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Deacon reserve increase

Panoramic Resources has announced an increased Deacon Ore Reserve of 2.5 Mt at 2.52% Ni for 63,100 tonnes of contained nickel (as at 31 March 2009) which represents a 29% increase on the 30 June 2008 Deacon Reserve.

A resource-to-reserve conversion of 92% has been achieved.

According to the company, the Deacon orebody will underpin future production at Lanfranchi which, with favorable economics, extends the Lanfranchi Project beyond 2016.

Based on the new Life of Mine plan, it is anticipated that the Deacon decline development will be completed by 2012. This will provide full access to the Deacon orebody and greater production flexibility.

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