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www.braemoreresources.com
http://www.investegate.co.uk/Article.aspx?id=200711010702217873G



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cyril

Braemore Resources Plc ("Braemore" or "the Company"; AIM: BRR, JSE: BRE) is pleased to update the market on progress with the Leinster Nickel Tailings Project, following receipt of the preliminary results from the independent consultants and the completion of the scoping study.

A detailed overview of the scoping study is provided later in this announcement. In summary, the main findings are:

project viability confirmed at average production rate of 12,500 tonnes per annum (tpa) of nickel as intermediate product;

preliminary results indicate low operating costs in range of US$3.85/lb to US$4.07/lb; and

preliminary capital expenditure in range of US$415m to US$444m.

As previously announced, the final scoping report will be presented to BHP Billiton ("BHPB") by the end of January 2009 for review over the following months.

Leon Coetzer, Braemore's CEO, commented:

"Braemore is confident of Leinster's future given that the scoping studies have indicated a number of strategic advantages, including the potential low recovery cost of the tailings, low processing costs and high sulphur recovery rates.




"We believe that additional reductions in capital and operating costs are achievable in the future through the continued refinement of the project. In addition to copper and cobalt credits, there are significant by-product credits from the production of magnesium oxide (MgO) from the sulphur recovery circuit."




Scoping Study Overview




The revised scoping studies include independent validation by leading consultants of the flowsheets developed by Braemore and revised estimates of capital and operating costs to a +/- 35% accuracy. The scoping studies have assumed a conservative 66.65 million tonne resource at an average grade of 0.35% nickel for 235,318 tonnes of nickel over a life of mine of some 12.25 years. These studies were presented to the Braemore Board ahead of presenting the final review to BHPB by the end of January 2009.




The study was divided into five sub-projects, each with a responsible consultant:




1) Mineral Resource Estimate - CSA Global Pty Ltd

2) Tailings Recovery - AMC Consultants Pty Ltd

3) Sulphur Recovery - Atomaer / SNC Lavalin Pty Ltd

4) Acid Plant - SNC Lavalin Pty Ltd

5) Nickel Refinery - Bateman Engineering Pty Ltd




Each of these sub-projects have been evaluated in detail within this review, collating the results to facilitate a detailed analysis of capital and operating costs to enable selection of the most viable flowsheet for the project. The project has been investigated at different nickel dissolution rates (60% and 70%) and as either a nickel sulphide or nickel hydroxide producer. The ensuing anticipated acid consumption rate will be around 150 kg/t for 60% recovery and 250 kg/t for 70% nickel recovery, and the acid consumption costs will vary accordingly.




1) Mineral Resource Estimate - includes the updating of the previous Mineral Resource Estimate to include additional tailings deposited in the past two years and to consider the grade and deposition rate of future tailings over the expected mine life.




2) Tailings Recovery - studies were concluded over the most effective mining method from the three storage facilities. Different mining and transport methods were examined, with Slurrytrack being identified as the most cost efficient method.




3) Sulphur Recovery - current testwork for the acid recovery flowsheet and modelling by SNC indicates sulphur recovery at 70% of plant demand is achievable. A combination of SO2 recovery and burning elemental sulphur will determine the required scale of the acid plant, whose capacity is set by the percentage nickel dissolution selected.




4) Acid Plant - studies into scale and options for acid supply were investigated. These include burning elemental sulphur to generate SO2 gas, recovery of sulphur units from the waste leachate solution and direct purchasing of acid.




5) Nickel Refinery - various flowsheets have been investigated at different percentage nickel dissolution rates to produce either nickel hydroxide or nickel sulphide intermediate products. Braemore's flowsheets are well established in the industry and did not contain any fatal flaws.




Projected capital costs as per scoping studies




The percentage of nickel dissolution selected and the intermediate product produced (sulphide or hydroxide) are the main determining factors for capital costs. Estimates of total capital expenditure arising from these studies are in the range of US$415m to US$444m for intermediate nickel hydroxide and sulphide respectively. The acid plant is anticipated to cost between US$181m and US$185m depending on the scale of the plant and the sulphur source.




There remains significant scope to further reduce capital costs by tendering and specific engineering design to support the final flowsheet.




Projected operating costs as per scoping studies




Recovering the tailings using a Slurrytrack system will result in mining costs of between US$0.40/lb and US$0.50/lb. Braemore is confident that these are among the lowest mining costs for nickel sulphide in the industry.




