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by Will Purcell

The critical and specialty minerals stocks box score on Monday was a gloomy 56-139-115 as the TSX Venture Exchange slid 31 points to 957. Craig Lennon's Nickel 28 Capital Corp. (NKL) lost four cents to $1.21 on 31,000 shares today on word of updated resource and reserve estimates for its 8.56-per-cent-owned Ramu nickel and cobalt mine in Papua New Guinea.

Ramu now has a reserve of 76 million tonnes grading 0.87 per cent nickel and 0.09 per cent cobalt. The tonnage is unchanged, but the grades grew somewhat despite a year of mining. Further, Ramu now is credited with 205 million tonnes measured and indicated at 0.86 per cent nickel and 0.09 per cent cobalt, and 24 million tonnes inferred at slightly lesser grades -- tallies that are higher than a year ago.

Mr. Lennon, president and chief executive officer, was predictably pleased. The updated estimates "reflect continued exploration success and [continuing] conversion of mineral resources into mineral reserves at Ramu," he enthused. At current production rates, the reserve supports an estimated mine life of approximately 20 years, Mr. Lennon noted, adding that "the broader mineral resource inventory continues to provide additional long-term upside potential."

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