QUEBEC - Val d'Or's CANADIAN ROYALTIES has discovered a new high-grade nickel deposit at its Nunavik project, 20 km south of Xstrata Nickels Raglan mine. The new discovery, the second high-grade find of the 2007 season, has been named Puimajuq, the Inuktitut word meaning "near surface".
The near-surface Puimajuq zone, about 7.4 km east of the Allammaq discovery reported in September, lies within Canadian Royalties' New Foreurs West property. Assays from the Puimajuq zone include 2.40% Ni, 1.88% Cu, 0.49 g/t Pt and 1.51 g/t Pd over 7.05 metres in hole NF-07-04, and 3.02% Ni, 3.81% Cu, 1.75 g/t Pt and 7.45 g/t Pd over 6.65 metres in hole NF-07-08.
The company announced that it has arranged a project finance facility of Cdn$250 million to fund development of the Nunavik project from BANK OF MONTREAL CAPITAL MARKETS and COMMONWEALTH BANK OF AUSTRALIA. This is in addition to a $15 million equipment financing from CATERPILLAR FINANCIAL. Canadian Royalties recently closed a $25-million financing with NORILSK NICKEL.
Additional information is available in the news releases posted at www.CanadianRoyalties.com.