Turnagain Nickel Project PDF - Minerals North

Hard Creek Nickel
Emerging Giant:
Turnagain Nickel Project
MINERALS NORTH STEWART
HNC:TSX
www.hardcreek.com
April 28, 2011

Cautionary Statement
The information contained in this presentation has been reviewed by Neil Froc, P.Eng. a Qualified Person.
The Preliminary Assessment authored by Wardrop Engineering Incorporated (WARDROP) a Tetra Tech Company and
dated March 5, 2010 includes the use of inferred mineral resources that are considered too speculative geologically to
have economic considerations applied to them that would enable them to be categorized as mineral reserves. The study
is preliminary in nature and there is no assurance the mining, metal production or cash flow scenarios outlined in this
report would ever be realized. Mineral resources are not mineral reserves and do not have demonstrated economic
viability.
This presentation uses the terms “measured”, “indicated” and “inferred” resources. We advise U.S. investors that while
those terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does
not recognize them. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these
categories would ever be converted to reserves.
This presentation contains “forward-looking statements”. Such forward-looking statements involve a number of known
and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of
the company’s plans to materially differ from any future results, performance or achievements expended or implied to
such forward-looking statements. Known risks include, but are not limited to, financing risks, commodity price risks,
scheduling risks and engineering risks. Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date the statements were made, and readers are advised to consider such forwardlooking
statements in light of the risks set forth in the companies continuous disclosure filings as found at
www.sedar.com.
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Executive Summary
• Large sulphide nickel resource in British Columbia
Approximately 75 million pounds of nickel per year over a 24 yr mine life
– plus the deposit is open to the north and at depth.
• Ability to produce clean, high grade nickel concentrate
Recent locked cycle tests show >15% Ni with

