Canickel Mining Limited CML's Profile

Canada's Next Nickel Producer Mining Exploration and Development - Thompson Nickel Belt, Sudbury Basin

CaNickel Mining Limited, Toronto, On. (Formerly "Crowflight Minerals Inc.") TSX: CML, Frankfurt: CMIC is a Canadian junior mining company that owns the Bucko Lake Nickel Mine near Wabowden, Manitoba.

In addition to the operation at the Bucko Lake Nickel Mine, CaNickel owns or has under option an additional 800 square kilometres of advanced-stage base metal exploration properties in the Thompson Nickel Belt in Manitoba and the Sudbury Basin in Ontario.

Company highlights include:

  • First shipment of concentrate occurred in February 2009
  • Base case production scenario of 1,000 tonnes per day to produce on average 11.1 million pounds of payable nickel per year.
  • Potential for expanded through-put scenario illustrates potential to increase production to 1,500 tonnes per day with feed from Bucko and satellite deposits located within 20 km of Bucko. Further exploration activity and study are required
  • Additional mine development opportunities within portfolio of advanced-stage exploration properties

HIGHLIGHTS FOR THE THIRD QUARTER OF 2011

• Net loss for the three months ended September 30, 2011 ("Q3 2011") was $7.6 million or ($0.01) per share compared to net loss of $14.6 million or ($0.03) per share in same period last year ("Q3 2010").

• In Q3 2011, the Company mined 38,846 tonnes of ores and milled 37,035 tonnes of ore to produce 661,394 pounds of nickel compared to a total of 53,518 tonnes of ore mined and a total of 58,605 tonnes of ore milled to produce a total of 989,265 pounds of nickel in Q3 2010;

• Arranged additional US$15.0 million debt facility in Q3 2011 and a total of US$20.0 million debt facility was arranged during the nine months ended September 30, 2011. As of September 30, 2011, a total of US$17.0 million debts were advanced.

• Granted by the Manitoba government a revised Environment Act Licence to construct and operate a land based tailing management area which could store all tailings from the Company's Bucko Lake Mine over its existing mine life; and,

• Working capital was in a deficit position of $13.3 million with cash and cash equivalent of $2.1 million on hand as at September 30, 2011 compared to working capital of deficit of $24.6 million with cash and cash equivalent of $4.1 million on hand as at December 31, 2010.

OUTLOOK FOR THE THIRD QUARTER OF 2011

Due to several design issues and the delay of equipment delivery, the commissioning of the paste backfill plant is expected to be in first quarter of 2012. The completion of the construction of the new tailing facility phase I is expected to be in the first half of 2012.

With all mining equipment now in place, the Company expects that the operation at Bucko Lake Mine can be ramped up to reach 78,000 tonnes of ore for the fourth quarter of 2011. The operation unit cost will be further reduced due to the improved production rate.

Last changed at 08-Nov-2011 12:32AM by Highgrader

Management & Directors

  • Managemenrt

    & BOD

    Dr. Dianmin Chen
    Position: Chief Executive Officer

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    After graduating from Central South University in Changsha, China with a Bachelor of Science degree in Mining Engineering, Dr Chen worked in the mining industry in China for eight years, and then was sponsored to conduct research in Australia in 1990. In 1994 Dr Chen was granted his PhD degree from Wollongong University, Australia for his work on rock bolting design systems in underground excavation. Dr Chen then worked for Northparkes Mines (now part of Rio Tinto) on the design and production of a large modern block carving operation. In 1998, Dr Chen joined Barrick Gold Corporation, the biggest gold producer in the world, where he held progressively senior roles, and worked at several of Barrick's projects/ operations in Australia. Dr Chen moved to Sino Gold Corporation, an Australian mining company, (now merged into Eldorado Gold, a Canadian company) in 2007 and was appointed the Executive Director and General Manager at Sino Jinfeng Mining Ltd, a subsidiary of Sino Gold in 2008, where he was responsible for the management of the Jinfeng Gold Mine located in Guizhou Province, China. In 2009, Dr Chen was the Chief Operations Officer of CITIC Pacific Mining Management Ltd in Western Australia before he became the Vice President of Operations at Minco Silver Mining Company and the President of Foshan Minco Fuwan Mining Co Ltd., a subsidiary of Minco Silver.



