Victory West announces refined nickel exploration target size

Australian mineral exploration firm Victory West Moly Limited (VWM) has announced a significantly refined exploration target size for the nickel laterite mineralization at its USSU Nickel Project in Sulawesi.

Data re-evaluation has resulted in a significantly refined exploration target size of:
- 25-30Mt @ 1.70-1.90% Nickel with 0.03% Cobalt and 16.2% Fe in Saprolite and
- 15-20Mt @ 1.10-1.30% Nickel with 0.05% Cobalt and 29.6% Fe in Limonite.

CEO Rob Hyndes said the data re-evaluation has demonstrated that the project offers great potential for value adding options to be explored over and above its known DSO potential.

The USSU Project is in a prolific laterite nickel province with several major operations or projects nearby, including Rio Tinto's 162Mt Sulawesi Nickel Project and PT Inco's 161Mt Sorowako mine.

Feasibility and Environmental Studies are in progress for Production and Operational IUP concession applications, the company said.

As announced on 12 November 2010, subject to shareholder approval VWM is proceeding with the acquisition the 70% equity interest in the highly prospective USSU Project.(alex)