from 3.8 metres to 10.7 metres.
The underlying saprolite layer intersected nickel over a thickness of between 2.6m and 15.3m with a best intersection of 15.3m averaging 1.03% nickel and 0.02% cobalt.
"The limited drilling of the central zone indicates that with further drilling there is potential to conceptually increase the resource to over 110 million tonnes of limonite and saprolite ore," the company said.
Metallurgical tests were successful in extracting 92% to 98% of the nickel and cobalt after 15 minutes of leaching with ultimate extraction of 98%.
With the Ramu project expected to refine nickel at a location in Basamuk Bay, near Madang, the Wowo Gap project has the potential to provide extra feed for possible expansion of that plant.
Although explorers in PNG have traditionally focussed on copper and gold, Niugini Nickel also has a number of other nickel prospects.
These include Mumbare Plateau, EL1321 near Kokoda, the Ibau Plateau and the Keman and Awariobo Ranges (EL1243 and EL1338), south of Wowo Gap.
According to Niugini Nickel, limited pitting and auger drilling suggests a potential for over 100 million tonnes of nickel-cobalt mineralisation on the Mumbare Plateau.