Business
Wellgreen Platinum Announces Completion of Metallurgical Testwork and Sale of Non-Core Ontario Properties
Wellgreen Platinum Announces Completion of Metallurgical Testwork and Sale of Non-Core Ont...
About this update from Nickel Creek Platinum Corp.
[{"type":"text","content":"\n\n\n\nWellgreen Platinum Announces Completion of Metallurgical Testwork and Sale of Non-Core Ontario Properties\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Feb. 9, 2017\n\n\n\nVANCOUVER, Feb. 9, 2017 /CNW/ - Wellgreen Platinum Ltd. (TSX: WG; OTC-QX: WGPLF) (\"Wellgreen Platinum\" or the \"Company\") is pleased to announce that its previously announced metallurgical testwork program (Phase 1A and Phase 1B) is now complete. Final metallurgical results will be available this quarter pending completion of reporting by XPS in Falconbridge Ontario.\n\nThe Company also announces that, effective February 8, 2017, it has sold (the \"Sale\") Ursa Major Minerals Inc. (\"URSA\"), formerly a wholly-owned subsidiary, to a private company (the \"Purchaser\"). URSA holds the Ontario properties, Shakespeare, Shining Tree, Fox Mountain, Stumpy Bay, Porter Baldwin and Porter Option, all of which were considered non-core and non-material to Wellgreen Platinum.\n\nPursuant to the Sale, the Company will receive total cash and share consideration equivalent to C$200,000 from the Purchaser over the next three years. In addition, the Company will retain a 1.0% NSR royalty interest in the Shakespeare property, and a 0.5% NSR royalty interest in the other properties.\n\nDiane Garrett, President and CEO commented: \"This sale allows the Company to divest itself of non-core assets and to reduce the costs associated with care and maintenance activities in respect of these properties.  Our strategic focus is the advancement of our flagship Wellgreen Project in Yukon, Canada and the divestiture of URSA allows us to focus 100% of our resources on this world class deposit\".\n\nThe scientific and technical information disclosed in this news release was reviewed and approved by John Eggert, P. Eng., who is a \"Qualified Person\" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and an independent technical consultant to the Company.\n\nAbout Wellgreen Platinum\n\nWellgreen Platinum is a Canadian mining exploration and developm...