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Lockerby Mine reaches full production

Lockerby Mine achieved full production in its first operating quarter of 2013. The Sudbury-area mine, operated by First Nickel Inc. , produced 2.5 million pounds of payable nickel during the period ended March 31.

Lockerby Mine achieved full production in its first operating quarter of 2013.

The Sudbury-area mine, operated by First Nickel Inc., produced 2.5 million pounds of payable nickel during the period ended March 31.

The company expects to produce nine to 10 million pounds of payable nickel over the course of 2013, and 6.1 to 6.7 million pounds of payable copper, with cash production costs of $61 to $67 million. Full first-quarter results are anticipated by May 15.

The April 18 announcement comes a week after the company said it has completed its refinancing.

“FNI has achieved two significant milestones since the beginning of the year,” said Thomas M. Boehlert, president and CEO of FNI, in a statement. “Firstly, the refinancing completed last week provides access to additional liquidity and takes pressure off of the company’s balance sheet, and secondly, full production at the Lockerby Mine enhances our ability to generate operating cash flow going forward.

“The combination of these two events clearly differentiates FNI as a financially viable producing miner during a very challenging period for the junior mining sector.”

In addition to the Lockerby Mine, the company owns exploration properties in the Sudbury Basin, Timmins, and the Belmont region of eastern Ontario.