Poseidon Nickel Limited (POS, formerly Niagara Mining Limited) is a nickel and gold exploration company with projects in Western Australia and Ghana. Its main activities are its nickel mineralisation in Mt Windarra.
The consolidated entity expects to continue to pursue a policy of selective exploration activity to further develop existing projects, and to review new resource projects and other opportunities that may satisfy the consolidated entitys investment objectives. The directors of Poseidon believe they hold extensive knowledge and experience of the WA goldfields, exploration and project finance which will be utilised to maximise project potential and return shareholder wealth. Poseidon Nickel reported negative cash flow of $347,000 for Quarter ended 30 September 2007. Operating cash flow for the period was $(3.4m). Payments for exploration and evaluation were $(1.26m). Investing cash flow was $(155,000). Financing cash flow was $3.18m. Cash in hand at the end of the quarter was $10.13m. During the quarter, nine diamond drill holes for a total of 2343.8m were completed at the Mt Windarra Nickel Project (WNP). In addition a total of 264 RC holes were completed for 10,117m at the Mt Windarra, South Windarra and Woodline Well projects.