Atlas nickel project granted priority mining development status

Atlas Consolidated Mining and Development Corp. (ACMDC) said its Berong nickel project located in Palawan has been granted Priority Mining Development Status by the Mines and Geosciences Bureau (MGB) under the Mining Revitalization Program of the Philippines.

The BNC is a joint venture among Atlas, Toledo Mining Corp. PIc. and Investika Ltd.

ACMDC said development of the mine site is nearing completion with approximately 4,000 wet tons of ore already mined and placed on the coastal stockpiles for shipment to customers by the middle of November 2006.

Commercial mining operations are expected to commence in November or December as soon as the necessary final approvals are secured from the government.

ACMDC said exports are targeted to reach 80,000 to 90,000 dmt of ore for this year, 620,000 dmt next year and one million dmt in 2008 and beyond.

The grade of laterite ore to be mined in the first year of operations is estimated to average approximately 1.9 percent nickel.

ACMDC managing director Kim Freeman said: "This is an important project for Atlas with significant revenue potential for the company. The project enjoys professional management and is operated under the highest environmental and social standards."

ACMDC recently completed an updated feasibility study in August 2006 on the rehabilitation and re-opening of the Toledo copper mine by its subsidiary, Carmen Copper Corp.

Based on the study, the mine will produce over a 12-year period an average of 47,000 tons of copper and 41,000 ounces of gold per year.