Operating costs could be further reduced by:




a) substituting the sulphide precipitation stage with hydroxide precipitation;




b) substituting purchased limestone with by-product MgO from the sulphur recovery process; and




c) on-site generation of hydrogen sulphide (H2S)




The operating costs for the various sub-projects were combined and total operating costs range between US$3.85/lb and US$4.07/lb for intermediate nickel hydroxide and sulphide respectively.




There remains significant scope for reductions in operating costs through classification of the tailings and further optimisation of the leach circuit.




For further information please visit our website at www.braemoreresources.com or contact:



Braemore Resources Plc



Leon Coetzer, Chief Executive Officer
+27 11 875 6540






WH Ireland: (Nomad and Joint Broker)



James Joyce
+44 207 220 1666






Mirabaud Securities: (Joint Broker)

Some good news at last,

Shortage of platinum after Japan buying spree
Families are rushing to invest in the metal as faith in the Government's ability to handle the economic crisis dwindlesLeo Lewis, Asia Business Correspondent
Tokyo bullion dealers are reporting an unprecedented drought of platinum ingots and coins, blaming the economic downturn and dwindling faith in the Government for a rush by middle-class Japanese families to buy precious metal.

With dealers turning away would-be platinum customers for lack of stock, retail investment interest is turning towards the even rarer Canadian Maple Leaf palladium coin.

Some dealers are predicting volatile palladium prices as Japanese investors compete with the car industry, palladium's main industrial buyer.

A government think tank is predicting that Japan's economy shrank by an annualised 10.59 per cent in the final quarter of 2008 - rather than the 5.14 per cent contraction they were predicting four weeks ago.

Related Links
Japan slows down amid record output fall
Gold price to rocket if China sells dollar
Record 9.6% fall in output sparks Japan fears
As if this was not enough for concern, there is a growing sense that the Japanese Government is not responding adequately to the economic crisis.

Jonathan Allum, chief Japan strategist at KBC Securities, is among a number of analysts with deep scepticism over the plans laid out by Kaoru Yosano, the Economics Minister.

Some of Mr Yosano's previously expressed views do not wholly inspire confidence. This is a man who said on January 28 that a rise in the consumption tax could lay the foundations for increased consumption', he said in a note to investors yesterday.

Although precious metals dealers are thriving, Tiffany's said yesterday that it would cut prices in its Japanese stores by 9 per cent - a reflection of the stronger yen and dire times for the mainstream jewellery industry.

Platinum sales at Tanaka Kikinzoku, the largest Japanese bullion dealer, have soared by 430 per cent over the past 12 months.

The World Gold Council's latest figures suggest that total Japanese gold bullion sales for investment purposes soared by 61 per cent last year. Platinum is popular because the price is about 50 per cent lower than it was this time last year.

cyril

News of a minor explosion, downtime and repair costs of 110k and the price is up! Weird.

Max a slmilar accident happened to a steel plant close by,where molten metal was poured on water in a convertor, the result was a massive explosion with the loss
of life. It was the second time it happened,many years ago a camera crew were wiped out filming at the time.
Yes i thought we might see 1.5p so pleasently surprised, i think its so undervalued a reluctance to drop the SP?
cyril

Don't they carry insurance covering such accidents?

BRR spiking is their some news coming?

Still some life in this old dog up 50%+ today!

Indeed its a buy today.

It'll still be 2011 before this company really takes off?
aimho
cyril
ps check out CHL def in breakout, just look at those trades.

Maybe some news due from BHP.

momentum taking the sp up another 15%-- any news?

exceptionally heavy traffic, that's for sure

Braemore Resources plc (AIM: BRR, JSE: BRE) confirms that its ConRoast smelting facility at Mintek in Johannesburg, South Africa will commence powering up on Friday, 17 April. All repairs have been concluded post a brief shut-down period as a result of an operational incident on Friday, 27 March.

Extensive testing has been carried out during the closure period, which has also provided an opportunity to complete normal operational maintenance work required by the furnace. The investigation into the incident has raised no further concerns and the Company anticipates a steady powering up towards full production.

cyril

out at 4.25 for break even ..... and well out too i suspect, at least for a while to come

Watching closely.

I'm back in after a 15 month break.

mitzy wecome back, trend looks promising.

Thanks halifax the chart looks great for further rises gl.

Has Cynic got this one wrong I ask myself?? Fancy the chart looks worth a punt.

quite possibly though this is certainly one of the higher risk punts