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Nippon and Val d’Or Resources team up in strategic partnership agreement
Brossard (Quebec), November 2nd, 2017 Nippon Dragon Resources Inc. (“Nippon” or “NDR”) (TSX-V Symbol: NIP), is pleased to announce the confirmation of its strategic partnership agreement with Val d’Or Resources (VOR). The partnership agreement will enhance Nippon’s position as an industry leader with its exclusive and patented thermal fragmentation technology.
Through the creation of a new entity, Rocmec Gold Inc., the new partnership is expected to significantly expand Nippon’s reach within Canada and other key markets. In the joint venture, NDR will contribute certain assets and resources, while VOR will contribute 16 million CDN dollars in cash based on a predetermined schedule, which at term will allow VOR to acquire a 49% interest in the joint venture.
The partnership is a strong strategic fit, leveraging both companies’ respective strengths, which at the outset will target three main objectives:
- Re-activate the Rocmec 1 project, including paying off its first rank mortgage;
- Exploration diamond drill campaign on the Denain project and production of a 43-101;
- Acquisition of a percentage of the patents pertaining the thermal fragmentation technology
“Today’s announcement is a major milestone for Nippon and its shareholders. This partnership will help develop and deliver the full potential of our technology by giving us the required financial backing, strong management and a solid business foundation. Val d’Or Resources Inc. is the perfect partner to help us fully realize our long term goals and objectives.” stated Mr. Donald Brisebois, president & CEO of Nippon Dragon Resources Inc.