Gladstone Pacific Nickel to De-list from the TSX
11th February, 2008
Gladstone Pacific Nickel Ltd has announced that it has decided to de-list its ordinary shares from the Toronto Stock Exchange effective at the close of trading on February 22, 2008. The Company’s shares continue to be listed on the AIM of the London Stock Exchange. The Company’s Chief Executive John Downie commented:
“The decision to de-list the Company’s shares from the TSX was based on several factors including the Company’s limited market following in Canada, the costs and management resources involved in maintaining the TSX listing and the recent shift to Asian sources of financing with the signing of the Memorandum of Understanding with China Metallurgical Construction (Group) Corporation.”
The company will consider capital markets in the Asia Pacific region, such as the Australian Stock Exchange, to meet its future capital requirements.
The Company plans to build one of the world's largest nickel and cobalt production facilities at its site in Queensland, Australia, treating 100% owned ore inventory from Australia together with ore from its Joint Venture in the South West Pacific.
Stage 1 of the Project comprises a two autoclave plant including atmospheric leach at Gladstone, producing refined nickel and cobalt metal. The plant will process Marlborough ores blended with substantial tonnages of ore imported from Gladstone's joint venture in New Caledonia. The plant can expect to produce up to 64,753 tonnes of nickel and 6,164 tonnes of cobalt in the first year of full production.
Stage 2 of the Project involves expansion to four autoclaves whereupon the Gladstone Nickel Project (GNP) will produce approximately 120,000 annual tonnes of nickel and 12,000 annual tonnes of cobalt. The total Project, once completed, would place Gladstone as one of the world's most significant nickel and cobalt producers.