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Resource Mining Corporation ups JORC Resource to 125Mt at 1.06% nickel at Wowo Gap

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Resource Mining Corporation (ASX: RMI) has increased the JORC Resource at its Wowo Gap Nickel Laterite Project in Oro Province Papua New Guinea by 52% to 125 million tonnes at 1.06 % nickel.

Contained nickel is up 60% to 1.32 million tonnes and the Indicated Resource has increased by 85% to 72 million tonnes at 1.03% nickel.

The Resource incorporates all new information derived from a 295 hole core drilling campaign that commenced in August 2010 and substantially increases the tonnage, grade and confidence level of the Wowo Gap deposit.

The Resource is based on the geological continuity of mineralisation, drilling density and dry insitu bulk density and a 0.8% nickel cut off grade.

Wowo Gap has a significant nickel and cobalt deposit near surface which lends itself to open cut mining, an innovative organic leaching process which is being developed to proof of concept stage, a potential source of hydro power, and potential for an export port less than 30 kilometres away.

Together with research on the company's new organic leaching technology, the new resource makes the project attractive to potential joint venture partners.

A potential site for a stand alone hydro power source has also been identified within the general area of Wowo Gap.

The outlook for nickel still remains positive as an input into steel making and the company believes the ongoing trend of industrialisation and urbanisation in Asia and India will continue.

Quick facts: Resource Mining Corporation Limited

Price: 0.009 AUD

ASX:RMI
Market: ASX
Market Cap: $2.67 m
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