Business
Pure Nickel Reaches Final Settlement with CS Mining on Milford Utah Property
TORONTO, Nov. 17, 2011 /CNW/ - Pure Nickel Inc. ( TSX : NIC) along with its wholly-owne...
About this update from Galleon Gold Corp
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Nov. 17, 2011 /CNW/ - Pure Nickel Inc. (TSX: NIC) along with its wholly-owned subsidiary, Nevada Star Resource Corp.\n (U.S.), (jointly referred to as \"Pure Nickel\") is pleased to report\n that it has signed a final settlement agreement with CS Mining, LLC and\n Skye Mineral Partners, LLC (jointly referred to as \"CS Mining\") with\n respect to litigation regarding the Milford, Utah, mining district.\n\n\nTerms of the agreement include:\n\n\nContractual Cash Payments from CS Mining to Pure Nickel - US$3.5 Million\n Within 12 Months\n\n\nPayment of US$1 million immediately upon signing - funds have been\n received;\n\n\nPayment of US$1 million 180 days after signing; and\n\n\nPayment of US$1.5 million 12 months after signing.\n\n\nNet Smelter Royalty - Capped at US$8.0 Million\n\n\n1% Net Smelter Royalty (NSR) on all properties acquired by CS Mining\n from Western Utah Copper Corporation and Copper King\n\n\nEnds Litigation\n\n\nBoth parties will file documentation dismissing pending litigation,\n claims and counter claims; and\n\n\nCertain non-mining real property assets not included in the original\n agreements have been transferred to CS Mining.\n\n\nPure Nickel's President and CEO David McPherson commented: \"We are\n extremely happy to have reached an agreement with CS Mining; this\n settlement extracts value from the Milford, Utah, property immediately\n and provides for participation in the property as production comes on\n line in the near future\".\n\n\nClinton Walker and David J. Richards, Directors of CS Mining, jointly\n stated: \"The settlement of the long-standing litigation and recent\n emergence from bankruptcy will allow CS Mining to focus on its\n operating plan to restart operations\".\n\n\nAbout Pure Nickel Inc. \nPure Nickel is a mineral exploration company with a diverse collection\n of mineral exploration projects in North America.  With approximately\n $3.1 million cash on hand and another $2.5 million to be received\n within 12 months, Pure Nickel is in a strong position to advance its\n property portfolio.\n\n\nAbout CS Mining, LLC \nHeadquartered in Milford, Utah, CS Mining is located near the mineral\n rich Anaconda Skarn. CS Mining is in the business of mining and\n processing copper, gold, and silver through its existing flotation mill\n and has plans to expand its operati...