Niagara Mining Limited today announced it had completed the purchase of BHP Billiton's Windarra nickel assets.
Having made the final required payment of $5.25 million to facilitate the transfer of the iconic "Poseidon" nickel mines, Niagara has acquired a 100 per cent interest in the project area. As a result Niagara will be able to move forward with an exploration program aimed at reopening the historic Mt Windarra and South Windarra nickel mines.
Niagara chief executive officer Christopher Daws said: "over the last twelve months we have focussed on securing the Windarra assets. We acknowledge the continuing support we have received from our investors.
"The Company, via Lead Manager to the issue Tolhurst Noall Limited, has raised $12 million at $0.20 per share with domestic institutions and sophisticated investors which has enabled us to complete the purchase.
"This gives Niagara the capital to move to the next exciting stage in our plans to develop this historic and highly prospective nickel project."
The Windarra sale is covered by a State Agreement (The Poseidon Nickel Agreement Act 1971) and is subject to the approval of the Minister and, ultimately, ratification by the State Parliament. The company has been working closely with the State Government to finalise the purchase of the assets and, ultimately, to the transfer of the State Agreement Act to Niagara.
"The Government has previously expressed their support for the sale, particularly as Niagara has an aggressive plan to prove up the project's resources using modern exploration techniques not previously applied to Windarra," Mr Daws said.
