Novawest acquires Iron-T Vanadium-Titanium-Iron Project - Strengthening its interests in strategic North American ferrovanadium projects

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[{"type":"text","content":"\n\n\n\nVANCOUVER, Feb. 19 /CNW/ - Novawest Resources Inc. (TSXV - "NVE";\nFrankfurt - "NWN"), and its Board of Directors are very pleased to announce\nthat the company has acquired its third Canadian Vanadium-Titanium-Iron\nProject. The newly acquired Iron-T Project, comprised of 17 mining claims, is\nsituated in central Quebec west of the mining centre of Matagami. The\nacquisition of the Iron-T Vanadium-Titanium-Iron Project, coupled with the\nearlier acquisition of the SideLine Vanadium-Titanium-Iron Project (adjoining\nthe well known Lac Dore Deposit) and the pending claim application covering\nthe 5.5 billion pound Lac Dore Deposit firmly place Novawest at the forefront\nof North American Vanadium exploration and development. All three of these key\nprojects are located in central Quebec, Canada. Novawest is committed to a\nstrategic goal of creating, through acquisition and development, North\nAmerica's only primary source of ferrovanadium; and is confident it has the\nassets and resources with which to achieve that goal.\n\n\nBy way of a Purchase Agreement, Novawest has acquired a 100-per-cent\ninterest in the Iron-T Vanadium-Titanium-Iron Project by paying the vendors\n$250,000.00 and 900,000 common shares of Novawest. The shares being issued\nwill be subject to a hold period per the policies of the TSX Venture Exchange.\nThe purchase is also subject to approval by the TSX Venture Exchange. The\nVendors will receive a 3% Net Smelter Return ("NSR"), of which Novawest may\npurchase, at its discretion, 1 1/2% (one half) of the NSR for $500,000.\nNovawest also retains a First Right of Refusal on the balance of the NSR.\nNovawest has also committed to carry out a minimum of $500,000 in exploration\nwithin the first 2 years of ownership to move the project forward.\n\n\nNovawest and the Vendors have also entered into an Area of Influence\nAgreement whereby any mineral claims, acquired by either Novawest or the\nVendors, within 2 miles of the boundaries of the initial 17 claims will\nautomatically be included in the Iron-T Project. Since the Agreement was\nexecuted, both Novawest and the Vendors have applied for all the available\nclaims of immediate interest, adjoining or nearby the Iron-T project. The new\nclaims will all be added to the Iron-T Project.\n\n\nThe Iron-T Fe-Ti-V Project consists o...

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