Canadian Arrow receives CDN $1 million payment for 50% of Hart Nickel Project net smelter royalty
January 01 2012 - 6:45AM
PR Newswire (Canada)
SUDBURY, ON, Jan. 3, 2012 /CNW/ - Canadian Arrow Mines, Ltd. (the
"Company") reports it has received a lump sum payment of CDN $1
million from Liberty Mines Inc. (LBE) in exchange for LBE
exercising its right to purchase half of Canadian Arrow Mines'
retained two percent net smelter royalty (NSR) on the Hart Nickel
Project. The Company retains the remaining one percent (1%)
NSR which will require negotiations between both parties to arrive
at a mutually acceptable purchase price. Under the terms of an
Option and Joint Venture Agreement on the Hart Project entered into
in 2006, LBE optioned 100% ownership of the Hart claims from the
Company in exchange for various payments as well as a two percent
NSR. Also under the terms of the Agreement LBE was entitled
to purchase one percent of the NSR for an immediate lump sum
payment of CDN $1 million at any time. The Company plans to resume
production in 2012 on its past producing Alexo mine located in the
Abitibi nickel district east of Timmins Ontario containing NI
43-101 indicated resources of 9.9M lbs of nickel within 473,000
tonnes averaging 0.96% nickel. Cash flow from Alexo
operations is intended to finance the development of the Company's
flagship Kenbridge nickel project. Kenbridge contains 98M lbs
of nickel and 52M lbs of copper within 7.1M tonnes grading 0.62% Ni
and 0.33% Cu of NI 43-101 of open pit and underground measured and
indicated resources. The Alexo and Kelex mines have historically
produced 87,000 tonnes averaging 3.06% nickel from both underground
and open pit mining. Exploration potential exists along
strike and at depth on both zones. The information in this release
was prepared under the direction of Mr. Kim Tyler, P. Geo.,
President of the Company, a Qualified Person as defined by NI
43-101. About Canadian Arrow Mines: Canadian Arrow Mines Limited is
developing two advanced nickel/copper mining projects located near
existing infrastructure in Ontario, Canada. Its principal
asset is the Kenbridge nickel-copper sulphide deposit located near
Kenora, Ontario that remains open in three directions, is equipped
with a 620 m shaft and has never been mined. Mineral resources that
are not mineral reserves do not have demonstrated economic
viability. Additional information relating to Canadian Arrow is
available on SEDAR at www.sedar.com This press release
may contain "forward-looking statements" within the meaning of the
Canadian securities legislation and the United States Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are made as of the date of this press release and the
Company does not intend, and does not assume, any obligation to
update these forward-looking statements. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Canadian Arrow Mines Ltd. CONTACT: Visit the website at
www.canadianarrowmines.ca, or contact Mr.KimTyler President and
Director toll free, 1-877-673-5462.
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