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PACIFIC COAST RECEIVES APPROVAL FROM TSX VENTURE EXCHANGE TO TERMS OF THE OPTION AGREEMENT BEWTEEN PACIFIC COAST MARIFIL MINES LIMITED, CLARIFICATION OF OPTION AGREEMENT TERMS AND GRANT OF STOCK OPTIONS
Jan. 13, 2011 (TheNewswire.ca) -- January 13th, 2010 - Pacific Coast Nickel Corp. (OOTC:PNIK...
About this update from Nickel Creek Platinum Corp.
[{"type":"text","content":"\nPACIFIC COAST RECEIVES APPROVAL FROM TSX VENTURE EXCHANGE TO TERMS OF THE OPTION AGREEMENT BEWTEEN PACIFIC COAST MARIFIL MINES LIMITED, CLARIFICATION OF OPTION AGREEMENT TERMS AND GRANT OF STOCK OPTIONS\n\n\n Jan. 13, 2011 (TheNewswire.ca) -- January 13th, 2010 - Pacific Coast Nickel Corp. (OOTC:PNIKF) (TSXV:NKL) (the \"Company\")(TSX-V: NKL) announces that it has received approval from the TSX Venture Exchange for the previously announced transaction involving the letter agreement with Marifil Mines Limited (OOTC:MFMLF) (TSXV:MFM) (\"Marifil\"). On November 8, 2010 Pacific Coast Nickel Corp. (the \"Company\") announced that it entered into a letter agreement with Marifil Mines Limited (\"Marifil\") for an option to acquire a 70% interest in the Las Aguilas Nickel-Copper-PGM property located in San Luis Province, Argentina. The company inadvertently omitted a term of the agreement. The complete correct terms are listed below.The Las Aguilas Property is located in San Luis Province, Central Argentina, approximately 730 km WNW of Buenos Aires, and 30 km NE of San Luis, the province capital. The approximate coordinates of the centre of the property are 330 07' S, and 660 08' W.Marifil has reported that the Las Aguilas deposit contains a historical resource of 2.2 million tonnes grading about 0.52% nickel, 0.50% copper, 0.04% cobalt and significant amounts of platinum group elements. (this is not a National Instrument 43-101 compliant resource estimate). This resource was calculated from 10,000 meters of diamond drilling between 1970 and 1984.The resources are categorized as \"historical estimates\" and have not been reviewed or verified under National Instrument 43-101. However, the Company believes that the property has the potential to add significant additional nickel mineralization. The historical exploration data was developed by the Argentine government agency Fabricaciones Militares which conducted an exploration program in the area.Additional drilling was conducted by a former partner of the property in 2007 and 2008, which is anticipated to expand the historical resource estimate significantly.The agreement with Marifil provides for payments and work commitments as follows:To earn a 49% interest in the property:Cash and Shares1) $25,000 upon signing and 250,000 shares on approval of the TSX Venture Exchange; and2) $75,00...