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Power Nickel Exercises Option & Adds to Management Team as It Expands Its Focus on Nisk
TORONTO, ON / ACCESSWIRE / July 31, 2023 / Power Nickel Inc. (" Power Nickel " or the " Company ...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"Power Nickel Exercises Option & Adds to Management Team as It Expands Its Focus on NiskTORONTO, ON / ACCESSWIRE / July 31, 2023 / Power Nickel Inc. (\"Power Nickel\" or the \"Company\") (TSX-V:PNPN)(OTCQB:PNPNF)(Frankfurt:IVVI) is pleased to announce it has exercised its option to acquire 50% of the Nisk project (the \"Option\"). Nisk is a High-Grade Nickel PGM Project near Nemaska, Quebec. In addition, the Company has notified our partner Critical Elements Lithium Corp. (\"Critical Elements\") that it intends to exercise its second option to acquire an additional 30% interest to bring ownership in the project to 80%. The last remaining obligation in respect of the second option is the delivery of a NI 43-101 Technical Report, which includes a resource estimate, under NI 43-101, which is expected to be delivered late Q3 or early Q4.As set out in the Company's February 25, 2021, news release, listed below are the terms of the Option that Power Nickel has now fulfilled:Make cash payments totaling $500,000 to Critical Elements (all of which were completed within six months of the original option agreement)The issue to Critical Elements 12,051,770 shares of the Company (all of which were issued in 2021)Incur an aggregate of $2.8-million of work expenditures on the Nisk property on or before the dates set out below:$500,000 in work expenditures within the first year of the agreement;$800,000 in work expenditures within the second year of the agreement; and$1.5-million in work expenditures within the third year of the agreement, which have now been completed\"Nisk has been an amazing success story for Power Nickel and Critical Elements. The exploration success is building, and we are confident the best is yet to come. We look forward to getting our technical resources out there and completing a Feasibility study on the project. That will be the last condition prior to entering a true 80:20 JV with our partner Critical Elements. The CRE Team has been excellent to work with and has really helped us to achieve the exploration success we are building on for both Companies\".In addition, Power Nickel would like to announce it has hired two key individuals to help move the Company toward the goal of building Canada's first Carbon Neutral Nickel Mine. Kenneth Williamson has been hired as Vice-President - Exploration, and Duncan Roy as Vice P...