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Additional Information
Market: AIM
Sector: General Mining - Nickel and Cobalt
EPIC: ENK
Latest Price: 9.38p  (-2.60% Descending)
52-week High: 21.25p
52-week Low: 8.88p
Market Cap: 24.59M
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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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ENK plumps for tank leaching at Acoje

6th Dec 2011, 10:39 am by Philip Whiterow ENK goes for tank option

ENK (LON:ENK) today said that test work on its Acoje mining inventory had shown superior recoveries and economics from tank leaching as opposed to heap leaching. 

The company added it will now only take the tank leaching option forward into the Bankable Feasibility Study due for completion at the end of the second quarter of 2012.

Managing director Robert Gregory said "Not only does tank leaching offer superior economics, it is an inherently less risky option compared to heap leaching in a high rainfall environment. Tank leaching also lends itself to a staged construction approach offering a reduction in initial capital costs and its associated financing. It is for these reasons that we have elected to utilise tank leaching for the BFS."

Infill drilling of the resource at Acoje is also now complete and drilling at the Zambales Chromite tenement is approximately 25% complete, ENK said  Both resource updates will be incorporated into the BFS.

Using tank leaching, recoveries of nickel and cobalt over a three stage leaching circuit averaged 92% and 97% respectively over a 22 hour leach period. 

Based on the average diluted grades of the Acoje mining inventory, an implied cash cost of US$2.93 per pound of nickel produced, net of by products, was calculated. 

Assuming a nickel price of US$7.00 per pound (US$15,430/ tonne) and 80% payability, a notional refining charge of US$1.40 needs to be added for a total cash cost to nickel metal of US$4.33 per pound.

ENK added it also took a very conservative view of the cost of sulphuric acid, which will represent 62% of the total operating costs. 

ENK’s Acoje and Zambales deposits are based on Luzon Island in the Philippines.  The deposits have a combined JORC resource of 840,000 contained tonnes of nickel.

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