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Market:ASX / AIM
Sector:General Mining
EPIC:RML
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Rusina Mining

Rusina Mining (ASX: RML) is an active mining exploration company that is focused on the emerging Philippine mining sector. The Company has defined a JORC compliant resource estimate for nickel laterites at its Acoje tenement on the island of Luzon. 

 

The Acoje property also hosts chromite, nickel sulphides and platinum group metals. 

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European Nickel and Rusina Mining complete due diligence on merger

Tuesday, March 02, 2010
European Nickel and Rusina Mining complete due diligence on merger

European Nickel PLC (AIM, PLUS: ENK) and Rusina Mining (AIM: RMLA, ASX: RML) have announced that the due diligence conditions contained in their Merger Implementation Agreement have been satisfied and accordingly the Scheme of Arrangement transaction is no longer subject to these conditions.

Commenting on this milestone, Simon Purkiss, Managing Director of European Nickel, said, “we are pleased to have satisfied our due diligence requirements on schedule and look forward to a successful close of this transaction in May 2010.”

Robert Gregory, managing director of Rusina, said, “we are pleased to report passing the first milestone for this transaction. The scheme booklet is now being prepared and is due to be mailed to Rusina shareholders in early April 2010, allowing shareholders to vote on the transaction in early May 2010.”

European Nickel is an emerging mid-tier nickel laterite producer focused on growth. With 869,000 tonnes of attributable nickel resources and assets in Turkey, the Philippines and Albania, European Nickel is targeting 50,000 tonnes of annual nickel production within five years.

The Çaldag project in Turkey is European Nickel's flagship asset with near-term production and will be the world's first commercial scale nickel laterite heap leach operation.

Rusina Mining is a Philippine focused mineral exploration and development company. It has an experienced management team that is highly knowledgeable on the “soft” issues of mining and has significant partnering expertise. Rusina is developing the Acoje nickel laterite project with joint venture partner European Nickel PLC, which is expected to complete a Definitive Feasibility Study in 2011.

With an attributable JORC resource of 495,000 tonnes of contained nickel and a diversified exploration portfolio across nickel, chromite, platinum and copper/gold Rusina is focused on bringing its projects into production as quickly as possible.

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