 |
|
|
 |
||||||||||
 |
|
INDEPENDENT NICKEL CORP. NEWS RELEASE June 21, 2007
Independent Nickel Closes Acquisition of Victory Nickel’s Minago Nickel RoyaltyToronto, Ontario – June 21, 2007 – Independent Nickel Corp. (INI: TSX-V) (the “Company”) reports that it has closed the acquisition of the Net Smelter Return Royalty (“NSR”) of up to 3% on Victory Nickel Inc.’s Minago nickel deposit, as well as the 2% NSR on the Company’s own Lynn Lake mine property, as previously announced on April 17, 2007. “The Minago Royalty is an obvious compliment to Independent Nickel’s Lynn Lake Nickel deposit,” stated Independent Nickel President and CEO, Richard Murphy. “Both assets provide shareholders of Independent Nickel with exposure to advance staged nickel deposits in a very pro-mining jurisdiction. This acquisition provides diversification at the project level and represents a strategic asset to the Company. The Minago Royalty gives our shareholders upside exposure to a high quality nickel deposit and comes with no operational or sustaining capital obligations.” The re-purchase of the Lynn Lake royalty will significantly enhance the economics of the Company’s own project. Under the terms of the purchase agreement, the Company paid $5 million in cash and issued 2,500,000 shares of the Company, to Glencairn Gold Corporation, in exchange for the two royalties. The shares are subject to an escrow agreement that provides for their release from escrow on a graduated basis over two years. The Minago royalty payments are determined on a sliding scale, based on nickel prices. When the selling price for nickel exceeds US$6/lb the royalty is 3%. If the selling price for nickel is between US$5 and US$6/lb the royalty is 2%. If the selling price for nickel is between US$4 and US$5/lb the royalty is 1.5%. And if the selling price for nickel is below US$4/lb the royalty is 1%. Nickel currently sells for approximately US$17/lb. A Preliminary Economic Assessment on the Minago property was filed on SEDAR by Nuinsco Resources Limited on November 28, 2006. FOR FURTHER INFORMATION PLEASE CONTACT: Independent Nickel Corp. 957 Cambrian Heights Drive This document may contain forward-looking statements relating to Seymour Exploration Corp.’s operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Seymour’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Seymour disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE. |
||||||||
| INDEPENDENT NICKEL CORP. (Head Office) | 705-521-8444 (Phone) | Site Design by |
| 102-957 Cambrian Heights Drive, Sudbury, Ontario P3C 5M6 | 705-521-1845 (Fax) | Trev's Webs |
|
|
|
|