Oxiana enters Sulawesi nickel project

Australian mining firm Oxiana Limited said on Wednesday it had completed an option to acquire a 25 percent interest in nickel laterite deposit tenements in Sulawesi.

?Wide spaced drilling conducted previously on the property has reported ore grades and widths over a large area and an evaluation program is required to establish JORC compliant resource estimates,? the company said.

Oxiana will spend a US$2.5 million for 2008 exploration program. It also has a further option under the agreement to increase its share to 75 percent.

Detailed data compilations, coupled with regional field reconnaissance mapping and sampling have identified several high priority porphyry copper-gold opportunities over which tenement applications have been submitted, it said.(denny)