Scandinavian Minerals Ltd.
Scandinavian Minerals signs Engineering Agreement with Outotec Oy
Scandinavian Minerals Ltd. / Miscellaneous Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Scandinavian Minerals signs Engineering Agreement with Outotec Oy Toronto, Canada – Scandinavian Minerals Limited (TSX: SGL) today announced that it has signed an engineering agreement with Outotec Oy for Scandinavian Minerals’ 100%-owned Kevitsa nickel-copper-PGE property, located in Finland. Under the Agreement, Outotec Oy will carry out detailed engineering work, including open pit modelling, and the design of the planned processing plant for the Kevitsa project. Outotec Oy (formerly Outokumpu Technology Oy), headquartered in Finland, is one of the world’s largest providers of process solutions, technologies and services for the mining industry and a leading supplier of mineral processing equipment. Outotec’s staff includes mining engineers, geologists and mineral processing engineers with many years experience in their respective fields, including the design, construction and commissioning of numerous mining operations in Finland. Mr. Peter Walker, President & CEO of Scandinavian Minerals, commented 'We are delighted to welcome Outotec Oy to the team working on the Kevitsa project. Outotec’s experience, especially in Finnish conditions, will be invaluable in bringing Kevitsa into production'. Outotec’s engineering work will be incorporated in the Bankable Feasibility Study currently being prepared for the Kevitsa project. The Feasibility Study was commenced in April 2007 and is being coordinated by St Barbara LLP (formerly St Barbara Consultancy Services) of London, UK. The Study is expected to take approximately 12 months to complete. Note: a 'Bankable Feasibility Study' is a comprehensive analysis of a project’s economics (+/- 15% precision) and is used by the banking industry for financing purposes. About Scandinavian Minerals Scandinavian Minerals Limited is a Canadian public company listed on the Toronto Stock Exchange under the symbol 'SGL'. The Company’s current focus is the development of its 100%-owned Kevitsa nickel-copper-PGE project in northern Finland. Kevitsa is one of the world’s major undeveloped sulphide nickel deposits and one of the largest mineral discoveries in Finland’s history, with a measured and indicated resource of 141 million tons and an inferred resource of 291 million tons (both at 0.2% Ni cut-off). This equates to contained metal of 930 million pounds nickel and 1.3 billion pounds copper (measured + indicated), and 1.9 billion pounds nickel and 2.9 billion pounds copper (inferred). In July 2006, Scandinavian Minerals announced the results of a positive pre-feasibility study for the Kevitsa project (filed on SEDAR July 17, 2006). The pre-feasibility study, which was also undertaken by St Barbara, was based on an initial open pit mining operation producing 4.5 million tons of ore per year, with production of separate nickel and copper concentrates for sale to smelters in Finland or abroad. Proven and probable reserves in the proposed open pit total 66.8 million tons to 400 metres depth, giving a mine life of 15 years at an average strip ratio of 2.34. The study shows attractive economics at conservative long-term metal prices. The pre-feasibility study envisages average annual production in concentrate as follows: Nickel – 19 million pounds (8,692 tons); Copper – 31 million pounds (14,227 tons); Cobalt – 906,000 pounds (411 tons); Platinum – 15,542 ounces; Palladium – 9,474 ounces; Gold 7,916 ounces. The Company currently has 21.9 million outstanding common shares and has cash of approximately $45 million. Qualified Person Mr. John Pedersen, M.Sc., P.Geo., The Company’s qualified person is a director and officer of the Company within the meaning of National Instrument 43-101. Mr. Pedersen has reviewed and approved the contents in this news release. Forward-Looking Statements Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. For further information, please visit www.scandinavianminerals.com or contact: John Kearney, Chairman (416) 203-6128 Peter Walker, President & CEO (+44) 7717-223909 Chris de Saint-Rome,Corporate Development Advisor (514) 802 3377 Marlies Studer, Studer Consulting AG (+41) 44 215 2803 DGAP 20.06.2007 ----------------------------------------------------------------------
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