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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Oriel Res. | LSE:ORI | London | Ordinary Share | GB0034246743 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 121.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4090B Oriel Resources PLC 30 July 2004 30 July 2004 Oriel Resources confirms Shevchenko Nickel Project preliminary feasibility pyrometallurgical results. Oriel Resources plc is pleased to announce the receipt of the final report on the preliminary feasibility testwork programme recently completed at the Mintek facilities in South Africa. Mintek received a six ton representative sample of nickel ore from the Shevchenko Project area and undertook drying, calcining and smelting tests on the material. Smelting was performed in their 200kVA DC Arc furnace with an average feed rate of 65kg/hr of calcined material and at a furnace temperature of 1600+/-50 degrees centigrade over the period 15 June to 19 June 2004. Optimum conditions were obtained with the addition of 4.5% coal as a reductant and 9% magnesite as a flux. After initial warm up and stabilization of the process, nickel grades of the crude ferronickel product were in excess of 20% with recoveries conservatively estimated at 89%. Mintek comment that,"under optimum smelting conditions, the promising grade and corresponding recovery numbers from this small-scale test should be improved upon". Accordingly, Oriel will be progressing with a large scale demonstration campaign on a 450 ton sample later in 2004. Oriel commissioned this preliminary feasibility study on the Shevchenko Project in June 2004. Mintek and Bateman Metals Ltd of South Africa have been commissioned as study Project Managers to assess the process parameters and provide capital and operating costs estimates for the furnace operations. GBM Minerals Engineering Consultants, UK, have been commissioned to provide capital and operating costs estimates for the general mine infrastructure elements including power, gas, water, road and rail access. Wardell Armstrong International, UK, are providing resource and reserve statements, mine production schedules, mine capital and operating cost estimates, in addition to preparing an initial Environmental Scoping Study. The overall study is proceeding satisfactorily, and the results will be presented to Oriel during August 2004. Oriel has completed 6,400m of infill and confirmation core drilling on the main Shevchenko deposits. In addition, a trial mining programme has moved some 45,000 ton of material, from three locations within the deposit area, and produced a surface ore stockpile of approximately 14,000 ton. Oriel is in the progress of taking the 450 ton representative sample from the exposed pits for the demonstration scale smelting campaign at Mintek to commence Autumn 2004 as part of the full feasibility study. Oriel Resources plc holds 90% of Muzbel LLP, the Kazakh legal entity which is the 100% owner of the Shevchenko Project mining licence. Executive chairman Sergey Kurzin said today: "We are entering a most exciting time for the Shevchenko Project and I am confident that with the appointment of the world renowned pyrometallurgical consultants Mintek in association with Bateman Metals Ltd, as Project Managers and lead consultants we anticipate receiving a positive study on our nickel project which will allow us to proceed to commissioning the preparation of a Definitive Feasibility Study." For further information on Oriel Resources, please visit our website at www.orielresources.com or contact: Sergey Kurzin svkurzin@orielresources.com Stephen R Dattels sdattels@orielresources.com Oriel Resources Plc 18 Upper Brook Street, London W1K 7PU, England Telephone +44 (0) 20 7514 0590 Facsimile +44 (0) 20 7514 0591 This information is provided by RNS The company news service from the London Stock Exchange END STRGGGFNRGNGDZG
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