Canadian Royalties -SNC-Lavalin Inc. sign Letter of Intent tonegotiate EPCM Services Agreement
MONTREAL, June25 /CNW/ - Canadian Royalties Inc. (the "Company" or "CanadianRoyalties") announced today that it has signed a Letter of Intent withSNC-Lavalin Inc. to award a contract with respect to engineering,procurement, and construction management services ("EPCM Services") inconnection with start-up activities at the Nunavik Nickel Projectlocated in northern Quebec.
Canadian Royalties was acquired in November 2009by Jien Canada Mining Ltd., 75% ofwhose shares are owned by Jilin Jien Nickel Industry Co., Ltd. of China, whose shares trade on the Shanghai Stock Exchange, and 25% of whoseshares are owned by Vancouver basedGoldbrook Ventures Inc. (GBK-V), whose shares trade on the TSX VentureExchange. In connection with the EPCM Services, Canadian Royalties'Chief Executive Officer, Mr.Wu Shu saidthat "we are most pleased to secure the services of Canada's leadingengineering and project management firm, SNC-Lavalin, to assist us inthe planning and development of the Nunavik Nickel Mine. We have a highlevel of confidence in SNC-Lavalin's capabilities and we trust that itsextensive experience in the mining industry in Quebec will be beneficial in assistingCanadian Royalties as it moves towards the development of the mine."
"SNC-Lavalin is a world leader in the design, construction managementand commissioning of processing facilities, and we have been involved insome of the largest nickel project developments to date," said FerozAshraf, Executive Vice-President, SNC-Lavalin Group Inc. "We are pleasedto be working in this region again, and welcome the opportunity to workwith Canadian Royalties at the Nunavik site."
Exploration and preliminary work will continue at the Nunavik NickelProject site this year. It is anticipated that the Company will make afurther announcement later this year about its future development andoperating plans for the mine.
For further information: Mr. Wu Shu, Chief Executive Officer, 800Boulevard René-Lévesque W., Suite 410, Montréal, Québec, H3B 1X9, Tel. :514-879-1688