Celsius (through View Nickel Pty Ltd) has retained a 30% joint venture interest in the Carnilya Hill Joint Venture in Western Australia with Mincor Resources NL (Joint Venture). The tenements covered by the Joint Venture (JV) include tenements M26/47, M26/48, M26/49 and M26/453.
Mincor Resources NL (“Mincor”, ASX: MCR) is the operator of the Carnilya Hill JV. Mincor Resources NL (Joint Venture) ceased mining at Carnilya Hill in March 2012. Exploration programmes continue on the tenements comprising the Joint Venture despite the cessation of mining activities, although exploration activities are less intensive.
As the operator of the joint venture, Mincor manages the ongoing exploration programmes and will release results from these programmes as they are available. The exploration conducted to date has been inclusive.
Should exploration be successful or should nickel prices change substantially there may be the opportunity to re-commence mining in the future. Therefore access to the decline and other mine infrastructure will be maintained. The Joint Venture will incur nominal running costs to ensure the site is kept secure and well maintained.