Canadian Arrow Receives CDN $1.475 Million for Sale of the Remaining Hart Royalty; Engages Raymond James Ltd. as Financial Advi
March 22 2012 - 9:03AM
PR Newswire (Canada)
SUDBURY, ON, March 23, 2012 /CNW/ - Canadian Arrow Mines Limited
(the "Company") is pleased to report it has received a lump sum
payment of CDN $1.475 million from Gold Royalties Corporation in
exchange for the Company's remaining one percent net smelter
royalty (NSR) on the Hart Nickel Project. Raymond James Ltd.
advised on the sale, who subject to approval by the TSX-V, will
receive a 6.1% transaction fee payable in shares using the
Company's 20-day volume weighted average price. Furthermore
the Company has agreed to offer Raymond James Ltd. the right of
first refusal to be the Company's exclusive financial advisor for
24 months. Mr. Kim Tyler, President, said, "We are extremely
pleased to have monetized our remaining Hart royalty
interest. We are equally pleased to be working with Raymond
James Ltd. as our financial advisor. The team at Raymond
James Ltd. has a well respected reputation in the mining finance
sector and has been a solid supporter of our Company for the past
several years." 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. 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 Company is also
developing its flagship Kenbridge nickel project in Northwestern
Ontario. 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 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. The forward-looking statements may
include but are not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
potential mineral recovery processes, etc. forward-looking
statements address future events and conditions and therefore,
involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.
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 orat info@canadianarrowmines.com
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