News Denain JV
Nippon signs Denain JV agreement with private investors
2018-08-31 09:35 ET - News Release
Mr. Donald Brisebois reports
NIPPON ENTERS INTO A JOINT-VENTURE AGREEMENT TO DEVELOP ITS DENAIN GOLD PROPERTY
Nippon Dragon Resources Inc. has signed a joint venture agreement with a group of private investors to develop its Denain gold property.
The objectives of the newly formed joint-venture are twofold, the first objective is to drive a 400 metre exploration decline to evaluate the grades from surface to -60 metres, and the second objective is to perform a bulk-sample with Nippon's exclusive and patented thermal fragmentation mining process.
Within the joint-venture agreement, the private investor group must provide $CDN 3 million in order to obtain a majority interest in the project and it is non-dilutive to Nippon's shareholders. Management will provide additional information pertaining to the joint-venture agreement and updates regarding the scope of work in a timely manner.
"I am extremely pleased with the interest by the group of private investors in our Denain project and the fact that the transaction is non-dilutive to Nippon's shareholders" stated Mr. Donald Brisebois, president & CEO of Nippon Dragon Resources Inc.
Denain project
The Denain property is located approximately 60 km east of Val d'Or, Quebec. The property is readily accessible from an all-weather road and this gold bearing zone resembles the iron formation found at the nearby past-producing Chimo mine. Nippon Dragon has in the past assessed the mining potential of the property by performing diamond drilling to evaluate the dip of the vein; the drilling of pilot holes and thermal fragmentation was also conducted during the evaluation process.
About Nippon
Nippon is active in the exploration and the development of gold resources in Quebec. The Corporation holds a gold property with resources recognised in accordance with NI43-101 and also an exclusive license for the Thermal Fragmentation mining process.
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