SUDBURY, ON, Oct. 6 /CNW/ - Canadian Arrow Mines Limited (the "Company") (CRO- TSX Venture) announced today that pursuant to its stock option plan and subject to approval of the TSX Venture Exchange, the Company granted a total of 1,975,000 options to nine officers, directors and employees of the Company on October 5, 2009. These options vest over a period of 18 months, have an exercise price of $0.05 per share and have a term of 5 years.
In addition, the Company has confirmed that there will be no further closings under its previously announced private placement which the Company issued 5,700,000 units at a price of $0.05 per unit for gross proceeds of $285,000 and 30,900,00 flow-through shares at a price of $0.05 per share for gross proceeds of $1,545,000.
About Canadian Arrow Mines:
Canadian Arrow Mines Limited is an experienced exploration and mine operating team that is focused on acquiring and developing economically viable nickel sulphide deposits near existing infrastructure. Arrow operates in north-western Ontario, Canada, near the towns of Kenora and Dryden. The Company's main priority is the Kenbridge Nickel Project, a nickel-copper sulphide deposit containing over 44,000 tonnes of nickel in the measured & indicated classes, (Sedar, Aug. 19, 2008), as follows:
- Measured Resource: 3,546,000 tonnes grading 0.45% nickel,
0.24% copper, 0.015% cobalt.
- Indicated Resource: 3,593,000 tonnes grading 0.79% nickel,
0.42% copper, 0.018% cobalt.
The deposit remains open in three directions, is equipped with a 620 m shaft and has never been mined.
* National Instrument 43-101: Mr. E. Puritch, P. Eng., Ms. Tracy Armstrong, P.Geo., and Antoine Yassa, P.Geo. of P&E Mining Consultants Inc. are the independent qualified persons for the Kenbridge resource estimates.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues.
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.
SOURCE Canadian Arrow Mines Limited
For further information: For further information: visit the website at www.canadianarrowmines.ca, or contact Kim Tyler President and Director toll free, 1-877-262-6354