GREY:FNKLF - Post by User
Post by
rderkachon May 30, 2006 9:19pm
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Post# 10924350
from Canacord Capital
from Canacord CapitalFrom Tuesday edition
First Nickel* (FNI : TSX : $1.06), Net Change: 0.06, % Change: 6.00%, Volume: 2,121,565
Nickel and Dimed. Indications that the Depth Zone on First Nickel's Lockerby property in the Sudbury Basin, attracted new
interest to FNI shares Monday. Highlights from the latest round of drilling included intersections of 3.2% nickel plus 1.9%
copper over 12 metres, 1.4% nickel plus 1.1% copper over 66 metres, and 3.2% nickel plus 1.0% copper over 21.7 metres.
Management indicated that these results confirm lateral and down plunge extensions of the zone by at least 75 metres beyond
the previous model and that this should increase resources in the next estimate, which is due in Q4F06. In addition to the
resource potential, First Nickel's production base may also attract attention, from nearby Inco (N). Back in
February, management indicated that it expects to generate $52.7 million in sales and $9.6 million in cash flow in F06,
from production of 5.7 million pounds of nickel, 3.9 million pounds of copper and 106,000 pounds of cobalt.