Canadian Arrow grants share purchase options
15 August 2011 - 11:42PM
PR Newswire (Canada)
SUDBURY, ON, Aug. 15, 2011 /CNW/ -- SUDBURY, ON, Aug. 15, 2011
/CNW/ - Canadian Arrow Mines, Ltd. (CRO: TSX-V) (the "Company")
announced today that pursuant to its stock option plan and subject
to approval of the TSX Venture Exchange, the Company granted
a total of 2,950,000 options to twelve officers, directors and
employees of the Company on August 15(th), 2011. These
options vest over a period of 18 months at an exercise price of
$0.10 per share and have a term of 5 years. 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 assets are the Kenbridge
nickel-copper sulphide project near Kenora, ON and its Alexo/Kelex
mines near Timmins, ON. The Company's NI 43-101 Measured +
Indicated contained mineral resource inventory totals 110 M lbs of
nickel and 48M lbs of copper. The Alexo and Kelex mines have
historically produced 87,000 tonnes averaging 3.06% nickel and are
under review to re-start production. A Preliminary Economic
Assessment completed on Kenbridge concludes a net present value of
$253M (Sedar Sept. 4, 2008). By comparison the Company's
market capitalization currently stands at $8.6M or a discount of
99% to NPV. The closing non-LME spot nickel price on August 12,
2011 was quoted at US$9.65/lb. Canadian Arrow Mines trades on the
TSX-V under the symbol "CRO" and has 132,792,030 shares issued and
outstanding. Closing share price as of Aug. 12, 2011 was
$0.065 per share. 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/August2011/15/c3736.html
p visit 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. /p
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