VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/05/12 -- CaNickel Mining Ltd. (TSX: CML) ("CaNickel" or the "Company"), reports that the stop work order imposed on the Company's 100% owned Bucko Lake Nickel Mine (please refer to our press release dated May 16, 2012) has been lifted. However, due to the unfavourable nickel price, the Company decided to put Bucko Lake Nickel Mine on temporary care and maintenance. During the care and maintenance period, the Company will continue working on optimizing the mining plan, which would enable Bucko Lake Mine to achieve sustainable and profitable operations. The Company will also devote substantial efforts on the feasibility study on the M11A project and other exploration programs at Thompson Nickel Belt properties.
The Company also announced that Mr. Michael Hibbitts has resigned from the Board of Directors. The Company would like to thank Mr. Hibbitts for his time and contribution to CaNickel. Mr. Raymond Lai has been appointed to the Board of Director.
Mr. Raymond Lai holds a Bachelor of Commerce degree received from the University of Calgary in 1975 and is a member of Certified Management Accountant in Alberta. Mr. Lai has been a successful key executive for public companies in the mining, manufacturing, and packaging industries over the past ten years, and currently the Chairman, Chief Executive Officer and President of Maple Leaf Reforestation Inc., a public company traded in Toronto Stock Venture Exchange. Mr. Lai will bring over 30 years' business and financial management experiences to CaNickel.
The Company advised that Dr. Dianmin Chen will resign from Chief Executive Officer and Board of Director effective July 17, 2012 due to personal reason and Mr. Wenfeng Liu, the Chairman of the Board of Directors, will assume the role of Interim Executive Officer after Dr. Chen's departure and when the new Chief Executive Officer is being recruited. To strengthen the site management, Mr. Brian Miller is appointed to be the General Mine Manager of Bucko Lake Mine. Brian will be fully responsible for the execution of care and maintenance plan at the mine site.
Mr. Miller, as a third generation in mining and with over forty years of mining experiences, brings a wide range of skills to CaNickel. Mr. Miller has progressed from Mine Planner to Project Manager to Chief of Engineering Services and from Mine Superintendent to Mine Manager and to General Mine Manager. Mr. Miller has worked with a number of groups including Kinross Gold, Westmin Resources, Noranda Inc., and various contract specialists through British Columbia, Quebec, and the United States. Before joining CaNickel, Mr. Miller was the General Mine Manager with Roca Mines.
ABOUT CANICKEL
CaNickel Mining Limited is a Canadian junior mining company that owns and operates the Bucko Lake Nickel Mine near Wabowden, Manitoba. The Company also holds nickel, copper and Platinum Group Mineral (PGM) projects in the Thompson Nickel Belt and Sudbury Basin.
Further information is available on the Company's website at www.canickel.com.
Advisory Respecting Forward-Looking Information
This press release contains forward-looking statements under Canadian securities legislation. Forward looking statements include, but are not limited to, statements with respect to continue working on optimizing the mining plan, which would enable Bucko Lake Mine to achieve sustainable and profitable operations, and to devote substantial efforts on the feasibility study on the M11A project and other exploration programs at Thompson Nickel Belt properties. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks of the Company described in its annual information form that is available under its profile on SEDAR at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Contacts:
CaNickel Mining Limited
Derek Liu
CFO and Corporate Secretary
778-372-1806
604-254-8863 (FAX)
info@canickel.com
www.canickel.com
