As previously announced this is the company's target completion date of the mine refurbishment which will enable the commencement of mining.

Poseidon's approval process requires submission of the Mining & Environmental documents through the Department of State Development (DSD) of the West Australian Government. This is an enhanced approval process dictated by the fact that Poseidon's tenements are covered by West Australian "State Act" licences. Poseidon intends to submit all proposals in 3 parts for the Mt Windarra proposal, Cerberus proposal and Tailings disposal and co-product proposal. Each of these proposals will be in two parts. DSD will endeavour to clear proposals within 60 days of the final submission date in January 2012.

Poseidon is completing its Definitive Feasibility Study (DFS) for the Windarra Nickel Project. The Windarra Nickel Project includes the reopening of the existing Mt Windarra underground mine, the development of the new Cerberus underground mine, a new concentrator plant with the associated infrastructure and a tailings disposal facility. The concentrator plant for nickel will have a 700,000 tonne per annum throughput capacity and produce a nickel sulphide concentrate. The DFS will be the key document to be used to raise the appropriate funds to build the project.

The Rights Issue is extended to all Shareholders of Poseidon at the registration date in Australia and New Zealand. The details of this issue are contained in the Entitlement Issue Prospectus and a link for this is contained on the Home Page of this website.

Poseidon is targeting Government approvals in May 2012. These will be the final major approvals required before making a commitment to build the infrastructure.

Poseidon has appointed Behre Dolbear of Queensland to undertake an Independent Technical Review of the projects Definitive Feasibility Study. The initial review is due in May 2012 and will be subsequently used to inform the Banks providing debt finance. The review provides greater assurance that the DFS has fully covered all of the issues necessary to restart the Windarra Nickel Project.

Poseidon has now secured, through its fully underwritten Rights Issue with Shareholders, a $20m equity funding package. For several months, Poseidon has been working with a number of international Banks to develop the optimum debt funding package to finance the construction of the process plant onsite, together with the development of the mines at Mt Windarra and Cerberus. Our target date to announce this approach is June 2012.