VANCOUVER, Feb. 23 /CNW/ - Nanika Resources Inc. (TSXV: NKA) and (FSE:
C7X) is pleased to announce that it will be holding meetings in
Vancouver, British Columbia, on February 24 and 25, 2011 to discuss
plans for the joint venture subsidiary Canada Molybdenum Corp. with
representatives of the Korean joint venture partners in attendance.
The joint venture company "Canada Molybdenum Corp." is responsible for
the continued exploration, development and mining right to the "Lucky
Ship" molybdenum project located at the "Nanika Ridge" site
approximately 85 kilometres southwest of the town of Houston, British
Columbia. The rights to further develop the "Lucky Ship" property have
been conveyed back to "Canada Molybdenum Corp." from Nanika. The "Lucky
Ship" Molybdenum Property has 24,812 meters of drilling in 94 holes
that were completed since 2006 under the operation of Nanika Resources
Inc. The property has an indicated mineral resource of 65.66 million
tonnes of average 0.064% Molybdenum or 92.6 million pounds of
Molybdenum as per National Instrument 43-101 compliant reports. The
shareholders of "Canada Molybdenum Corp." are currently Nanika
Resources Inc. - 60%, Daewon Chemical Co. Ltd. - 21 %, Palm Clean
Energy, Inc. - 9.5% and Heshbon Co. 9.5%.
Nanika also announces the grant of incentive stock options to purchase
up to 1.8 million shares in Nanika at the price of $0.10 per share to
directors, officers and consultants. The grant of options is for a term
of five years and shall vest immediately pursuant to the vesting
provisions and terms and conditions of the Company's stock option plan
as approved by the shareholders of the Company at the most recent
About Nanika Resources Inc.
Nanika Resources Inc. is a TSX Venture listed mineral exploration and
development company focusing on the advancement of its mineral
properties, all of which are located within Canada.
On Behalf of the Board,
James D. Jacuta,
Chairman, President and CEO.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada (IIROC) accepts responsibility for the adequacy
or accuracy of this release.
SOURCE Nanika Resources Inc.
For further information:
Nanika Resources Inc. at 604-638-0699 or Toll Free at 1-866-580-0699