QUEBEC – Montreal-based CANADIAN ROYALTIES and Russias NORILSK NICKEL have reached an agreement for the sale of concentrates and an equity investment in the Nunavik (formerly Raglan South) nickel project in northern Quebec.
Norilsk Nickel will purchase and treat the concentrates produced by the mine. The Russian company will also subscribe to 7.2 million common shares of Canadian Royalties at a price of C$3.45 per share, for a total cost of C$25 million. The share purchase is subject to regulatory approval.
Additional information about the Nunavik project is available in CMJs Net News for July 18, 2007, and at www.CanadianRoyalties.com.