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Tartisan Nickel Signs Binding Letter of Intent for the Sale of the Alexo-Kelex Nickel Project
Toronto, Ontario (FSCwire) - Tartisan Nickel Corp. (CSE: TN, FSE: A2DPCM) (“Tartisan”, or the “Company”) is pleased to announce that the Company has signed a bi
About this update from Tartisan Nickel Corp.
[{"type":"text","content":"Toronto, Ontario (FSCwire) - Tartisan Nickel Corp. (CSE: TN, FSE: A2DPCM) (“Tartisan”, or the “Company”) is pleased to announce that the Company has signed a binding Letter of Intent with VaniCom Limited (“VaniCom”) of Perth, Western Australia for the sale of a 100% interest in the Alexo-Kelex Nickel Project located near Iroquois Falls, Ontario (the “Property”). The purchase terms include a payment of C$50,000 by VaniCom to the Company on signing the Binding Letter of Intent with a further payment of C$100,000 to the Company in cash on closing of the definitive Purchase Agreement. In addition, VaniCom will issue the Company shares in the capital of VaniCom with a value of C$350,000. Tartisan will receive a 0.5% Net Smelter Return Royalty on any future production from the Alexo-Kelex Nickel Deposit. The Letter of Intent also includes a requirement that VaniCom incur expenditures of at least C$750,000 on exploration and development on the Property over a 36-month period. Tartisan Nickel will also retain the Reclamation Bond Proceeds of approximately C$278,000 presently held by the Ontario Ministry of Natural Resources and Forestry as the Company wraps up the previously announced summer reclamation program. Tartisan CEO Mark Appleby commented, “The sale of the Alexo-Kelex Nickel Project brings value to our shareholders while still retaining upside on this particular asset. The furtherance of the project while avoiding dilution and receiving cash and securities fits with our core objectives. Tartisan is pleased to work with VaniCom as they work to advance the Alexo-Kelex Project”. The Alexo-Kelex Project produced 30,138 tonnes of ore averaging 1.92% nickel containing 1.3 million pounds of nickel in 2004 and 2005. Historically, the Alexo Deposit produced an additional 57,000 tonnes at 3.6% nickel for a total of 4.5 million pounds of contained nickel. The Alexo-Kelex Project contains an NI 43-101 compliant resource of some 243,000 tonnes of 1.08% nickel for a contained 5.775 million pounds of nickel. The resource also contains 268,000 pounds of copper and some 202,000 lbs of cobalt at lower grades. The deposits are classified as Kambalda-style named after similar type-deposits occurring in Western Australia. The Alexo and Kelex deposits are composed of massive to semi-massive nickel sulphide accumulations inhabiting basal embayments a...