Weda Bay reports resource expansion update

Canadian nickel explorer Weda Bay Minerals Inc. said Tuesday that first drilling results in new northeast extension of the Santa Monica resource had showed better intercepts from eight holes include 25.9 metres of 1.79% nickel including 11.0 metres of 2.23% nickel and 34.8 metres of 1.49% nickel. All holes intersected typical thickness and grades that will be included into future resource calculations.

The company also said the first results from the new extension to the Pintu deposit have been received with some very strong nickel grades have been intersected and include 8.5 metres of 2.00% nickel including 3.4 metres of 2.92% nickel and 12.5 metres of 1.80% nickel including 4.5 metres of 2.59% nickel . Six holes intersected typical thickness and grades that will be included into future resource calculations.

The President and CEO of Weda Bay Minerals Inc., John Lynch, states, "The Santa Monica deposit is now sufficiently large to support a 20 year project life without having to mine any other of our many deposits that also have extensive resources. The nickel grades intersected at Pintu with the recent drilling are some of the highest nickel grades encountered on the project to date."

Weda Bay Minerals Inc is an exploration and development company focused on the nickel and cobalt laterite project on the island of Halmahera in Indonesia. The project resources are currently 133 million tonnes grading 1.37% Ni and 0.11% Co of measured and indicated resources plus 82 million tonnes grading 1.33% Ni and 0.12% Co of inferred resource. All resource estimates are at cutoff grades of 1.0% Ni and 0.1% Co.(alex)