First Nickel Inc. Reports Production Results for the Third Quarter and Nine Months Ended September 30, 2012; Reaffirms Production Guidance for the Second Half and Fourth Quarter Ending December 31, 2012
For the nine months, the company has produced 4.9 million pounds of payable nickel and 3.4 million pounds of payable copper. Ore production was 150,601 dry metric tons.
The company affirmed production guidance for the second half and fourth quarter ending December 31, 2012. For the second half, the company expects nickel payable of 3.8 million pounds - 4.5 million pounds, copper payable of 2.7 million pounds - 3.0 million pounds and total cash production costs of $28.4 million - $31.2 million.
For the fourth quarter, the company expects nickel payable of 2.1 million pounds 2.5 million pounds, copper payable of 1.4 million pounds 1.6 million pounds and total cash production costs of $15.1 million - $16.6 million. As previously disclosed, the company expects to be at or near the full production rate of 10 million pounds of payable nickel per annum in the fourth quarter of 2012.