LionOre Revises Group Production Forecast for 2007
Posted on: Saturday, 26 May 2007, 15:00 CDT
LionOre Mining International Ltd. (TSX: LIM)(LSE: LOR)(BSE: LIONORE)(ASX: LIM) ("LionOre") today announces that the Company expects a 2.9% shortfall in the group's 2007 total nickel production target of 44,300 tonnes due to a delay in the target date for full mine production from the Maggie Hays underground mine, at the Lake Johnston operation in Australia.
As a consequence, LionOre anticipates that the group's production for the year could drop to approximately 43,000 tonnes of payable nickel (37,700 tonnes attributable) compared with 44,300 tonnes (39,795 tonnes attributable) published in earlier guidance.
The Maggie Hays sub-level cave operation encountered poor ground conditions during the first quarter of 2007. As discussed in the first quarter 2007 Management's Discussion & Analysis, this required mining activities to focus on rehabilitation to improve ground support in the production drives. A further deterioration in ground conditions has since resulted in a substantial increase in the required rehabilitation program which will restrict the second quarter 2007 production plan. As a result of this rehabilitation program, LionOre now expects full production levels from Maggie Hays to be attained in the third quarter of 2007. Life-of-mine nickel production is still in line with the current life-of-mine plan.
The situation continues to be subject to detailed technical review and the market will be advised should there be any further change to our forecasts. Management is currently reviewing opportunities at all locations to recover the delayed production.
Forward-Looking Statements
Certain statements contained herein are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant uncertainties and contingencies. Many known and unknown factors could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such factors include, but are not limited to: exploration, development and operating risks, uninsurable risks, ore reserve and resource estimates, additional funding requirements, dependence on smelting facilities, foreign countries and regulatory requirements, and environmental regulation and liability. For further information concerning certain such factors, see the Company's most recent annual information form filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.
The Company disclaims any intent or obligation to update any forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, not to put undue reliance on such statements.
Contacts: LionOre Mining International Ltd. Alex Buck +44 (0) 7932 740 452 Email: alex@buckbias.com Website: www.lionore.com
SOURCE: LionOre Mining International Ltd.
Source: MARKET WIRE
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