Business
Nicola Mining Inc. Signs Joint Venture Agreement
(via Thenewswire.ca) VANCOUVER, B.C. / TheNewswire / March 30, 2016 - Nicola Mining...
About this update from Nicola Mining Inc.
[{"type":"text","content":"Nicola Mining Inc. Signs Joint Venture Agreement(via Thenewswire.ca)\n \n \nVANCOUVER, B.C. / TheNewswire / March 30, 2016 - Nicola Mining Inc. (the \"Company\" or \"Nicola\") is pleased to announce that it has entered into the Lower Nicola Joint Venture Agreement (the \"Agreement\") with 1050214 B.C. Ltd. (the \"JV Partner\"). Under the Agreement, the Company and the JV Partner will participate in the continued operation and expansion of the Company's gravel business, which is located on District Lot 4234 (Thompson Nicola Regional District: Parcel 005-729-289) (the \"Property\"). \n\n\n \nCurrently, the Company has a royalty agreement (the \"Royalty Agreement\") in place with Norgaard Ready-Mix Ltd. (\"Norgaard\"), a company whose products include sand and gravel aggregates, as well as ready-mix concrete. The Royalty Agreement will remain intact to allow Norgaard, which focuses on supplying its products to the Interior of British Columbia, to continue to use the Property. The JV Partner will focus on exploring and developing the gravel resource on the opposite side of Aberdeen Road with the interest of supplying aggregate to the Lower Mainland of British Columbia. \n\n\n \nThe JV Partner and the Company will form a joint venture (the \"LNJV\") and will work towards increasing the amount of aggregate under the current gravel pit permit, Sand and Gravel Permit #G-15-019, from 60,000 tonnes per annum to 200,000 tonnes per annum. The increase in the gravel permit, if granted, will provide both Norgaard and the LNJV with the ability to extract aggregate from the same site and meet current market demand. Prior to commencing gravel operations targeted at the Lower Mainland, the LNJV will conduct a review of the Property and submit a Sand and Gravel Notice of Work and Reclamation Program. Until approvals of various permits, Norgaard shall be the exclusive miner of aggregate under Sand and Gravel Permit #G-15-019.\n\n\n \nThe Agreement also provides the JV Partner with the option to acquire a 50% interest in the Property for aggregate consideration of $1,125,000 payable upon certain milestones being achieved. \n\n\n \nThe JV Partner has agreed to make an initial contribution of $175,000 by April 15, 2016, which contribution will be used by the LNJV to conduct a full review of the site and work towards receiving operational permits. \n\n...