(MENAFN- ProactiveInvestors - Australia) Poseidon Nickel (ASX: POS) is garnering investor support which is reflected in today's 19% rise in the company's share price to an intra-day high of A$0.255, up from a close of $0.215 last Friday.
Around 3.5 million shares changed hands by the close of trade today, a day when the broader Australian market slipped slightly.
Increased investor interest has driven shares up 259% since early September 2012 when they were trading at a low of $0.071.
Poseidon Nickel is developing the Windarra Project in the North Eastern Goldfields â€" the only new nickel sulphide project in Western Australia for the last 10 years.
Windarra is a brownfield redevelopment project that exhibits both low risk and low complexity, along with low CAPEX and OPEX.
The multi-mine nickel resources at Windarra are already significant and have potential for resource extensions that can be fast tracked into production and include a significant gold or co-product credit.
Windarra is a higher grade nickel sulphide deposit that has demonstrated high recovery levels through a standard nickel flotation concentrator.
Late last year Poseidon secured conditional approval from Western Australian Premier Colin Barnett to restart nickel mining at Mt Windarra.
Initial concentrate production is targeted for 2014, with an expected minimum throughput capacity of 700,000 tonnes of ore per annum.
The Windarra Nickel Project encompasses the historic Mount Windarra underground mine, which hosts a total Indicated and Inferred Resource of 3.95 million tonnes at 1.73% for 68,300 tonnes of contained nickel.
An initial Definitive Feasibility Study was completed early in 2012 that confirmed a mine life of 10 years at an output of around 10,000 tonnes per annum of nickel concentrate, increasing in the third year of the project to 15,000 tonnes per annum.
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