Nickel One Resources Inc. Nickel One announces that the Company signed a Definitive Agreement with Finore Mining (“Finore”) for the purchase of 100% interest in the Lantinen Koillismaa Platinum Group Element-Copper-Nickel (PGE-Cu-Ni) project (“LK Project”) located in North-central Finland.
Subject to TSX approval, Nickel One will issue to Finore 5 million common shares and 2,500,000 common share purchase warrants exercisable at $0.12 for 24 months from the date of closing of Nickel One. The 100% will be acquired through the purchase of Nortec Minerals Oy, the wholly-owned Finnish subsidiary of Finore. Nickel One will abide by all the underlying agreements with respect to ownership of the LK Project.
Vance Loeber, President, CEO and Director comments: “The LK Project provides us with an excellent opportunity to build on a substantial platinum, palladium, gold, copper, and nickel resource in a mining friendly jurisdiction with some of the best infrastructure in the world. Building on more than $10M in previous exploration expenditures that outlined two deposits, and our in-depth understanding of the geology and mineralization style, we are in a position to rapidly advance the project toward a very large tonnage and potentially economic precious metals deposit, with the added bonus of copper and nickel based on a current 43-101 compliant resopurce. In addition, the LK Project provides us with a foothold in Finland from which we will be taking a hard look at other opportunities to continue to build a strong portfolio of projects in Nickel One.”
Nickel One’s management is of the opinion that the purchase of the advanced LK Project provides its shareholders with exposure to a promising PGE-Cu-Ni deposit in an area of the world populated by several large scale producers and three smelters. The management of Nickel One is highly experienced in the exploration and development of ultramafic intrusion-hosted Nickel-Copper-PGE projects.
Dr. Scott Jobin-Bevans, Ph.D., P.Geo.,
Director of Nickel One, is the qualified person responsible for the technical content of the press release.
About Nickel One:
Nickel One Resources Inc. is a new base metal (copper, nickel) and precious metal (platinum, palladium, gold) exploration and development company evaluating the Tyko Property near Marathon, Ontario, Canada. Nickel One’s objective is to efficiently advance the Tyko Project through exploration and development to a mineral resource. The Company intends to build shareholder value through accretive acquisition of additional promising assets.
ON BEHALF OF THE BOARD:
President, CEO & Director
For further information contact:
Phone: 1-778-327-5799 ext.315