Business
49 NORTH RESOURCES INC. ANNOUNCES ACQUISITION OF PRIVATE COPPER EXPLORATION COMPANY
49 NORTH RESOURCES INC. ANNOUNCES ACQUISITION OF PRIVATE COPPER EXPLORATION COMPANY
About this update from 49 North Resources Inc
[{"type":"text","content":"\n\n\n\n Dec. 13, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nSASKATOON, Dec. 13 /CNW/ - Mr. Tom MacNeill, President and CEO of 49\n North Resources Inc. ("49 North") (TSX Venture: FNR) is pleased to\n announce that 49 North has acquired 45,246,000 common shares of a private company with copper-molybdenum properties and\n granite quarries in the Gaspe area of Quebec (the "Acquisition").\n\n\nFollowing the completion of the Acquisition 49 North holds 80.0% of the\n issued and outstanding common shares, which gives 49 North a\n controlling interest in 6,127 hectares of highly prospective\n copper-molybdenum lands, including several claims adjoining the\n "Project Valieres" joint venture between Xstrata Canada Corporation and\n Soquem Inc. The company also owns four fully permitted granite\n aggregate quarries and a deposit of absolute black "Nightstone"\n granite. The total purchase price for the shares is $1,129,000 ($0.025\n per share), comprised of a cash payment of $483,000 and the conversion\n of $646,000 of existing debt owed by the company to 49 North.\n\n\nThe transaction represents a significant advancement of 49 North's base\n metals development strategy to be achieved through acquisitions, joint\n ventures and strategic investments in the base metals sector.\n\n\n49 North is a Saskatchewan focused resource investment company with\n strategic operations in financial, managerial and geological advisory\n services and merchant b...