Nova-Bollinger Scoping Study is Good News for Western Australia's Sirius Resources NL

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Researched by Industrial Info Resources Australia (Perth, Australia)--Sirius Resources NL (Perth, Western Australia) recently released information on its Nova-Bollinger nickel-copper scoping study. The Nova-Bollinger resource includes a deposit of magmatic nickel sulphide, the first of its kind to be found in Australia. The company is progressing toward the definitive feasibility study stage, which is expected to be finalized by mid-2014. Construction is set to begin in the latter half of the year, and completion is expected by late 2016.

The project is located in the Fraser Range region of Western Australia. Isolated, it sits approximately 250 kilometres from the gold-rich region. The nearest major city is Kalgoorlie.

When completed, the project will process about 1.5 million tonnes per annum of ore, 28,000 tonnes per annum of nickel, and 11,000 tonnes per annum of copper over a 10-year period. Capital expenditures on the processing plant are expected to be approximately $111.66 million, with $14.07 million in contingency. The processing design will include conventional crushing, milling and classification circuits. The processing will include conventional two-stage flotation, dewatering and filtration.

Aiding to the progression of the project was a comparison of commodity prices made with the production costs and overall economics of the project. Averages were taken for the 2012-13 nickel and copper prices. The results were based on $16,408 per tonne for nickel and $7,644 per tonne for copper. The project has been identified as a low-cost project with solid economics.

Like many companies in the metals and minerals industry, Sirius Resources has taken a beating in the share market, almost halving its share price throughout the year. The company hopes that the development of the Nova-Bollinger project will boost stakeholders' confidence and set up support for a gold project in its portfolio. This project, known as the "Polar Bear" project, is still in the very early stages.

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