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Additional Information
Market: AIM
Sector: General Mining - Nickel and Cobalt
EPIC: ENK
Latest Price: 9.63p  (0,00%)
52-week High: 21.25p
52-week Low: 8.88p
Market Cap: 25.24M
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ENK
www.enk.co.uk

ENK (AIM/PLUS/ASX: ENK) is an emerging mid-tier nickel laterite producer focused on growth with assets in Turkey, the Philippines and Albania.

ENK has developed an innovative, low cost, environmentally sensitive heap leach technology, which offers a competitive edge over conventional nickel laterite processing.

Full ENK profile here
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European Nickel partially divests Toledo Mining stake

11th Jan 2010, 3:18 pm European Nickel partially divests Toledo Mining stake

Emerging mid-tier nickel laterite producer European Nickel (AIM: ENK) has sold 2.5 million Toledo Mining (AIM: TMC) shares to a strategic investor. The diversified Nickel junior said it retains 3.19 million shares, or a 7.7% shareholding in its fellow AIM listed company.

European Nickel acquired the shares when it bought a strategic position in the Berong Nickel deposit on Palawan Island, Philippines. Toledo Mining subsidiary Berong Nickel Corporation is the primary operator on what is believed to be the world's fourth largest nickel laterite resource. European Nickel acquired the position through a combination of both Toledo and Berong shares.

Following today’s transaction, the emerging producer effectively owns a 23% interest in Berong through its remaining stake in Toledo and its direct 18.7% holding in Berong.

The Caldag project in Turkey is the Company's flagship asset, which will be the world’s first commercial nickel laterite heap leach operation. The mine development project also represents the largest foreign direct investment in Turkey’s mining industry.

The company is finalising its long term funding requirements for the Caldag project, and last month Endeavour Financial Corp agreed to increase a US$4 million bridge loan facility by US$1 million and to extend its maturity date to March 1 2010.

Caldag contains a JORC proven reserve of 33.2 million tonnes at 1.13 nickel, for a nickel content of 375,000 tonnes. Through heap leaching, European Nickel has developed and demonstrated a new process for the extraction of nickel and cobalt from European “dry” laterite ores, to produce a mixed hydroxide product (MHP) for further refining into its component metals.

A bankable feasibility study was concluded in 2006, based on an operation producing 20,400 tonnes of nickel in concentrate per annum and 1,200 tonnes of cobalt. Recent estimates calculate a total capital expenditure of US$428 million with operating costs of US$1.99 per pound.

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