Poseidon Nickel, a junior mining company backed by Andrew Forrest, has bought the Lake Johnston Nickel Project from Norilsk Nickel.

Read the Mining Australia article here >

Poseidon Nickel (ASX:POS) has revealed that it is acquiring the previously producing Lake Johnston Nickel Project in Western Australia from Norilsk Nickel for $1 million.

View the Proactive Investors online coverage here >

Poseidon Nickel (POS) has acquired the Lake Johnston nickel operation from Norilsk Nickel for cash (funded from existing cash reserves). Lake Johnston is located in Western Australia, approximately 440km east of Perth and 117km west of Norseman. The Lake Johnston operation consists of the Maggie Hays and Emily Ann underground mines, a 1.5Mtpa processing plant, and associated infrastructure. This is the second company transforming acquisition for POS within a short period and significantly enhances the production and capital cost outlook. POS plans to restart the operation within the next few months. The acquisition lifts our NPV to A$0.67/sh, from A$0.55 (fully diluted). We maintain a BUY.

Download and read the full report from Petra Capital Pty Ltd, click here.

Perth, Australia, Sep 3, 2014 - (ABN Newswire) - Poseidon Nickel Limited (ASX:POS.AX - News) (OTCMKTS:PSDNF - News) is pleased to announce that it has agreed to acquire the Lake Johnston Nickel Project ("Lake Johnston") from OJSC MMC Norilsk Nickel ("Norilsk"). The acquisition of Lake Johnston would be in addition to the Black Swan acquisition announced on 7th July 2014.

View the YAHOO! Finance online coverage here >

Poseidon Nickel Limited (ASX:POS) is pleased to announce that it has agreed to acquire the Lake Johnston Nickel Project (“Lake Johnston”) from OJSC MMC Norilsk Nickel (“Norilsk”). The acquisition of Lake Johnston would be in addition to the Black Swan acquisition announced on 7th July 2014.

Lake Johnston includes the Maggie Hays underground mine and a 1.5 million tonne per annum concentrator plant. The process plant and mine were placed on care and maintenance in April 2013 and have been maintained to a high standard and are in an operational ready condition.

Download and read the full ASX Announcement from Poseidon Nickel Limited, click here.

Poseidon Nickel Limited (ASX:POS) has agreed to buy the Lake Johnston Nickel project from Norilsk Nickel for an undisclosed figure.

View the WA Today online coverage here >

Perth, Sep 3, 2014 (ABN Newswire) - Poseidon Nickel Limited is pleased to announce that it has agreed to acquire the Lake Johnston Nickel Project ("Lake Johnston") from OJSC MMC Norilsk Nickel ("Norilsk"). The acquisition of Lake Johnston would be in addition to the Black Swan acquisition announced on 7th July 2014.

Read the Mining Australia article here >