positive ann.

Poseidon have released this to the market today. First good news for some time.

Page 2
ASX Announcement 28 November 2007
Poseidon Targeting 1 Million Tonne Processing Plant
Poseidon Nickel today declared a 1 million tonne per annum Nickel Sulphide ore processing
target from its Windarra mine site.
Speaking at the Company’s Annual General Meeting, Chief Executive Officer, David
Singleton, said Poseidon’s “Fast Start� concentrator concept could see production start
within a year of initiation, up to 18 months faster than would be the case if a more
conventional project was run.
Mr Singleton said the 1mtpa throughput level harks back to the historic days of Western
Mining and its operation at the historic Poseidon company tenements.
“The ramp up of resource and exploration drilling is obviously critical to the project. While
we are continuing with concentrator, mining and metallurgical study work we are confident
the project will yield solid results based on the historic performance of the mine,� Mr
Singleton said.
“We remain focussed on initiating early production with our current resource base whilst
investing heavily in expanding exploration.�
Mr Singleton indicated that the rehabilitation of the existing underground decline would most
likely start in early 2008, enabling early access for mining and further underground drilling of
deeper ore bodies.
The AGM included a presentation from General Manager of Geology, Neil Hutchison,
previously from Jubilee Mines, who said the low level of exploration of the Windarra
ultramafic sequence increased the high geological prospectivity for the project.
“Modern techniques including the use of electromagnetics, combined with today’s improved
geological understanding will greatly enhance our exploration programme,� Mr Hutchison
said.
“We are now drilling on an area of the belt which has previously yielded high grade massive
sulphide intercepts. The electromagnetics suggest this area has a high degree of potential
and we are excited by this prospect.�


Regards cjs