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2010-10-27 06:30:00 CEST 2010-10-27 06:30:23 CEST REGULATED INFORMATION Talvivaaran Kaivososakeyhtiö Oyj - Company AnnouncementSignificant Increase in Talvivaara Mineral ResourcesSTOCK EXCHANGE RELEASE 27 October 2010 Significant Increase in Talvivaara Mineral Resources Highlights · 54% upgrade in total resources to 1,550mt · Resources contain 3.4mt of nickel and 7.6mt of zinc · Talvivaara is assessing options for production capacity expansion Talvivaara Mining Company Plc ("Talvivaara" or the "Company") announces the results of successful drilling campaigns at its Kuusilampi and Kolmisoppi deposits in Sotkamo, Finland and an upgrade in Talvivaara's Mineral Resources. The total Mineral Resources, as defined by the JORC code, increased by 54% to 1,550mt from the total of 1,004mt announced in December 2008. Measured and Indicated Resources increased by 75% to 1,121mt (Table 1). The increased resources contain 3.4mt of nickel and 7.6mt of zinc, up from 2.2mt and 5.0mt in 2008, respectively. Most of the new resources were found as a result of an infill drilling campaign at the Kolmisoppi deposit between September 2009 and June 2010. The campaign resulted in a 270% increase in total resources at the deposit from 178mt to 660mt. At the Kuusilampi deposit, geological mapping and diamond drilling were primarily focused on improving the classification of the orebody and resulted in a 56% increase in Measured and Indicated Resources from 505mt to 788mt. The total resource increased by some 8% to 890mt. Metal grades in both deposits remained unchanged at 0.22% nickel and 0.49% zinc, further reaffirming the homogeneous nature of the ore bodies (Table 2). Following the substantial upgrade in Mineral Resources, Talvivaara is currently evaluating options for growth through a further expansion of production capacity at the mine. The Company anticipates providing further information on the results and conclusions of the evaluation over the coming months. Table 1: Total Mineral Resources at 0.07% nickel cut off ----------+----+-------+------+----+------+------ Cetegory |Year|Million|Nickel|Zinc|Cobalt|Copper | | tonnes| (%)| (%)| (%)| (%) ----------+----+-------+------+----+------+------ Measured |2010| 432| 0.23|0.50| 0.02| 0.13 ----------+----+-------+------+----+------+------ |2008| 364| 0.23|0.51| 0.02| 0.13 ----------+----+-------+------+----+------+------ Indicated|2010| 689| 0.23|0.50| 0.02| 0.13 ----------+----+-------+------+----+------+------ |2008| 278| 0.22|0.49| 0.02| 0.13 ----------+----+-------+------+----+------+------ Subtotal |2010| 1 121| 0.23|0.50| 0.02| 0.13 ----------+----+-------+------+----+------+------ |2008| 642| 0.23|0.50| 0.02| 0.13 ----------+----+-------+------+----+------+------ Inferred |2010| 429| 0.20|0.47| 0.02| 0.12 ----------+----+-------+------+----+------+------ |2008| 363| 0.20|0.49| 0.02| 0.12 ----------+----+-------+------+----+------+------ Total |2010| 1 550| 0.22|0.49| 0.02| 0.13 ----------+----+-------+------+----+------+------ |2008| 1 004| 0.22|0.50| 0.02| 0.13 ----------+----+-------+------+----+------+------ Table 2: Mineral Resources at the Kuusilampi and Kolmisoppi deposits at 0.07% nickel cut-off -------------------------------------------------------------------------------- Million Nickel Zinc Cobalt Copper Uranium tonnes (%) (%) (%) (%) (%) -------------------------------------------------------------------------------- Kuusilampi Measured 331 0.23 0.50 0.02 0.13 0.0016 Indicated 457 0.23 0.50 0.02 0.13 0.0017 ---------------------------------------------------------------------- Subtotal 789 0.23 0.50 0.02 0.13 0.0017 ---------------------------------------------------------------------- Inferred 101 0.14 0.44 0.01 0.09 0.0018 ---------------------------------------------------------------------- Total 890 0.22 0.49 0.02 0.13 0.0017 ---------------------------------------------------------------------- Kolmisoppi Measured 101 0.24 0.51 0.02 0.14 0.0019 Indicated 232 0.24 0.50 0.02 0.14 0.0019 ---------------------------------------------------------------------- Subtotal 333 0.24 0.50 0.02 0.14 0.0019 ---------------------------------------------------------------------- Inferred 328 0.22 0.48 0.02 0.13 0.0017 ---------------------------------------------------------------------- Total 660 0.23 0.49 0.02 0.14 0.0018 ---------------------------------------------------------------------- Total Measured 432 0.23 0.50 0.02 0.13 0.0017 Indicated 689 0.23 0.50 0.02 0.13 0.0018 ---------------------------------------------------------------------- Subtotal 1 121 0.23 0.50 0.02 0.13 0.0018 ---------------------------------------------------------------------- Inferred 429 0.20 0.47 0.02 0.12 0.0017 ---------------------------------------------------------------------- Total 1 550 0.22 0.49 0.02 0.13 0.0017 ---------------------------------------------------------------------- CEO Pekka Perä commented: "The significant resource upgrade announced today continues to strengthen Talvivaara's position as a growing base metals producer of increasing global significance. Our current focus remains on the ramp up to our target 50,000tpa nickel production rate at the Talvivaara mine. However, we will assess options to deliver long term shareholder value through further organic growth of our assets at Sotkamo. Our proven technology and large resource base make production expansion at Talvivaara a preferred strategic option for us in the coming years." ENQUIRIES Talvivaara Mining Company Plc Tel: +358 20 712 9800 Pekka Perä, CEO Jukka Pitkäjärvi, Chief Geologist Merlin PR Tel: +44 207 726 8400 David Simonson Anca Spiridon Talvivaara Mining Company Plc Talvivaara Mining Company is an internationally significant base metals producer with its primary focus on nickel and zinc using a technology known as bioheapleaching to extract metals out of ore. Bioheapleaching makes extraction of metals from low grade ore economically viable. The Talvivaara deposits comprise one of the largest known sulphide nickel resources in Europe. The ore body is sufficient to support anticipated production for at least 46 years. Talvivaara has secured a 10-year off-take agreement for 100 per cent of its main output of nickel and cobalt to Norilsk Nickel and entered into a long-term zinc streaming agreement with Nyrstar NV. Talvivaara is listed on the London Stock Exchange Main Market and NASDAQ OMX Helsinki and is included in the FTSE 250 Index. Further information can be found at www.talvivaara.com. [HUG#1455474] |
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