MANITOBA – GLENCAIRN GOLD of Toronto has sold its sliding scale 1%-3% NSR royalty on the Minago nickel deposit and the 2% NSR on the former Lynn Lake mine to INDEPENDENT NICKEL. The transaction will put $5 million in cash and 2.5 million Independent Nickel shares in Glencairns treasury.
Independent Nickel is investigating the possibility of restarting production at the former Lynn Lake nickel mine in northern Manitoba. The mine was closed in 1976.
The Minago nickel deposit in the Thompson Nickel Belt is being examined by VICTORY NICKEL, a spin-off of NUINSCO RESOURCES. A bankable feasibility study is underway and should be complete in early 2008.
Glencairn (www.GlencairnGold.com) is an active gold producer.