September 08, 2008

Gladstone Pacific finds New Caledonia drilling results encouraging

Gladstone Pacific Nickel Ltd announced that drill results in New Caledonia are encouraging and confirm historical data based on which the company has set an exploration target of 50 million tonnes of laterite ore.

Gladstone Pacific in a statement said the exploration target contains between 1.1 billion lbs to 1.3 billion lbs of nickel or between 500,000 tonnes to 600,000 tonnes and between 110 million lbs to 130 million lbs of cobalt or about 50,000 to 60,000 tonnes. It added that a further 8,000 meters of drilling is planned for early 2008.

Gladstone Pacific Nickel Limited is an Australian mining development company presently undertaking an Integrated Definitive Feasibility Study for the Gladstone Nickel Project.