Nippon finalises a joint-venture agreement to develop its Denain gold property
(via TheNewswire)
Brossard (Quebec) / TheNewswire / March 28th, 2019 Nippon Dragon Resources Inc. ("Nippon" or "NDR") (TSX-V Symbol: NIP), is pleased to announce that it has finalised a joint-venture agreement with a group of private investors to develop its Denain gold property. Within the joint-venture agreement, the private investor group will provide $CDN 2,5 million in order to obtain a majority participation (60%) of the net profits generated by the project and it is non-dilutive to Nippon's shareholders. The first tranche of the funding has been received and the remaining amount will be received in the coming weeks.
The objectives of the newly formed joint-venture are twofold, the first objective is to perform a surface and underground bulk-sample with Nippon's exclusive and patented thermal fragmentation mining process, the second objective is to drive an exploration decline (up to 500 metres) to evaluate the grades from surface to -60 metres,. Geoservices Goldmind Inc., represented by Mr. Claude Duplessis Eng. will be mandated to prepare the required documentation pertaining to permits and certificates of authorization as well as the site restauration plan as required by Ministry of Natural Resources.
Nippon, as operator of the project will provide additional information 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 gold 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 and is readily accessible from an all-weather road. 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. Follow the link to view the press release pertaining to the previous work conducted on the Denain property: https://www.marketwired.com/press-release/mirabel-resources-inc-conclusive-bulk-sample-results-on-denain-property-532122.htm
About Nippon
Nippon is active in the exploration and the development of gold resources in Quebec. The Corporation holds a gold property Rocmec 1 with resources recognised in accordance with NI43-101 and also an exclusive license for the Thermal Fragmentation mining process.
Le present communique est disponible en francais site web de Ressources Nippon Dragon
The company's growth strategy is based on:
-
??The development of its gold deposits with the objective of producing revenue from its operations;
-
??Increasing the value of its mining assets by prioritizing the exploration targets; and
-
??The commercialisation and employment of its thermal fragmentation technology.