TIR titan resources limited

jinchuan nickel commits to feasability study.

  1. 321 Posts.
    TIR : Third Quarter Activities Report PartC
    ASX Report
    14:32:0254 15/04/2003 Issuer: TIR

    HOMEX - Melbourne



    Technical development work on aspects of the BioHeap(TM) Process
    continued during the quarter, with emphasis on further investigation
    of the benefits of the company's salt-tolerant strains of bacteria
    and on the generation of sulphuric acid leaches solution within the
    leaching heap by bacterial action on elemental sulphur, which is
    added to the ore prior to stacking. Both of these advances have the
    potential to provide major cost savings and thereby economic benefits
    to the overall process.


    During March, the Jinchuan Nickel Group of China hosted a four-man
    delegation from Titan Resources NL. Jinchuan confirmed its support
    and commitment to the BioHeap (TM) project and an Agreement was
    signed, committing both companies to the development of a full
    project feasibility study over the next twelve months. Jinchuan,
    agreed to make, and has subsequently paid, a cash contribution of
    US$150,000 towards Titan's expenditure on this project to date. As
    part of the same Agreement, Jinchuan committed to sourcing additional
    reserves and deposits of nickel ore to which the two companies can
    apply Titan's BioHeap(TM) Process. Preliminary studies suggest that
    there are substantial nickel resources in China that could be


    Column test work on samples of ore from the Carr Boyd nickel deposit
    near Kalgoorlie was completed at the end of the quarter. These tests
    are considered a reasonable approximation of the outcome in a
    full-scale, heap leaching operation. Nickel recoveries into solution
    of over 90% were achieved, which is consistent with the results
    attained in the large-scale trials on Mt Sholl ore at Radio Hill.


    Cash at hand as at the end of the March quarter was $22 million
    following despatch of the last of the WA Government royalties and the
    North West Nickel Limited, Net Profit Interest payments from the
    Radio Hill mine.

    W J Ryan

    For further information on these matters and on Titan Resources NL in
    general please contact:
    Mr William J Ryan, MANAGING DIRECTOR, or
    Mr Flavio L Garofalo, COMPANY SECRETARY
    Telephone: 61 8 9481 6040
    Facsimile: 61 8 9481 6035

    Note: The mineral resources detailed in this report accurately
    reflect information compiled by Ms Karilyn Farmer of Titan Resources
    NL who has relevant experience in relation to the mineralisation
    being reported on to qualify as a Competent Person as defined by the
    Australasian Code for Reporting of Identified Mineral Resources and
    Ore Reserves.

    [email protected]

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