Partners consider mine.

A new nickel mine in Timmins could begin production within two years with Falconbridge Ltd. milling the ore at its metallurgical complex Located 91 kilometres northwest of. Timmins in nearby Montcalm Township, the property holds an estimated undiluted mineral resource of 7.7 million tonnes grading 1.48 per cent nickel and 0.7 per cent copper.

If the property is brought into production, Falconbridge is forecasting an annual production rate of 6,000 tonnes of nickel. The company's 1998 nickel production in Sudbury was 38,000 tonnes. Timmins Mayor Vic Power says the mining possibility further supports his claim that the Timmins area is a mineral storehouse. The Timmins Metallurgical Site has spare capacity in its circuits and one of them could be converted to nickel from copper-zinc. Falconbridge has signed a letter of intent with Outokumpu Mines Ltd. for the right to earn a 50 per cent interest in the property. Following advanced exploration and feasibility stud work, Falconbridge will decide whether to commit capital to bring the property into commercial production by January 2003. The company would earn its interest by spending $24.5 million in work on the property. Subsequent to Falconbridge earning its 50 per cent ownership interest, the property would be operated at a 50-50 joint venture with Outokumpu.