Nov 20 2012
Nickel North Exploration Corp. (the "Company" or "Nickel North") is pleased to announce that it has entered into a Cooperation Framework Agreement (the "Agreement") with Goldrock Resources Co., Ltd. ("Goldrock") a subsidiary of Sinotech Minerals Exploration Co., Ltd. of Beijing, China ("Sinotech Minerals"). This Agreement was signed on November 5th, 2012 at the China International Mining Conference 2012 in Tianjin, and witnessed by the Premier of the Ministry of Land and Resources of China.
Goldrock currently owns 43.4% of Nickel North's outstanding shares and this Agreement sets in place a formal, growth-oriented framework to harness synergies and leverage the combined resources and core competencies of the two parties. The Agreement contemplates Nickel North emerging as a highly specialized, global exploration and mine development company focusing on magmatic, sulphide-hosted nickel, copper and Platinum Group Elements (Ni, Cu, PGEs), with initial emphasis on the Company's flagship - the Hawk Ridge Ni-Cu-PGE Project in Northern Quebec.
Terms of the Cooperation Framework Agreement* are not limited to, but include:
- Nickel North to table a detailed "Acquisition Strategy" for approval by both parties within 180 days of this Agreement;
- Goldrock to provide technical expertise, financial resources and its international and industry connections to source and fund projects of exceptional merit;
- Nickel North to become a specialized entity that evaluates, acquires and exploits Ni, Cu, PGE opportunities globally;
- Initial focus on advanced-stage exploration at "Hawk Ridge Ni-Cu-PGE Project"
- Goldrock or its nominee(s) to have first option to provide funding for Hawk Ridge, as well as other project acquisitions.*
Commenting on the Agreement, Nickel North President & CEO, Phillip Mudry stated, "we are fortunate to have found an investor with such impressive technical depth and financial resources. It is deeply gratifying that an organization of this stature views our Hawk Ridge assets and management team, as a platform for their global expansion."
* The Agreement referenced above is subject to mutually agreeable terms, as well as acceptance by the TSX Venture Exchange and all other applicable regulatory bodies. The Agreement has term of 10 years and can be terminated by either party on 3 months written notice.
About Goldrock
Goldrock is a Hong Kong based subsidiary of Sinotech Minerals and specializes in mineral resource exploration and investment. Its mandate is to establish a large-scale overseas mineral exploration and development base. Goldrock currently has projects at various stages of development in several countries including Canada. Goldrock has a staff of over 200 people, 60% of which have a broad range of technical backgrounds, including 10 people with Ph.D. degrees.
Goldrock's parent company, Sinotech Minerals is a mining enterprise conglomerate based in Beijing with over 100 projects and operations in 10 countries around the globe. Their fields of expertise include: geological; geophysical and geochemical exploration and analysis; remote sensing; mapping; geological engineering; geological hazard control; environmental assessment; and mine management. Their largest shareholder is the Beijing Institute of Geology for Mineral Resources.
About The Hawk Ridge Ni-Cu-PGE Project
The Hawk Ridge Ni-Cu-PGE Project (controlled 100% by Nickel North Exploration Corp) is situated in an established mining district within the Labrador Trough in northern Quebec (rated #1 mining jurisdiction in Canada and recently rated #5 in the world by the Fraser Institute). The project is ideally located on tidewater on the west coast of Ungava Bay. The mineral claims cover 18,000 hectares of a highly anomalous 50 km belt of mafic to ultramafic intrusive, volcanic and sedimentary rocks hosting widespread magmatic copper-nickel sulphide mineralization. The project area lies within the prolific Circum Superior Nickel Belt, which also hosts the world-class (producing) Raglan and Thompson mining districts. The property has an extensive work history dating back to 1961 (24,000 m drilling in 361 holes, approximately $20 million in expenditures) by several operators including Esso, SOGEM, Phelps Dodge and Falconbridge.
Other entities and projects active in the area include Goldcorp's Eleonore Mine which is presently under construction, as well as Oceanic Iron Ore Corp.'s iron deposit, currently under development - along with proposed road and port facilities being considered under the Quebec government's $80 billion "Northern Mineral Development Initiative" supporting mining infrastructure in the province. Additionally, the Quebec government refunds 51% of all exploration and development expenditures in the northern portion of the Province.
About Nickel North Exploration Corp.
Nickel North Exploration Corp. is a Canadian based exploration company whose shares trade on the TSX Venture Exchange under the symbol NNX. The board of directors, advisory committee and management team feature highly experienced mining professionals and technical experts with an extensive history of mineral discovery and mine development; corporate finance and capital markets; as well as corporate mergers, acquisitions and take-overs. Nickel North Exploration Corp. is a conscientious corporate citizen, maintains good relations with First Nations, and is committed to sustainable development. The Company's corporate mission is to become a pre-eminent supplier of nickel, copper and Platinum Group Elements for domestic and global export markets.