PANORAMIC RESOURCES LIMITED - ASX: PAN

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Description

Panoramic Resources Ltd is an established Western Australian nickel sulphide producer operating two mines. The Company has two underground mines; the Savannah Project in the Kimberley and the Lanfranchi Project south of Kambalda, along with the Copernicus Project open pit mine, currently on care and maintenance, near Savannah.

Savannah Project, Western Australia

The Savannah Project is located 240 kilometres south of Kununurra in the East Kimberley region of Western Australia, and consists of a nickel sulphide orebody, underground mine, process plant and associated infrastructure.

At 30 June 2010, the Savannah Project Mineral Resource (Upper & Lower Zones) stood at 5.41 million tonnes at 1.54% nickel, 0.78% copper and 0.08% cobalt for 83,100 tonnes contained nickel, 42,000 tonnes contained copper and 4,300 tonnes contained cobalt.

The reported Savannah Ore Reserve as at 30 June 2010 was 5.30 million tonnes at 1.20% nickel, 0.63% copper, 0.06% cobalt for 63,400 tonnes contained nickel, 33,300 tonnes contained copper and 3,200 tonnes contained cobalt. Based on the current mine production schedule, the resource inventory, the exploration success to date and favourable economics, Panoramic believes that the Project could support a mine life beyond 2018.

Lanfranchi Project, Western Australia

The Lanfranchi Operations and associated Tramways Tenements (the Lanfranchi Project) are located 42 kilometres south of Kambalda, Western Australia. Panoramic acquired a 75% interest in the Lanfranchi Project from BHP Billiton Nickel West (formerly WMC Resources) in June 2004, and in 2009 purchased the remaining 25% from its joint venture partner in the project, Brilliant Mining Corp.

As at 30 June 2010, the Lanfranchi Project had a proven and probable Ore Reserve of 2.25 million tonnes at 2.45% nickel for 55,000 tonnes contained nickel. Based on the current mine production schedule, the Lanfranchi Project has a mine life of at least seven years. However, based on the significant resource base, exploration success, the prospectivity of the tenements and subject to favourable economics, Panoramic is confident the Lanfranchi Project could be operating for at least the next ten years.

Copernicus Project, Western Australia

The Copernicus Project, a nickel sulphide orebody located 50 kilometres south of the Savannah Project, is currently on care and maintenance. Panoramic is the operator of the Copernicus Joint Venture (Panoramic 60%, Thundelarra 40%), and following the completion of a Feasibility Study, the joint venture partners agreed to develop the open pit mining operation at Copernicus and supply the ore to the Savannah Mill for toll treating. The open pit and associated infrastructure are fully developed, and are ready to be re-opened at short notice when the nickel price recovers to a level that will provide both parties with an acceptable return on their investment.

Exploration

Panoramic has committed to spend at least $12 million on exploration in 2010/11, up from $7 million in 2009/10. Approximately 50 percent of the funds are allocated to the Savannah and Lanfranchi Projects with the goal of increasing the resource base through drilling and the application of the latest exploration techniques to develop new targets. The remaining funds have been allocated to diversified growth investments through joint ventures with other companies in Australia and around the world.

Mine For

phosphate, copper, gold, iron ore, nickel, cobalt, platinum, platinum group elements

Location of operation(s)

Western Australia, Northern Territory, Sweden

Address

Level 9 , 553 Hay Street
PERTH, WA, AUSTRALIA

Phone

(08) 9225 0999

Email

Website

http://www.panoramicresources.com/

Last Updated

21/02/2010