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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 funded to complete bankable feasibility study at Acoje nickel project

31st Jan 2012, 8:56 am by Sergei Balashov ENK is on track to “significantly extend” the ten year mine life of the Acoje nickel project by converting the inferred resources at Acoje and ZCMZ into indicated status

ENK (LON:ENK, ASX:ENK) said it is funded to complete the bankable feasibility study (BFS) for its flagship Acoje nickel project in the Philippines, which is currently running to schedule.

During the final three months of 2011, the group completed the sale of its Caldag project in Turkey for US$40 million, which has increased its cash balances to US$38.3 million.

This, the company said today, is sufficient to finalise the bankable feasibility study (DFS) for its flagship Acoje project in the Philippines, which is on track to be completed by mid-212.

In the meantime, ENK is currently reviewing funding options for Acoje, having appointed Endeavour Financial to assist with the process.

In addition to the proceeds from the Caldag sale, ENK has received revenues of US$600,000 from three direst shipping ore (DSO) shipments made during the quarter. The shipments totalled 158,276 tonnes at an average nickel grade of 1.81 percent.

This year, the group has shipped a further 52,146 tonnes grading 1.81 percent with another shipment of 1.8 percent ore scheduled for February.

On the operational front, has selected tank leaching over heap leaching as the preferred processing method for Acoje and achieved first nickel production at its Philippines pilot plant.

The plant has the capacity to produce around 200 kilogrammes of nickel hydroxide product (NHP) per month. ENK said NHP has wider market appeal than the mixed hydroxide product (MHP) previously produced at Caldag due to lower impurities.

This means NHP can be used as a possible final product in some applications making it more attractive than buying pure nickel.

ENK also updated investors on the ongoing drilling programme at the Zambales Chromite Mining Corporation (ZCMC), which is now 54 percent complete and is expected to conclude by the end of the current quarter.

The company said it remains on track to “significantly extend” the ten year mine life of the Acoje project by converting the inferred resources – which are compliant with the JORC standard – at Acoje and ZCMZ to JORC indicated status.

ENK is also set to add presently undrilled ore to the resource estimate.

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