European Nickel gets positive results in Albania and losses in Turkey

TIRANA, Jan. 31 – For the European Nickel PLC the Caldag project in Turkey, the largets investment made by the company is geenrating sever problems resulting in a wider year;ly loss. The problems include delayed permits and a delay in debt-financing documentation. The company reported that drilling results from the Korce project in Albania are ‘encouraging’. European Nickel completed last month a two phase 8,500 metre RC and diamond drilling program, which started in October, at its Korce exploration permit in southeast Albania. The exploration permit, granted to European Nickel’s wholly owned local subsidiary, covers approximately 55 square kilometers. The company said 23 holes were drilled on a 1 km x 400 m grid delineating two nickel laterite areas covering a total area of approximately 4 km2. Seven holes have confirmed the mineralization in these two areas with an average thickness of 6.3 m and an average nickel grade of 1.01 %.