- Fully focused on Lac à Paul's Development -
DAN: TSX-V (Canada)
JE9N: FSE (Germany)
DRRSF: OTC BB (USA)
SAGUENAY, QC, April 17, 2014 /CNW/ - Arianne Phosphate (the "Company" or "Arianne") (TSX VENTURE: DAN)
(FRANKFURT: JE9N) (OTCBB: DRRSF), a development-stage phosphate company advancing the Lac à Paul Project
in Quebec's Saguenay region, announced today that it has completed the
sale of its Opinaca and Black Dog properties, two non-core assets
located in James Bay, Québec, to Virginia Mines Inc. (TSX: VGQ). Under
the terms of the agreement, Virginia Mines has acquired 100% interest
in both properties in exchange for 15,000 of its common shares issued
to Arianne. The transaction is valued at CAD$180,000, and includes no
hold period or sales restriction on the common shares.
"Our sale of the Opinaca and Black Dog properties is consistent with our
strategy of focusing all of our efforts on accelerating the development
of Lac à Paul," said Brian Kenny, CEO of Arianne Phosphate. "Our
primary focus through 2014 is to secure permitting, arrange financing
for the project and sign agreements with First Nations communities."
Lac à Paul is one of the world's largest greenfield phosphate projects
with a 472Mt reserve, a 590Mt resource and a 26 year mine life. Lac à
Paul's robust economics, including a $1.9B NPV, 20.7% IRR, and 4.4 year
capital payback period, are driven by the project's high-purity and
high-grade phosphate product.
About Arianne Phosphate
Arianne (www.arianne-inc.com) is developing the Lac à Paul Phosphate Rock Project located
approximately 200 km north of the Saguenay/Lac St. Jean area of Quebec,
Canada. This mine will produce a high quality igneous apatite
concentrate grading 38.6% P2O5 with little or no contaminants. The Company has 84.2 million shares
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.
Follow Arianne on:
Resource Investing News: http://resourceinvestingnews.com/?s=Arianne
Forward Looking Statements and Information
This news release contains "forward-looking statements" and
"forward-looking information" within the meaning of applicable
securities regulations in Canada and the United States (collectively,
"forward-looking information"). The forward-looking information
contained in this news release is made as of the date of this news
release. Except as required under applicable securities legislation,
the Company does not intend, and does not assume any obligation, to
update this forward-looking information. Forward-looking information
includes, but is not limited to, statements with respect to estimated
mineral resources, anticipated effect of the completed drill results on
the Project, and timing and expectations of future work programs.
Often, but not always, forward-looking information can be identified by
the use of words such as "plans", "expects, "is expected", "budget",
"scheduled", "estimates", forecasts", "intends", "anticipates", or
"believes", or the negatives thereof or variations of such words and
phrases or statements that certain actions, events or results "may",
"could", "would", "might", or "will" be taken, occur or be achieved.
Any forward-looking statement speaks only as of the date on which it is
made and except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any
SOURCE: Arianne Phosphate Inc.
For further information:
Source: Brian Kenny, CEO Tel: 514-699-7436 firstname.lastname@example.org
Info: Derek Lindsay, CFO Tel: 514-594-2372 email@example.com