IVK Investika Di

RNS Number:7902M
Investika Ltd
27 November 2006

                                 INVESTIKA LTD



          BERONG NICKEL PROJECT (INVESTIKA LTD 18.7% DIRECT INTEREST)



                  COMMENCEMENT OF COMMERCIAL MINING OPERATIONS



27 November 2006



Investika Ltd (AIM : IVK), the investment company in the mining finance industry
with a focus on pre-production emerging resource opportunities, is pleased to
advise that the Berong Nickel Project has been issued a Special Mines Permit
(SMP), and is now able to start full scale commercial mining of laterite nickel
ore from its Berong project on Palawan Island in the Philippines with immediate
effect. The SMP, issued by the Department of Environment and Natural Resources
(DENR) headed by Secretary Angelo T. Reyes, has a term of one year (commencing
on the 15th November 2006) and is renewable for a further one year.



The issuance of the SMP allows Berong Nickel Corporation (BNC) to commence its
mining operations whilst it completes a feasibility report as part requirement
for the company's commercial Mineral Production Sharing Agreement (MPSA)
application.



The Berong Nickel Project is a Joint Venture between Toledo Mining Corporation
Plc, Atlas Consolidated Mining & Development Corporation, and Investika Ltd.



Current activities are focused on the extraction of a bulk metallurgical sample
of approximately 30,000 dry metric tons (equivalent to approximately 45,000 wet
metric tons) at a grade of approximately 1.7% nickel (includes 10% dilution). To
date, approximately 20,000 wmt of ore has been mined. Progress has been slower
than anticipated because of heavy rains associated with typhoon activity. This
should change considerably with the approaching dry season. The bulk
metallurgical sample will be shipped to Hainan Yulai Steel Co. Ltd., a Chinese
stainless steel producer.



Commercial mining operations will commence immediately. For the first year of
the SMP, an export target of approximately 1 million wet metric tons (wmt) of
ore has been set, weather permitting. The grade of this ore will average greater
than 1.85% nickel. Some shipments with grades above 2% nickel can be expected.
The mine is expected to be operating at an annual rate of approximately 1.5
million wmt per year by the start of 2008.



Customer demand for the laterite ore is very strong. Negotiations are well
advanced for the long term (4+ years) supply of up to 50% of the mine output to
the BHP Billiton/QNI (Queensland Nickel) plant at Townsville in Australia.
Similarly, negotiations continue with numerous Chinese and Japanese customers
for shorter term supply of up to 2 years. Demand far exceeds supply.



Mr. George Bujtor, CEO of BNC, commented, "The Berong Nickel Project has been
developed into a commercial mining operation in under one year from the time we
commenced initial test pitting and sampling. Such rapid progress is achievable
in the Philippines under the current mining laws, and we can thank the DENR for
its diligence and full support".



George Bujtor is a member of the Australasian Institute of Mining and Metallurgy
and is the qualified person that has reviewed and approved the technical
information contained in this announcement.






Enquiries to:


Chrisilios Kyriakou, Chief Executive Officer
Investika Ltd
Telephone: 020 7514 1480


Paul Dudley/James Joyce
WH Ireland Limited
Telephone: 020 7220 1666


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCBRBRTMMTTBLF

Investika Di (LSE:IVK)
Historical Stock Chart
From Jun 2024 to Jul 2024

Investika Di (LSE:IVK)
Historical Stock Chart
From Jul 2023 to Jul 2024