VANCOUVER, April 13 /CNW/ - Nanika Resources Inc. (TSXV: NKA) and (FSE:
C7X) is pleased to announce that discussions are continuing on plans
for the joint venture subsidiary Canada Molybdenum Corp. with
representatives of the Korean joint venture partners. Nanika's Chief
Executive Officer, James Jacuta, stated that, "The meetings and
discussions in the last couple of months have been, in my experience,
the most favourable in recent years with our Korean partners". As a
result of these favourable meetings and discussions it is anticipated
that Nanika will continue further discussions with the Korean partners
on plans and financing for "Lucky Ship" until June 30, 2011.
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 "Lucky Ship" Molybdenum Property has 24,812 meters of
drilling in 94 holes that were completed 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.
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