Last checked at 10 Feb 2009 15:44
LANDORE RESOURCES LIMITED
WEST GRAHAM-FIRST NICKEL OPTION
RESOURCE STATEMENT.
First Nickel is carrying out exploration on Landore's West Graham property and the following is an extract from their recently published results.
-BEGINS-
WEST GRAHAM NI 43-101 INDICATED MINERAL RESOURCE ESTIMATE: 8.55 MILLION TONNES AT A GRADE OF 0.45% NI AND 0.31% CU
February 9, 2009 - Toronto, Ontario - First Nickel Inc. (FNI-TSX) is pleased to report the initial mineral resource estimate for the West Graham property, Conwest Zone located approximately 1.5 kilometres to the east of the #2 head-frame of First Nickel's Lockerby Mine. The West Graham property is under option from Landore Resources Canada Inc. and the details of the option agreement were provided in a press release dated August 4, 2005.
The total in situ Indicated Mineral Resource estimate is tabulated as follows:
| Tonnes (000's) | Ni% | Cu% | Co% | Au gpt | Pt gpt | Pd gpt | Ag gpt | S% |
| Indicated Resource | ||||||||
| 8,550 | 0.45 | 0.31 | 0.01 | 0.03 | 0.07 | 0.02 | 1.91 | 2.43 |
| Inferred Resource | ||||||||
| 2,000 | 0.38 | 0.30 | 0.01 | 0.04 | 0.09 | 0.03 | 2.11 | 2.15 |
| Boundary Pillar | ||||||||
| 270 | 0.57 | 0.33 | 0.02 | 0.02 | 0.06 | 0.02 | 1.29 | 3.00 |
Notes
CIM definitions were followed for Mineral Resources.
Mineral Resources are estimated within a mineralization wireframe cut-off grade of 0.3% nickel equivalent. The cut-off grade is based on geologic continuity, as well as a preliminary estimate of bulk underground incremental operating costs, an average long-term nickel price of US$7.00/lb, and a C$/US$ exchange rate of $0.90.
Nickel equivalent is derived from the equation, NiEq% = Ni% + (0.32xCu%) + (0.53xCo%).
Resources are estimated from a depth of 45 metres below surface to a depth of 557 metres.
Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) was retained by First Nickel Inc. to carry out a resource estimate and prepare an independent Technical Report for the Conwest Zone on the West Graham property, Sudbury area, Ontario. This technical Report conforms to NI 43-101 Standards of Disclosure for Mineral Projects. Scott Wilson RPA visited the property on November 26, 2008.
Scott Wilson RPA independently estimated Mineral Resources for the Conwest Zone on the West Graham property. The Conwest Zone is interpreted to represent a large, low grade Ni-Cu-Co-Ag±PGE±Au bearing contact-type disseminated sulphide deposit hosted by dark norite and located stratigraphically above sublayer norite at the base of the Sudbury Igneous Complex. The Conwest Zone tops at 45 m depth, extends for some 375 m on strike and 573 m along dip and is up to 66 m thick. The zone dips moderately at approximately 53º to the north and is 500 m up dip from the Lockerby Mine East Zone. The resource estimate is terminated to within five metres of the west boundary to allow for a boundary pillar.
The Conwest Zone is near surface and contains in excess of 84 million pounds of nickel and 58 million pounds of copper within the in situ Indicated Resource category. The West Graham property is unique for First Nickel in that the contained nickel and copper is not obligated to either Xstrata Nickel or Vale Inco. First Nickel is in the process of completing bench scale, metallurgical tests on the Conwest Zone and is investigating alternative processing and treatment options. Exploration will continue on the West Graham property in 2009, targeting the footwall lithologies to the south of the Conwest Zone.
The resource modeling and estimate was carried out under the supervision of Richard Routledge, M.SC. Applied, PGeo. and Bruce Churchill, B.A., PGeo. of Scott Wilson RPA, both "qualified person(s)" as defined by National Instrument 43-101. The information in this release was prepared under the direction of Paul Davis, PGeo, Vice President of Exploration for First Nickel Inc., a "qualified person" as defined by National Instrument 43-101
First Nickel is a Canadian mining and exploration company. Its current activities are primarily focused on the Sudbury Basin in northern Ontario, the location of the company's producing property (the Lockerby Mine) and four of its exploration properties. First Nickel also has two exploration properties in the Timmins region of northern Ontario. First Nickel's shares are traded on the TSX under the symbol FNI.
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For more information please contact:
| Bill Humphries, Chairman | Tel: 07734 681262 |
| Richard Prickett, Chief Executive | Tel: 07775 651421 |
| Landore Resources Limited
| |
| Simon Raggett | |
| Strand Partners Limited | Tel: 020 7409 3494 |
| David Bick | Tel: 07831 381201 |