ONTARIO - FNX MINING of Toronto has agreed to sell its Ontario nickel properties other than those in the Sudbury Basin to INTERNATIONAL NICKEL VENTURES, also of Toronto. Two of the properties (Lansdowne House and Fishtrap) are located in the James Bay Lowlands, and the third (Montcalm) is adjacent to XSTRATA NICKEL's producing Montcalm mine near Timmins, Ont.
Robert Bell, president and CEO of International Nickel, stated, "Nickel deposits tend to occur in clusters within mafic-ultramafic complexes and all of these properties are located in areas with such geology. Lansdowne has known nickel-copper-precious metal mineralization and Montcalm is adjacent to a producer. This acquisition is part of our growth strategy of focusing on high potential base metal properties in jurisdictions with rich mining histories such as Brazil and Canada."
International Nickel will become the 100% owner of the three properties by issuing 2.9 million common shares to FNX. FNX has agreed to provide technical assistance to International Nickel under an agreement that will be signed when the sale closes.
Abundant details about the properties are available in the news release dated Nov. 12, 2007, and posted at www.NickelVentures.com.
Comments