    Derek Liu
    Position: Chief Financial Officer

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    Derek Liu is a professional accountant with over 15 year diverse international experiences in financial reporting, auditing, and accounting. He is a member of Certified General Accountants Association of British Columbia ("CGA, BC") and a Certified Public Accountant ("CPA") in the State of Colorado, USA. He has held senior accounting positions, such as corporate controller and chief financial officer, at a numerous public Canadian mining companies for the past several years.



    Rick Sproule
    Position: Vice President of Geology

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    Rick has over 34 years of experience in exploration and geology, with a specific focus on base metals, uranium and gold. He was previously the Senior/Chief Mine Geologist at Goldcorp's Red Lake Mine for eight years. Prior to that, he also worked for Kinross Gold as Mine Geologist and has served on the Board of Directors for various junior mining and exploration companies. Rick has spent a number of years as a consulting geologist handling a portfolio of exploration projects including nickel exploration and evaluation. He holds a Bachelor of Science in geology from Dalhousie University.

    Wenfeng Liu
    Position: Chairman

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    Mr Liu is a Chinese-Canadian businessman and investor who has numerous business interests and who serves as a principal of Canadian Maple Leaf Investment Ltd. (CMLI). Mr. Liu has held senior positions with Chinese steel producer Hebei Wenfeng Iron and Steel Co., Ltd. from its inception to 2004, as well as senior management and executive positions in various other business corporations in China. In Canada Mr. Liu served as Director of TSXV listed Welichem Biotech Inc. from January 24, 2008 to March 12, 2009.



    Myles Gao
    Position: Director

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    Mr. Gao is a director and the president and chief operating officer of Silvercorp Metals Inc. He has worked for numerous Canadian mining and exploration companies. He is based part-time in China, where he is also active in sourcing, assessing and acquiring mineral projects for the company.



    Dianmin Chen
    Position: Director

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    After graduating from Central South University in Changsha, China with a Bachelor of Science degree in Mining Engineering, Dr Chen worked in the mining industry in China for eight years, and then was sponsored to conduct research in Australia in 1990. In 1994 Dr Chen was granted his PhD degree from Wollongong University, Australia for his work on rock bolting design systems in underground excavation. Dr Chen then worked for Northparkes Mines (now part of Rio Tinto) on the design and production of a large modern block carving operation. In 1998, Dr Chen joined Barrick Gold Corporation, the biggest gold producer in the world, where he held progressively senior roles, and worked at several of Barrick's projects/ operations in Australia. Dr Chen moved to Sino Gold Corporation, an Australian mining company, (now merged into Eldorado Gold, a Canadian company) in 2007 and was appointed the Executive Director and General Manager at Sino Jinfeng Mining Ltd, a subsidiary of Sino Gold in 2008, where he was responsible for the management of the Jinfeng Gold Mine located in Guizhou Province, China. In 2009, Dr Chen was the Chief Operations Officer of CITIC Pacific Mining Management Ltd in Western Australia before he became the Vice President of Operations at Minco Silver Mining Company and the President of Foshan Minco Fuwan Mining Co Ltd., a subsidiary of Minco Silver.



    Michael Hibbitts
    Position: Director

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    Mr. Hibbitts is a professional geologist and senior mining professional with over 30 years of extensive and progressive experience and a proven track record from early exploration through to feasibility, mine development, and production. He has held senior positions at numerous public Canadian mining companies and is currently the Vice President Development and Exploration at Majestic Gold Corp.



    John Pan
    Position: Director

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    Mr. Pan is a geologist with more than 15 years experience in mineral exploration and mining. He has a doctorate in geology and is currently a consulting geologist with Majestic Gold Corporation.

Broker Fact Sheet

  • CML Broker Fact Sheet
    Thu Mar 29, 2019
    Fact sheet details
Canickel Mining Limited CML
Symbol
CML
Exchange
TSX
Shares
1,909m FD Nov. 2011
Industry
Metals & Minerals
Website
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