Canadian Arrow commences mining at Kelex nickel project
02 June 2012 - 9:15PM
PR Newswire (Canada)
SUDBURY, ON, June 4, 2012 /CNW/ - Canadian Arrow Mines Limited (the
"Company") is pleased to announce it has commenced the mining phase
on its Kelex nickel mine. Overburden removal is in progress
and is planned to take one month in advance of
production. The initial high grade/low tonnage open pit
production from the Kelex open pit is scheduled for delivery to
Xstrata Nickel's Strathcona mill in mid-2012. Plans are
underway on a second phase 216,000 tonne open pit and 260,000 tonne
underground expansion. Mr. Kim Tyler, President of the Company
stated, "We are extremely pleased to announce the re-start of
mining at Kelex. The Alexo/Kelex Complex will also be the
catalyst for driving forward development of our much larger
flagship Kenbridge nickel/copper project. Despite the recent
dip in metal price we are encouraged by strong market fundamentals
and projections going forward. Two thirds of world nickel
produced is consumed in stainless steel production. Despite
turmoil in the world's economies, 2010 and 2011 were consecutive
record years of world stainless and heat resisting crude steel
production exceeding 32Mt and 35Mt respectively. Production
statistics in 2012 follow a similar trend to date. " The Company's
recent sale of a non-core asset for a $2.45M have sufficiently
capitalized it to proceed, most notably without diluting its share
structure, in a difficult equity market disconnected from metal
markets. The property has historically produced 87,000 tonnes
averaging 3.06% nickel from mainly one lens of massive
sulphides. The Company has since discovered five more such
high grade lenses of similar grade and varying size encased within
bulk minable disseminated nickel sulphide halos in the Alexo/Kelex
Nickel Complex. The potential on both trends for more discoveries
along strike and at depth is excellent with many untested
geophysical anomalies and area drill intersections requiring
follow-up. The Company's flagship Kenbridge nickel project contains
98M lbs of nickel and 52M lbs of copper within 7.1M tonnes grading
0.62% Ni and 0.33% Cu of NI 43-101 of open pit and underground
measured and indicated resources. The Company also announces the
resignation of Director and Vice President of Exploration Todd
Keast. It wishes to thank Todd for his contribution to the
development of its projects and wishes him well in his future
endeavours. The information in this release was prepared under the
direction of Mr. R. Kim Tyler, P. Geo., President of the Company, a
Qualified Person as defined by NI 43-101. 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
and has never been mined. 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. Canadian Arrow Mines Ltd.
CONTACT: visit the website at www.canadianarrowmines.ca, or contact
Mr.KimTyler President and Director toll free, 1-877-673-5462.
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