Nickel One Resources Announces Binding Letter Agreement with Finore Mining for the Acquisition of the LK PGE-Cu-Ni Project in Finland
Vancouver, British Columbia (FSCwire) - Nickel One Resources Inc. (“Nickel One” or the “Company”, TSXV:NNN) – Nickel One announces that the Company signed a binding Letter 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. The Letter Agreement stipulates that Nickel One pays 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.
In addition $50,000 has been paid upon signing of the Letter Agreement. Upon successful completion of Due Diligence by the Company, the amount will be applied to a future private placement into Finore of which the Company may participate up to $100,000.
Vance Loeber, President, CEO and Director comments: “The LK Project provides us with an excellent opportunity to build 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
Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Nickel One Resources Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in gold and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to U.S. Shareholders. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
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Source: Nickel One Resources Inc. (TSX Venture:NNN)
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