METALS X LIMITED Metals X Limited (Metals X) is pleased to advise that after an exhaustive public environmental review process, the EPA has recommended that the WA Environment Minister approve the development of the Wingellina Ni-Co-Fe Project, subject to a two week appeal process.
Metals X's CEO, Peter Cook commented:
"This is a significant milestone and an essential step for the funding and development of the project. Wingellina is world-class and its future development will provide huge benefits to many stakeholders. We look forward to further advancing the project in the next nickel price up-cycle, and we will continue to explore financing structures and technologies to do so."
ABOUT THE WINGELLINA NICKEL-COBALT PROJECTWingellina is a world-class nickeliferous limonite deposit located in the Central Musgrave Ranges of WA. The Mineral Resource estimate at Wingellina using a 0.5% cut-off is 183.2 million tonnes at 0.98% Ni, 0.08% Co and 47% Fe2O3 and the Ore Reserve estimate is 167.5 million tonnes at 0.98% Ni, 0.08% Co and 47% Fe2O3.
Metals X completed a feasibility study (+/-25%) in 2009 using industry experts that concluded a robust project with a minimum 40 year mine life at an average production rate of 40,000 tonnes of nickel and 3,000 tonnes of cobalt per annum at a production cost estimate of US$3.34/lb after cobalt credits. The capital cost estimate for the project was
$2.5 billion.
Since the completion of the feasibility study, Metals X has focused on the delivery of development approvals and infrastructurerequirements.Alandmarkminingandaccessagreementwiththetraditionalownersandtheirrepresentative bodies was agreed covering an 18,000 km2 area. Substantial water exploration has identified and modelled required water resources. Numerous flora and fauna, social and economic studies have been completed and Metals X remains in discussions with state and territory government departments in relation to transport infrastructure options.
ENQUIRIES Peter Cook | Warren Hallam | Rod Corps |
Executive Director & CEO e: peter.cook@metalsx.com.au | Executive Director e: warren.hallam@metalsx.com.au | Manager - Investor Relations e: rod.corps@metalsx.com.au |
The information in this report that relates to Mineral Resources compiled by Metals X technical employees under the supervision of Mr. Jake Russell B.Sc. (Hons), who is a member of the Australian Institute of Geoscientists. Mr Russell is a full-time employee of the company, and has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Russell consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr Russell is eligible to participate in short and long term incentive plans and holds performance rights in the Company as has been previously disclosed.
The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Peter Cook BSc (App. Geol.), MSc (Min. Econ.) MAusIMM (11072) who has sufficient experience that is relevant to the styles of mineralisation, the types of deposits under consideration and the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Cook is the CEO and an Executive Director and a full time employee of Metals X Limited and consents to the inclusion in the reports of the matters based on his information in the form and context in which it appears. Mr Cook is a shareholder of Metals X and is entitled to participate in Metals X's short term and long term incentive plans details of which are included in Metals X's Remuneration Report in the Annual Report.
ASX Code: MLX
OTCQX Code: MLXEF
Level 3, 18-32 Parliament Place West Perth WA 6005
Australia
reception@metalsx.com.au www.metalsx.com.au
Metals X Limited published this content on 21 June 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 21 June 2016 00:15:04 UTC.
Original documenthttps://www.metalsx.com.au/system/announcements/726/20160621_Wingellina_Project_Receives_Environmental_Approval.pdf
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