12:13 PM EST - Western Areas : announced a decision to mine the Spotted Quoll underground mine. Decline development is scheduled to start in April 2011 with first production in February 2012. Estimated mine life for Stage One of the underground mine is eight years. The Stage One mine should produce robust returns at the base case of $6.00 U.S./lb nickel. Assuming a price of $10.00 U.S./lb nickel and 0.95 USD/AUD exchange rate, the Feasibility Study indicates A$297 million NPV, 96% IRR and C1 Cash Cost of $2.71 U.S./lb nickel. Western Areas
shares T.WSA are trading even at $6.10.
