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Canadian Arrow Mines Ltd. V.CRO

"Canadian Arrow Mines Ltd is engaged in acquiring and exploring mineral properties. Its mining projects include Alexo Kelex deposits and Kenbridge Nickel Project."


TSXV:CRO - Post by User

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Post by woodstock135on Dec 05, 2006 6:00pm
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Post# 11810906

Latest News

Latest NewsCanadian Arrow Mines acquires nickel-copper property adjacent to Kenbridge Deposit SUDBURY, ON, Dec. 5 /CNW/ - Canadian Arrow Mines, Ltd. (CRO: TSX-V) has signed an option agreement to acquire a 100%-interest in the Denmark Lake nickel-copper property adjacent to the Company's Kenbridge Deposit near Kenora, Ontario. The new acquisition covers a number of historical nickel and gold showings including the Nelson Gauthier occurrence with a drill intersection of 0.78% Ni and 0.78% Cu over a 15m interval, and the Apex Ni-Cu occurrence which hosts an historical resource of 237,600 tonnes of 1.03% Cu, 0.56% Ni (OGS - OFR 6127, 2004). In addition, the Denmark Lake property covers approximately 8.5 kilometres of strike extent along the major controlling structure for the Kenbridge Nickel Deposit mineralization. Dean MacEachern, Arrow's VP Exploration, commented "Adding Denmark Lake significantly increases the size of our land package in an area we believe has high potential for nickel sulphide deposits as evidenced by our Kenbridge Nickel Deposit. We are currently planning an exploration program which will allow us to rapidly assess the potential of this property to host additional nickel sulphide mineralization." The Kenbridge Deposit has an historical estimated mineral resource totaling 2,705,000 tonnes grading 1.05% nickel and 0.54% copper to a depth of 2,000 feet. The resource includes a higher-grade area above the 500 foot level with an inventory of 544,300 tonnes grading 1.41% nickel and 0.62% copper using a cut-off grade of 0.5% nickel over a minimum width of 6 feet, and an additional inferred resource of 594,000 tonnes grading 1.55% nickel and 0.90% copper in mineralization below the 2,000 foot level. (x)See note at end of this release. The historical resource estimate was completed by Falconbridge Limited (now Xstrata Nickel) from the development work they completed on the property from 1952 to 1957. Denmark Lake is located in an area of excellent infrastructure and includes 15 claims (204 units) covering an area of 3,264 hectares. The property option requires payments totaling $105,000 and 300,000 shares over a three-year period. CRO is required to complete a $480,000 in exploration expenditures over a four-year period. Once Canadian Arrow exercises the option, the Vendors will retain a 2% net smelter return royalty on the property. The transaction is subject to regulatory approval. (x) It should be noted that the resource estimates prepared by Falconbridge should be considered to be historical, and as such do not conform to the requirements of National Instrument 43-101. Although Canadian Arrow considers the resource estimates to be relevant, they have not been verified by a Qualified Person for Canadian Arrow as required by National Instrument 43-101 and should not be relied upon. Canadian Arrow intends to establish new resource estimates under NI 43-101 guidelines during the first quarter 2007. 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". << If you would like to receive press releases via email please contact: alison@chfir.com. 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. >> %SEDAR: 00008534E For further information: visit the website at www.canadianarrowmines.ca, or call toll free, 1-877-262-6354, or contact: Canadian Arrow Mines, Ltd., Dean MacEachern, Vice President Exploration, Tel: (705) 673-8259, E-mail: dean@canadianarrowmines.ca; CHF Investor Relations, Barry Leung, Tel: (416) 868-1079 ext. 247, E-mail: barry@chfir.com or Cathy Hume, CEO, Tel: (416) 868-1079 ext. 231, E-mail: cathy@chfir.com
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