TORONTO, ONTARIO, Oct. 7, 2009 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 10/07/09 -- Victory Nickel Inc. ("Victory Nickel" or the "Company")(TSX: NI)(www.victorynickel.ca) today provided an update on the status of completion of the feasibility study on its 100%-owned Minago project in Manitoba.
As previously announced, the Company, in conjunction with Wardrop, a Tetra Tech Company ("Wardrop"), and select third-party consultants is in the process of completing a comprehensive review of certain components comprising the Minago feasibility study to ensure that project design and costs reflect current market realities. This review involves the following components:
- Geology - now completed
- Geotechnical and infrastructure
- Processing/metallurgy
- Mining
- Electrical
- Financial analysis.
Completion of the feasibility study remains scheduled for 2009. The comprehensive geology review is the first component finished. This review has not identified any significant issues with regard to the resource. Furthermore, a revised open pit shell of larger dimensions is being considered, which would not only positively affect the amount of nickel resource potentially exploitable in the open pit but also would increase the amount of hydraulic fracturing ("frac") sand available as part of pre-stripping at Minago above that reported in the news release dated September 9, 2009. Completion of the additional components of the feasibility study will be announced as they become available.
"Our goal is to complete a feasibility study that, when released, has not been outdated due to volatile market conditions and contains the most accurate result possible during a period of exceptional challenge and change," said Rene Galipeau, Vice-Chairman and CEO. "This process has taken longer than anticipated, and we recognize this has caused some concern with investors. However, it is important to understand that the investment of time and money we have made will result in a feasibility study that can be relied upon. We are as anxious as anyone to get this completed."
As previously announced, the Company is planning for construction of a 4.1 kilometre exploration road at the Minago site that will provide access to a limestone outcrop and the property in general. This material will subsequently be used to develop initial mine infrastructure. Victory Nickel has applied for a permit to build this access road and consultations with the First Nations regarding that permit are taking place.
About Victory Nickel
Victory Nickel Inc. is a Canadian company with four sulphide nickel deposits containing significant 43-101-compliant nickel resources.
