RE: Nobody confirmingBob:
NIC dropped their Fox River option with Xstrata last year, here is a copy of the NR;
Pure Nickel grants 70% Quebec project option, drops Fox
2007-11-06 06:59 ET - News Release
Mr. J. Jay Jaski reports
PURE NICKEL GRANTS OPTION ON QUEBEC PROPERTIES TO MANICOUAGAN MINERALS
Pure Nickel Inc. has entered into an option agreement with Manicouagan Minerals Inc. Pursuant to theagreement, Pure Nickel has granted Manicouagan Minerals an option to earn up to a 70-per-cent interest in 39 mining claimscomprising the Forgues and Haut Plateau East project in Quebec.
General terms and conditions of the option agreement are as follows:
- Manicouagan Minerals will pay a cash payment of $30,000 to Pure Nickel to secure the option agreement and as long as the agreement remains in effect, $25,000 on the first and second anniversary;
- Manicouagan Minerals will grant Pure Nickel 250,000 common share purchase warrants, each warrant entitling Pure Nickel to acquire a common share of Manicouagan Mineral at a price of 40 cents per share. The warrants shall vest and become exercisable immediately and have a term of two years;
- Manicouagan Minerals will earn 50-per-cent interest in the Forgues and Haut Plateau East properties by spending a minimum of $750,000 on the property on or before the second anniversary date;
- Manicouagan Minerals can earn an additional 20 per cent if within 60 days of the second anniversary of the option agreement Manicouagan Minerals elects to carry Pure Nickel during the next 12 months by expending an additional $1.5-million in the same manner as during the earn in period.
Pure Nickel also announces it has decided to discontinue its exploration efforts in the Fox River area. After reviewing therecent results of the 2007 drilling program Pure Nickel has decided to concentrate its resources on more advancedproperties which will provide the company with greater opportunity for discovery. Dr. Larry Hulbert, chief explorationofficer for Pure Nickel, said: "The 2006-07 Pure Nickel-Xstrata joint venture program in the Fox River belt was a technicalsuccess in that it considerably advanced our geological and geophysical understanding of this promising, but extremelychallenging exploration terrain. Although the geological similarities between the Raglan nickel camp and the Fox Riverbelt are compelling it is believed that commercial success in the Fox River belt will only be achieved by a long-termexploration commitment to the area. Since the acquisition of the Xstrata package of properties the company has moreimmediate needs, and will thus redirect its Fox River resources to these new properties."
In line with Pure Nickel focusing on its primary properties it has also allowed its claims on the Florence Lake, Labrador,property to lapse.
Good luck bt.