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 (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.

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ENK has a strong cash position, says chairman Peter Rowe

9th Dec 2011, 2:13 pm by Jamie Ashcroft ENK hopes to announce a new JORC resource for Acoje project soon

ENK (LON:ENK, ASX:ENK) has a strong cash position and it is able to fully-fund the bankable feasibility study for its flagship Acoje project in the Philippines, says chairman Peter Rowe.

In the group’s interim statement today Rowe said he hopes to announce a new JORC resource for Acoje soon, along with new economics for the project. 

The key BFS is also on track for completion in the second quarter of 2012, he added. The firm plans to start building work on the site soon after the BFS is complete.

Earlier this week the company announced 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."

Meanwhile it said that infill drilling of the resource at Acoje is also now complete and drilling at the Zambales Chromite tenement is approximately 25% complete

Additionally ENK today said that it has now begun the process of selling non-core assets. And it has already entered into agreements for the sale of some copper-gold tenements that were previously owned by Rusina Mining.

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