Business
Canadian Royalties Reports Nunavik Nickel Project Developments
MONTREAL, Aug. 5 /CNW Telbec/ - Canadian Royalties Inc. (TSX:CZZ) ("Canadian Royalties" or the "C...
About this update from Cleghorn Minerals Ltd.
[{"type":"text","content":"\n\n\n\nMONTREAL, Aug. 5 /CNW Telbec/ - Canadian Royalties Inc. (TSX:CZZ)\n("Canadian Royalties" or the "Corporation") today announced several key\ndevelopments on its Nunavik Nickel Project (the "Nunavik Nickel Project").\nThese include the following:\n\n\n- Canadian Royalties has made significant progress with the detailed\n engineering work for the Nunavik Nickel Project;\n- an Impact Benefit Agreement ("IBA") has been signed with the local\n Inuit Government and an initial $1,000,000 payment has been made;\n- an Environmental Certificate of Authorization has been awarded to\n Canadian Royalties on May 21, 2008;\n- the Mining Leases for the Expo Site of the Nunavik Nickel Project were\n received from the ministere des Ressources Naturelles et de la Faune du\n Quebec on June 12, 2008, and subsequently for the Mesamax, Ivakkak and\n Mequillon sites, on July 29, 2008.\n\n"Notwithstanding these positive developments, dramatic changes in the\nCanadian capital markets together with other challenges have impaired our\nability to raise the balance of the funds we need to bring the Nunavik Nickel\nProject into production in 2010" said Richard R. Faucher, the President and\nCEO of Canadian Royalties.\n"As a result, a number of important measures have been taken, or are being\ntaken, to preserve and enhance value while we continue with these efforts" he\nadded. These conservatory measures include:\n\n- engineering and other test work for the Nunavik Nickel Project will\n continue as scheduled;\n- exploration work and delineation of additional resources and reserves\n on the properties of Canadian Royalties will continue as scheduled;\n- the formation of a Special Financing Committee, chaired by Lead\n Director David W. Holowack;\n- the Special Financing Committee retained PriceWaterhouseCoopers LLP\n ("PWC"), to provide a business review as part of its strategic\n financing initiative and the Special Financing Committee and the Board\n are considering PWC's recommendations;\n- essential construction work will continue at the Nunavik Nickel Project\n for the balance of 2008. The construction schedule will be resumed when\n full project financing has been arranged;\n- Canadian Royalties currently has cash on hand of approximately\n $100 million;\n- a detailed review of ...