MINCOR RESOURCES NL 
By OPERATIONAL UPDATE: STRONG QUARTERLY PRODUCTION
• Production numbers finalised for the March Quarter - financial results not yet available.
• Strong production performance - high-grade new ore bodies and operational restructuring continue to deliver excellent results.
• Production up 29% over December Quarter - to 2,682.1 tonnes nickel-in-ore.
• Grade up 11% over December Quarter - to 3.06% Nickel.
• High-grade new N29C ore body at Miitel to enter production by end of the June Quarter.
• Very high-grade new N10B ore body at Mariners to start production ramp-up in June 2012.
• Emerging new discovery at McMahon with potential to add future high-grade production.
• Carnilya Hill ore body finalised, after outstanding operational and safety performance.
Leading Kambalda nickel miner Mincor Resources NL (ASX: MCR)
today confirmed the ongoing strength of its operational
turn-around, releasing healthy production numbers for the
March Quarter and flagging a strong near- term outlook.
Mincor said its Kambalda nickel mines produced 87,696 tonnes
of ore at a grade of 3.06% nickel, for 2,682.1 tonnes of
contained nickel metal - an increase of 29% over the previous
Quarter. Nickel-in-concentrate totalled
2,405.4 tonnes. Cash costs have yet to be finalised but are
expected to be well below the targeted A$6.10/lb.
The strong performance continues the trend established
following the operational re-structuring carried out between
July and October 2011. It also reflects the entry into
production of high-grade ore sources at Mariners (the Terrace
ore body) and at McMahon (the MNO3 ore body).
Still ahead for Mincor is the high-grade N29C ore body at
Miitel, which is now under development and due to enter
production towards the end of the June Quarter; and the very
high-grade N10B ore body at Mariners, which will commence its
production ramp-up in June 2012.
Mincor is well on-track to meet its production forecasts and
to substantially out-perform its cost forecasts for the
2012 Financial Year (10,000 tonnes of nickel-in-ore at cash
costs before royalties of A$6.10/lb).
Mincor's full Quarterly Report for the March Quarter is
expected to be released on or about 18 April 2012.
Tabulation of March Quarter production results by
mine*:
*This tabulation remains subject to a small number of final assays. These are not expected to have a material impact.
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As previously announced, Mincor's Carnilya Hill mine reached
depletion during the Quarter and shut-down protocols were
implemented during March. The mine, a joint venture 70% owned
and operated by Mincor, proved to be highly successful over
its four-year life. The ore body was discovered by Mincor in
2006 and mining commenced in early 2008. A total of 339,849
tonnes of ore at 3.18% nickel was produced, at a life-of-mine
average cash cost of $4.96/lb of payable nickel (including
royalties).
Due to expanded production at its other mines, Mincor has
been able to accommodate Carnilya Hill's entire workforce
with jobs elsewhere in the Kambalda District, so that no job
losses have been associated with the closure of the mine.
The Carnilya Hill mine established an outstanding operational
and safety performance over its life. At mine closure the
mine had achieved 1,135 days - more than three years -
without a lost time incident. Mincor pays tribute to all the
men and women who worked at Carnilya Hill over the past four
years, and who made it the success it proved to be.
- ENDS -
Released by: On behalf of:Nicholas Read David Moore, Managing Director
Read Corporate Mincor Resources NL
Tel: (08) 9388 1474 Tel: (08) 9476 7200 www.mincor.com.au
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