Independent Nickel Corp.

Independent Nickel Corp.

December 06, 2007 07:09 ET

Independent Nickel Files Positive Lynn Lake Pre-Feasibility Study

SUDBURY, ONTARIO--(Marketwire - Dec. 6, 2007) - Independent Nickel Corp. (TSX:INI) announced today that it has filed on SEDAR the previously announced positive pre-feasibility study for reopening the Lynn Lake nickel mine (see press release dated November 13, 2007).

Highlights of the base case of the pre-feasibility study include the following:

- Pre-tax internal rate of return ("IRR") of 29%;

- Pre-tax net present value of $131 million using an 8% discount rate (net of CAPEX); and

- Pre-tax profit over an initial 11 year mine life of $296 million;

The document can be accessed on SEDAR by following the link below and selecting the Technical Report (NI 43-101) filed on December 5, 2007.

About Independent Nickel Corp.

Independent Nickel owns 100% of the Lynn Lake Nickel Mine, located in Lynn Lake, Manitoba. Independent Nickel also owns a Net Smelter Return Royalty ("NSR") on Victory Nickel Inc.'s Minago Nickel Property, also located in Northern Manitoba. The NSR pays Independent Nickel 3% of all mineral product value when nickel prices exceed US$6/lb.

The prefeasibility study referenced in this press release has been completed by Wardrop Engineering under the direction of Tim Maunula P.Geo. in accordance with Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101 (NI 43-101). Mr. Maunula is the Project Manager for the Lynn Lake pre-feasibility study. He has reviewed and approved the content of this press release. In addition, the following qualified persons contributed to the study: Ivan Arriagada, P. Eng., Peter, Broad, P.Eng., Alex Veresezan, P.Eng. and Shahe Naccashian, P.Geo.

The Qualified Person responsible for the technical content of this news release is Richard Murphy, P.Geo., President and CEO of Independent Nickel Corp.

This document may contain forward-looking statements relating to Independent Nickel Corp.'s (INI) operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond INI's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. INI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Contact Information

  • Independent Nickel Corp.
    Richard Murphy
    President and CEO
    (705) 521-8444
    pro-edge consultants inc.
    Tracy Weslosky and Fred Cowans
    (416) 581-0177 or Toll Free: 1-866-544-9622