Mr. James Jacuta reports
PAYMENT ON CANADA MOLYBDENUM CORP. JOINT VENTURE RECEIVED
Nanika Resources Inc.'s joint venture company, Canada Molybdenum Corp., has received the second half of the $500,000 signing payment required pursuant to the terms of the joint venture agreement entered into with Korean partners in 2009. Canada Molybdenum Corp. is the joint venture company incorporated as a subsidiary pursuant to the joint venture agreement entered into with Palm Clean Energy Inc. and Daewon Chemical Co. Ltd. of South Korea.
The joint venture company, Canada Molybdenum Corp., is responsible for the continued exploration, development and mining right to the Lucky Ship molybdenum project located at the Nanika Ridge site approximately 85 kilometres southwest of the town of Houston, B.C. The rights to further develop the Lucky Ship property have been conveyed back to Canada Molybdenum from Nanika. The Lucky Ship molybdenum property has 24,812 metres of drilling in 94 holes that were completed since 2006 under the operation of Nanika Resources. The property has an indicated mineral resource of 65.66 million tonnes of average 0.064% Molybdenum or 92.6 million pounds of Molybdenum as per National Instrument 43-101 compliant reports available for public viewing at sedar.com.
Year of the Profit, OIlseeker