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Nicola Mining Inc. Extends Gold and Silver Profit Share Agreement with Blue Lagoon for Dome Mountain Mine and Receives First Shipment
Vancouver, British Columbia--(Newsfile Corp. - May 5, 2021) - Nicola Mining Inc. ( TSXV: NIM )...
About this update from Nicola Mining Inc.
[{"type":"text","content":"Nicola Mining Inc. Extends Gold and Silver Profit Share Agreement with Blue Lagoon for Dome Mountain Mine and Receives First ShipmentVancouver, British Columbia--(Newsfile Corp. - May 5, 2021) - Nicola Mining Inc. (TSXV: NIM) (FSE: HLI), (the \"Company\" or \"Nicola\") is pleased to announce that it and Blue Lagoon Resources Inc. (CSE: BLLG) have signed an amending agreement (the \"Amending Agreement\") to the Milling and Smelting Profit Share Agreement dated March 31, 2017 (the \"Original Agreement\"). The Amending Agreement extends the Original Agreement by two years, through to March 31, 2023.The Amending Agreement comes at a particularly exciting time, as Blue Lagoon has received permission allowing it to extract more than 6,000 tonnes1 of underground stockpiled material. Nicola has ordered spare parts, prepped its mill, and is in the process of hiring key employees2 prior to commencing production at its mill, which is located near Merritt, B.C. On April 1, 2021 Blue Lagoon Inc. sent to Nicola the first truck of gold and silver mill feed from its Dome Mountain Gold-Silver Mine (See Diagram 1). After having considered various options, BLLG selected NIM's Merritt Mill as the province's top site to process gold and silver mill feed.Nicola's Merritt Mill site is a unique milling and processing facility because the Company owns the industrial-zoned site free-hold. The approximate $30.0 million facility is also the location of the historic Craigmont Copper Mine, which had a historic production grade of 1.3% Cu. The Company and BLLG continue to monitor snowpack indices for BC, which is 113% of normal. Upon confirmation of the roads opening after spring runoff, BLLG expects to increase the daily trucking of stockpile to the Merritt Mill. Diagram 1: Truck unloads first shipment of material from Dome Mountain Gold-Silver MineTo view an enhanced version of Diagram 1, please visit:https://orders.newsfilecorp.com/files/4873/82894_nicola.jpgPeter Espig, CEO of Nicola, commented, \"We are very excited to have signed the Amending Agreement with Blue Lagoon, a well-run company under the tutelage of Rana Vig. While the capital markets often focus on mineral exploration, it's exciting to be part of a project that is focused on gold and silver production.\" Rana Vig, CEO of Blue Lagoon Resources commented, \"Having reviewed several options, it ...