CANADIAN ARROW COMPLETES DENMARK LAKE NICKEL-COPPER-PGM ACQUISITION
10 March 2011 - 1:59AM
PR Newswire (Canada)
SUDBURY, ON, March 9 /CNW/ -- SUDBURY, ON, March 9 /CNW/ - Canadian
Arrow Mines, Ltd. (TSXV: CRO) (the "Company") is pleased to report
it has acquired 100% ownership of the Denmark Lake group of claims
located adjacent to and along strike of its flagship Kenbridge
Nickel Project located near Kenora, Ontario. The Company has
fulfilled all its obligations under an option agreement and
confirms title transfer of 15 claims (204 units) comprising 3,264
hectares. The acquisition covers the Company's 2008 Caribou
Lodge discovery of 4.51% Ni, 0.50% Cu and 0.16% Co in 0.75 metre of
massive sulphides within a broader intersection of 0.79% Ni, 0.53%
Cu 0.03% Co and 0.47 gpt PGE's over 6.4 metres. The property
covers the 8.5 km southern strike length of the major structural
trend hosting the Company's Kenbridge nickel project, includes a
number of historical nickel, copper, platinum, palladium and gold
showings and hosts 48 new geophysical targets similar to Kenbridge
discovered by the Company in its detailed 2007 airborne HTEM
geophysical survey. Mr. Kim Tyler, President of the Company
said, "We are pleased to secure ownership of this extremely
prospective property adjacent to our 100% owned flagship Kenbridge
project. We had just begun to explore the Denmark Lake
targets around Kenbridge when the economic downturn forced
suspension of activities in 2008. Given the lack of
exploration over the entire 70 km diameter Atikwa Ni-Cu-PGE belt we
are pleased at how quickly we were able to establish a new
discovery at Caribou Lodge and look forward to resuming activity as
soon as practically possible." The Company's top priority is
focused on resuming production on its Timmins, Ontario area Kelex
mining operations before considering resumption of exploration
activities. About Canadian Arrow Mines: Canadian Arrow Mines
Limited is developing two advanced nickel/copper mining projects
located near existing infrastructure in Ontario, Canada. Its
principal asset is the Kenbridge nickel-copper sulphide deposit
located near Kenora, Ontario that remains open in three directions,
is equipped with a 620 m shaft built and explored by Falconbridge
Limited and has never been mined. Highlights of an updated NI
43-101 Preliminary Economic Assessment Technical Report (PEA)( (1))
reported on Sept. 4, 2008 include an operating cash cost/lb payable
net of copper credits of US$3.47/lb nickel. At life of mine metal
prices of US$10/lb Ni and US$2.50/lb Cu; a CD$1.00:US$0.90 exchange
rate and a 7.5% discount rate the PEA concludes a Net Present Value
of CD$253M is achievable. The Company also owns the past
producing Alexo and Kelex mines located in the Abitibi nickel
district east of Timmins Ontario. Highlights of a NI 43-101
Technical Report and Resource Estimate ((1) )reported on September
22, 2010 include an indicated resource of 243,000 tonnes grading
1.08% nickel containing 5.8M lbs of nickel. ((1) )Mineral resources
that are not mineral reserves do not have demonstrated economic
viability. Additional information relating to Canadian Arrow is
available on SEDAR at www.sedar.com This press release
may contain "forward-looking statements" within the meaning of the
Canadian securities legislation and the United States Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are made as of the date of this press release and the
Company does not intend, and does not assume, any obligation to
update these forward-looking statements. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/March2011/09/c9347.html
pvisit the website at a
href="http://www.canadianarrowmines.ca"www.canadianarrowmines.ca/a,
or contact Mr. Kim Tyler President and Director toll free,
1-877-673-5462 or Mr. Andreas Curkovic at 1-416-577-9927/p
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