Globe says Royal Nickel expands into gold and copper Royal Nickel Corp (C:RNX)
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Tuesday February 02 2016 - In the News
Also VMS Ventures Inc (C:VMS) In the News
The Globe and Mail reports in its Tuesday edition that Royal Nickel (19 cents) is transforming itself into a gold and copper producer. The Globe's Ian McGugan writes Royal Nickel has spent years touting the potential of its Dumont nickel project in Quebec, but nickel's steep decline has deterred potential backers. On Monday, it struck off in a new direction when it announced it was acquiring a share of Salt Lake Mining, an Australian nickel and gold producer, as well as all of VMS Ventures, part-owner of a copper mine in Manitoba. "Too many mining companies get focused on being in a certain metal or a certain geography," Royal Nickel chief executive officer Mark Selby said on a conference call. "Our belief has always been that it's all about cash flow." The company has focused on nickel since it was founded in 2007. Royal Nickel emerged immediately after Canada's two nickel giants, Inco and Falconbridge, were sold to foreigners in 2006. Despite its current penny-stock status, the company's board is stacked with a who's who of Inco alumni, including Scott Hand, the former Inco CEO. Mr. Selby says he remains confident in nickel's prospects, and the company is hanging onto the Dumont project.
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