NORTHERN ONTARIO – Toronto-based PGM VENTURES CORP. has sold its interest in the former Thierry copper mine to its joint venture partner RICHVIEW RESOURCES. Richview has issued to PGM 5.7 million units, each consisting of one common share and a half-share purchase warrant. The deal is subject to approval by the TSX Venture Exchange.
The Thierry mine, located in the Pickle Lake area, produced 113.56 million lb of copper and 27.74 million lb of nickel while it operated from 1976 to 1982. The previous operator, Umex, estimated in 1989 that the deposit contained about 16 million tonnes of ore recoverable from underground and another 50-80 million tonnes suitable for open pit mining. The average grade at the mine was 1.6% Cu and 0.2% Ni, plus significant PGM values.
Richview CEO Michael Newbury may be contacted at 416-703-5435 or mnewbury@RichviewResources.com.