TORONTO, Sept. 9, 2011 /CNW/ - Gladstone Pacific Nickel Limited ("GPNL"
or the "Company") advises that in the course of its recent application
to the Takeovers Panel in Australia, the shareholder Robash Pty Ltd
indicated that it would not support the capital raising proposed in the
prospectus dated 12 August 2011 (which has not been dispatched to
shareholders because of an undertaking given by the company).
Subsequently the company has been advised that the company's major
shareholder, Fairway Coal Pty Ltd and companies associated with Mr
Clive Palmer will as a result not support the capital raising
contemplated in that prospectus. In these circumstances the company
has resolved to withdraw the prospectus dated 12 August 2011 and will
advise the Australian Securities and Investments Commission
Gladstone Pacific Nickel Limited is an Australian mining development
company presently undertaking an Integrated Definitive Feasibility
Study for the Gladstone Nickel Project. The Company's vision is to
build a major long-life nickel cobalt refinery at the deepwater Port of
Gladstone, in Central Queensland, Australia, treating abundant high
grade nickel laterite ores from New Caledonia and other south-west
Pacific islands, underpinned by beneficiated ores from its own
Marlborough deposits. The Project has the potential to be one of the
largest of its type in the world producing some 126,000 tpa nickel (8 -
10% of global nickel demand) and 10,400 tpa of cobalt metal from its
first two stages.
This news release includes certain statements that may be deemed
"forward-looking statements". All statements in this news release,
other than statements of historical facts, that address future
exploration drilling, exploration activities and events or developments
that the Company expects, are forward looking statements. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may
differ materially from those in forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include metal prices, exploration success,
continued availability of capital and financing, and general economic,
market or business conditions.
SOURCE Gladstone Pacific Nickel Ltd.
For further information:
Blair Brewster - Gladstone Pacific Nickel Ltd Tel:+61(0)7 3231 7100