Canadian Project Location
Politically Stable Jurisdiction
STEWARṪ
Turnagain
Project
200k NE
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Situated in NW British Columbia
Mining Friendly Area
Well endowed mining jurisdiction
with infrastructure support.
• Roads
(pavement to Dease Lake)
• Power
(Extending to Bob Quinn 2013)
• Port
(Stewart already shipping concentrate)
• Local skilled mining labor
The foundation already exists to
support a new mine.
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Site Layout and Configuration
(WARDROP Preliminary Assessment - April 2010)
4 kms
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World Class Deposit
Significant Sulphide Nickel Resource
Turnagain represents one of the largest undeveloped nickel sulphide resources in
the world today – and the deposit is open to the North and at depth.
Kabanga (Xstrata)
Sheba Ridge (Aquarius/Anglo)
Measured plus Indicated
Inferred
Yakabindie (BHP)
Dumont (Royal Nickel)
Turnagain (Hard Creek)
0 2 4 6 8 10
Billion lbs - Contained Nickel
Turnagain Resource
Cut-off Grade of 0.10 % Ni Tonnage Ni % Co %
Measured 213,270,000 0.230 0.014
Indicated 481,742,000 0.210 0.014
Measured & Indicated 695,012,000 0.216 0.014
Inferred 510,818,000 0.199 0.014
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Nickel Concentrate /kt
Looming Nickel Concentrate Shortage
Good Timing
1100
Global Smelter Capacity vs. Concentrate Supply
1000
Concentrate Feed
900
Concentrate Smelter
Requirement
Potential Concentrate
Requirement
800
700
600
500
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: Brook Hunt – A Wood Mackenzie Company
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Smelter Quality Concentrate
Recent Metallurgical Breakthrough
Locked Cycle Test Results
(Nov 2010 – present)
Test
Head Grade
Total Ni %
Concentrate
Ni % Ni Recovery (%) MgO (%) Fe/MgO
LCT-1 0.31 16.0 65.0 7.8 4.7
LCT-2 0.33 21.3 62.1 7.0 4.6
LCT-V26 0.21 24.5 49.1 3.9 9.2
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Metallurgical Breakthrough
Significant Change
• New metallurgical regime has solved the Magnesium issue
• Use of dispersants de-agglomerates Magnesium minerals,
allowing pentlandite to float unencumbered
• Unique deposit mineralogy allows for high ratios of concentration
• Concentrates grading 15% – 25% Ni with low MgO would
provide excellent base load supply for any smelter in the world
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Ongoing Metallurgical Program
• Optimize new metallurgical regime
• 30 of 54 variability tests remaining in current phase
• Confirmation drilling
• Refine grade/recovery curves
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Turnagain Capital Cost
(WARDROP Preliminary Assessment - April 2010)
New flotation
process
eliminates need
for refinery.
As a result,
costs will come
down for on and
off site
infrastructure,
owner’s costs,
EPCM, indirects
and contingency.
Description US$ x1000 %
Mine 202,765 6.9%
Process Plant 532,169 18.2%
Refinery 814,533 27.8%
Tailings Management Facility 39,230 1.3%
Site Infrastructure 201,589 6.9%
Off-Site Infrastructure 319,808 10.9%
Owner's Costs 78,597 2.7%
EPCM 178,067 6.1%
Indirect Costs 228,504 7.8%
Contingency 330,093 11.3%
Total 2,925,355 100.0%
Working capital of US$50.6 million and sustaining capital of US$628.2 million
with reclamation and closure costs are included in the financial model.
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C1* - Operating Cost Estimate
(WARDROP Preliminary Assessment - April 2010)
New Flotation
Process will
remove step,
to be replaced by
smelter charges.
Area
US$/tonne
Ore
US$/lb Ni
Mining 2.12 0.85
Milling 4.20 1.70
Refining 3.14 1.27
Tailings Management Facility 0.22 0.09
General and Administration 0.26 0.11
Transportation/Insurance/Representation 0.70 0.28
Total 10.65 4.30
Cost $/lb Ni metal net of Cobalt credits 3.30
* The C1 operating cost is defined as the cash cost incurred at
each processing stage, from mining through to recoverable nickel
metal delivered to market, net of by-product credits (cobalt).
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Hard Creek – Management
Mr. Mark Jarvis, President CEO and director
Mr. Jarvis has more than 25 years experience in exploration and development of mineral resources, both in oil and
gas and metals. After a career in financing exploration projects as a stockbroker, Mr. Jarvis moved to the corporate
side of the business in 1996. He joined the board of Ultra Petroleum, which at the time was a small oil and gas
exploration and development company with a large unconventional gas deposit. As Director responsible for
Corporate Finance, he raised the equity capital necessary to prove the concept and to establish enough production to
finance further growth with debt. Ultra Petroleum has grown from a market capitalization of $10 million to its
current capitalization of more than $5 billion. Mr. Jarvis became CEO and President of Hard Creek Nickel Corp. in
January, 2004. During his tenure the company has drilled off a giant nickel sulphide deposit and has assembled a
team of talented professionals dedicated to developing the resource.
Gary Johnson – Director
Mr. Johnson is a metallurgist with over 30 years experience in all aspects of the mining industry. In his early career he
gained broad operational and project experience in a range of operations in Africa and Australia. Mr. Johnson spent
ten years as Chief Metallurgist for a large gold producer before forming his own specialized hydrometallurgical
consulting company in 1998. During this period he worked closely with LionOre Mining International to develop the
Activox® process for treating sulphide concentrates. In 2006, LionOre acquired Mr. Johnson’s company and he then
joined LionOre as a senior executive. In 2007, LionOre was successfully taken over by MMC Norilsk Nickel. Mr.
Johnson became a Managing Director of Norilsk’s Australian operations in operations in 2009. Mr. Johnson currently
owns his own consulting company specializing in high level metallurgical and strategic advice.
Tom Milner, P.Eng – Director
Mr. Milner holds a Bachelors Degree in Civil Engineering from Carleton University and a Masters Degree in
Mining Engineering from McGill University. Mr. Milner has over 30 years experience in the mining industry. In
2003, Mr. Milner was awarded the Canadian Institute of Mining Proficiency Medal to recognize the contribution
made to the development of the Mining Industry and Institute at the local Branch level. Mr. Milner was Chief
Operating Officer for Taseko Mines Ltd. responsible for the successful 2004 restart of the producing open pit
copper-molybdenum Gibraltar Mine located in south central B.C.
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Hard Creek – Management
Lyle Davis, P.Eng (Alberta) MBA – Non Executive Chairman of The Board and Director
Mr. Davis is an independent director of the Company, and chairman of the board of directors. Mr.
Davis is the principal of Ellardee Group Capital Inc., a firm he founded in 1999 to provide corporate
finance, advisory and management services to public companies. He has a Bachelors Degree in Civil
Engineering from Queen’s University and an MBA from the University of British Columbia, and is a
member of the Association of Professional Engineers, Geologists, and Geophysicists of Alberta. Mr.
Davis is a director of Condor Resources Inc. and Lock and Load Retaining Walls Ltd.
George Sookochoff, B. Comm – Director
Mr. Sookochoff graduated from the University of British Columbia in 1975 with a Bachelor of
Commerce Degree. He currently serves as President and CEO of the International PBX Ventures. He
was appointed as a Director of Hard Creek Nickel in November 2003. Mr. Sookochoff has over 27
years experience in the junior mining exploration sector.
Neil Froc, P.Eng – Executive Vice President
Mr. Froc holds a geological engineering degree from the University of Saskatchewan. He is a
registered Professional Engineer with the Association of Professional Engineers and Geo Scientists
of British Columbia. Since June, 2006 Mr. Froc has led the technical team of geologists,
metallurgists and mining engineers who are exploring and developing the Turnagain deposit.
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Highly Prospective
PGE Exploration
Prospect
The Pt/Pd ratio is consistently 1:1
across the entire
Turnagain Ultramafic Complex
16

A
B
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Financial Information
(as of Feb. 28, 2011)
Shares issued: 76,848,127
Warrants: 7,440,925 @ avg. $0.35
Options: 6,867,500 @ avg. $0.53
Fully diluted: 91,156,552
Market Capitalization:
$38 million
Working Capital:
$2.5 million
Listed Toronto:
TSX - HNC
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2011 Milestones
2011
Q1 Q2 Q3 Q4
Nickel
PGE
Optimization of metallurgical flow sheet
Variability testing of ore types
Geometallurgical modeling of deposit
Update block model
Drilling
Update PA for Saleable Concentrate Option
Technical Report
Ground geochemistry
Exploration drilling
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Hard Creek Nickel
Developing
Clean High Grade Nickel
Smelter Feed
THANKS!
HNC:TSX
www.hardcreek.com
April 28, 2011