ONTARIO - The McWatters nickel deposit near Timmins is changing hands. LIBERTY MINERAL EXPLORATION is selling the deposit to CANADIAN ARROW MINES for 3 million Arrow shares and $350,000 cash. Liberty has also agreed to offer any new nickel sulphide deposits it discovers within a 3-km radium around the McWatters deposit to Arrow. The deal is dependent on the completion of a 60-day due diligence and regulatory approvals.
The McWatters deposit was discovered by McWATTERS GOLD MINES and QUEBEC MANITOU MINES in 1961. Exploration completed on the property since 1961 has identified a zone of high grade nickel sulphides (144,165 tons at 2.17% Ni) and a halo of lower grade nickel sulphide mineralization (415,450 tons at 0.85% Ni). This estimate was made by McWatters in 1964 and does not comply with NI 43-101 standards. Arrow (www.CanadianArrowMinesLtd.com) says it acquired the property as part of its strategy to advance high grade nickel projects within existing mining camps, and this property will complement Arrow's property position in the Shaw Dome area, which includes both the McWatters West and Hart nickel properties.
Liberty (www.LibertyMineral.com) is investigating two other propertiesthe Redstone nickel property near Timmins and the McAra Lake cobalt property near Larder Lake.