Canadian Arrow Mines Limited Enters Into Two Property Option Agreements
Tue Jan 22, 9:02 AM
ca.news.finance.yahoo.com
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NEWSWIRE SERVICES/
SUDBURY, ON, Jan. 22 /CNW/ - Canadian Arrow Mines Ltd. (CRO:TSX-V) (the "Company") wishes to announce that it has signed two option agreements to acquire mineral properties located in the Dryden area, Kenora Mining Division, District of Kenora, Ontario.
The two properties are in close proximity of each other and will, in aggregate, comprise a new Canadian Arrow nickel-copper exploration project in the Ghost Lake area about 75 km northeast of the Company's Kenbridge Project. The properties, although historically explored in the past for other metals, were not explored for nickel and copper. Subsequent grab sampling in 1983 of massive sulphides exposed on surface trenches reported values as high as 0.65% nickel, 1.57% copper, 70 ppb Pt and 105 ppm Pd.
The terms of the first agreement include the payment of a total of $100,000 cash in tranches over four years, the issuance of a total of 100,000 shares of the Company in tranches over four years and the expenditure of a total of $100,000 on the properties over four years. The properties are subject to a 2% net smelter royalty, one half of which can be bought back by the Company for $1.0 million.
The terms of the second agreement include the payment of a total of $100,000 cash in tranches over four years, the issuance of a total of 100,000 shares of the Company in tranches over four years and the expenditure of a total of $100,000 on the properties over four years. The properties are subject to a 2% net smelter royalty, one half of which can be bought back by the Company for $1.0 million.
Todd Keast, the Vice President of Exploration stated, "The Ghost Lake Property once again indicates the fertility of nickel-copper deposits in the Wabigoon-Atikwa region. The inclusion of the Ghost Lake project into the pipeline of other quality nickel-copper properties acquired by Arrow over the last eight months will improve the Company's chances of developing a second project of the caliber of the Company's Kenbridge Project."
These transactions are subject to regulatory approval.
The exploration program is being carried out under the direction of The Company's Vice President of Exploration, Todd Keast; P. Geo., a qualified person as defined by National Instrument 43-101. The information in this release was prepared under the direction of Kim Tyler; P. Geo. President of the Company, a qualified person as defined by National Instrument 43-101.
About Canadian Arrow Mines, Ltd.
Canadian Arrow Mines, Ltd. is an established Canadian exploration and development Company committed to developing and advancing base metal deposits close to existing infrastructure through exploration, development and acquisition. Shares of Canadian Arrow Mines trade on the TSX Venture Exchange under the symbol "CRO".
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THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. THE TSX VENTURE EXCHANGE NEITHER
APPROVES NOR DISAPPROVES OF THIS PRESS RELEASE.
This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with The TSX Venture Exchange, Canadian Securities Commissions, and the United States Securities & Exchange Commission. Not to be construed as an offer to buy or sell securities of this company.
Contacts
visit the website at www.canadianarrowmines.ca or call toll free
1-877-262-6354
or contact: Canadian Arrow Mines
Ltd.
R. Kim Tyler
P. Geo
President
Tel: (705) 673-8259
E-mail: kim@canadianarrowmines.ca
CHF Investor Relations
Barry Leung
Tel: (416) 868-1079 x247
E-mail: barry@chfir.com
or Cathy Hume
CEO
Tel: (416) 868-1079 x231
E-mail: cathy@chfir.com |
