FNI CAGDIANAO MINE YIELDS 78% MORE ORE

GLOBAL Ferronickel Holdings, Inc. ( FNI) reported on Friday a 78 percent increase in mineral resources at its Cagdianao mine in Surigao del Norte following an exploration program conducted by one of its subsidiaries, Platinum Group Metals Corp. ( PGMC).

FNI said mineral resources at the Cagdianao Area 3 Deposit ( CAGA 3) reflected a 78 percent increase or 5.6 million dry metric tons ( DMT) over the last estimate on June 30 last year.

Measured and indicated resources stood at 12.809 million DMT with an average grade of 1.2 percent nickel and 27.5 percent iron. It said the material mix consists of 75 percent or 9.588 million DMT medium- grade, 14 percent or 1.827 million DMT high- grade and 11 percent or 1.394 million DMT low- grade.

It said the CAGA 3 deposit also contains additional inferred resources of 2.196 million DMT with an average grade of 1.12 percent nickel and 20.11 percent iron.

“A key part of our strategy is to continuously upgrade our resource and reserve base within Cagdianao deposit areas,” Global Ferronickel President Dante Bravo told the Philippine Stock Exchange.

“This successful exploration result highlights the effectiveness of our planned exploration program and the exploration potential of Cagdianao Areas 6 and 7 which remain unexplored,” he added.

PGMC’s exploration program focuses on increasing its existing resource capacity and converting inferred or indicated resources to a higher level of confidence in all its seven deposit areas in Cagdianao, Claver, Surigao del Norte, Global Ferronickel said.

The drilling activities at CAGA 3 consisted of in- fill, saprolite development and peripheral drill holes, it added.

Formerly Southeast Asia Cement Holdings, Inc., Global Ferronickel was established 1994 as a holding company. Its units include PGMC, Surigao Integrated Resources Corp., PGMC- CNEP Shipping Services Corp., and PGMC International Ltd.