SUDBURY, ON, July 21 /CNW/ - Canadian Arrow Mines, Ltd. (CRO: TSX-V) (the "Company") reports its compilation and re-interpretation of past exploration results on its wholly owned Alexo and Kelex mines located 50 km east of Timmins, Ontario has identified seven mineralized zones under evaluation for resumed mining extraction. Highlights of the compiled drill results listed by zone are reported below:
- Alexo Main:
- LAX-05: 2.07% Ni, 0.70 gpt PGE over 5.7m (incl. 6.54% Ni, 1.56
gpt PGE over 0.9m)
- LAX-13: 2.16% Ni, 0.70 gpt PGE over 4.5m (incl. 4.74% Ni, 1.18
gpt PGE over 1.3m )
- Alexo East:
- HUX-04: 0.85% Ni, 0.34 gpt PGE over 3.3m
- LAX-26: 3.79% Ni, 0.27 gpt PGE over 0.5m
- Kelex West:
- LOX-47: 0.98% Ni over 30.1m (includes: 5.67% Ni over 3.0m)
- LOX-49: 0.94% Ni over 41.8m (includes: 3.58% Ni over 4.7m)
- Kelex Central-West:
- LOX-14: 2.34% Ni 0.33 gpt PGE over 9.7m (incl. 7.97% Ni 1.26
gpt PGE over 1m)
- LOX-18: 2.33% Ni over 5.1m
- Kelex Central:
- LOX-64: 1.95% Ni over 4.2m
- ALX-09: 3.06% Ni over 1.9m
- Kelex East:
- ALX-12: 3.16% Ni over 3.4m
- LOX-77: 4.92% Ni over 4.2m
- ALX-04: 4.33% Ni over 2.9m
- Kelex 1700 East:
- LOX-95: 0.63% Ni over 7.8m
- LOX-96: 0.98% Ni over 3.8m
Canadian Arrow President, Kim Tyler said, "We are seeing a much larger global mineral resource potential emerging at our Timmins projects. We are exploring multiple opportunities to capitalize on a quick production start-up based on current and projected metal prices. Within the larger resource potential the Company has been examining several options targeting smaller, high grade batch extraction at minimal cost to initiate a quick capital turnaround and early cash-flow. Economics so far indicate resuming open pit extraction as the most profitable method. Besides confirming extensions of the past producing mineralized zones we are also encouraged by the opportunities for additional new zones to explore and expand on the resource potential of the property"
The ongoing accumulation and analysis of data has required additional time for an independent NI 43-101 compliant mineral resource estimate to be completed. Although work is in progress, a current economic analysis has not been completed and there is no certainty at this time that any of the proposed operations will be economically viable.
Drill results reported in this release are summarized from previous press releases and an NI 43-101 Technical Report, Feb. 2, 2004 all filed on Sedar. A complete list of significant results from previous reports are listed on the Company's website at www.canadianarrowmines.ca
Mineralized diamond drill hole intervals reported are down hole core lengths only. Assay intervals identified in the drill core were sawn in half, with one-half sent to Services de Geochimique SGS at its facilities in Rouyn-Noranda Quebec for analytical and assay work. Platinum, palladium and gold were determined by fire assay-ICP-ES methods and Ni, Cu, Co by sodium peroxide fusion-ICP-ES. The other half of the drill core is stored for future reference and testing.
Investor Relations Arrangement
The Company is also pleased to announce the engagement of Mr. Andreas Curkovic as its investor relations representative. Mr. Curkovic will prepare the Company's investor relations program including, but not limited to, shareholder communications and building Canadian Arrow an active following of investment specialists across Canada.
Mr. Curkovic is an independent investor relations consultant whose office is located at 357 Bay Street, Suite 800, Toronto, Ontario. Previous to his independent consultancy, Mr. Curkovic was employed by a large investor relations firm in Toronto, Ontario for three years.
As consideration for providing the services, Canadian Arrow has agreed to pay $5,000 per month pursuant to a contract that runs for a six month term. In addition Canadian Arrow has agreed to grant Mr. Curkovic 300,000 options pursuant to its option plan with such options vesting in four equal installments on September 1, 2010, December 1, 2010, March 1, 2011, and June 1, 2011. Other than the foregoing stock options, Mr. Curkovic has no direct or indirect interest in the Company or its securities or any right to acquire an interest in the Company.
The information in this release was prepared under the direction of Mr. Kim Tyler, P. Geo., President of the Company, a qualified person as defined by National Instrument 43-101.
About Canadian Arrow Mines:
Canadian Arrow Mines Limited is developing two advanced nickel/copper mining projects located near existing infrastructure in Ontario, Canada. Its principal asset is the Kenbridge nickel-copper sulphide deposit located near Kenora, Ontario that remains open in three directions, is equipped with a 620 m shaft built and explored by Falconbridge Limited and has never been mined.
Highlights of an updated NI 43-101 Preliminary Economic Assessment Technical Report1 (PEA) reported on Sept. 4, 2008 include an operating cash cost/lb payable net of copper credits of US$3.47/lb nickel. At life of mine metal prices of US$10/lb Ni and US$2.50/lb Cu; a CD$1.00:US$0.90 exchange rate and a 7.5% discount rate the PEA concludes a Net Present Value of CD$253M is achievable. In addition to the work that Falconbridge expended Canadian Arrow has expended over $9M since acquiring the project concluding with a positive Preliminary Economic Assessment.
Canadian Arrow Mines trades on the TSX-V under the symbol "CRO" and has 117,073,950 shares issued and outstanding. Closing share price as of July 20, 2010 was $0.025 per share.
The Company also owns the past producing Alexo and Kelex mines located in the Abitibi nickel district east of Timmins Ontario. The Alexo and Kelex mines have historically produced 87,000 tonnes averaging 3.06% nickel and are under review to re-start production.
(1)The PEA update was authored by Malcolm Buck, P.Eng. of WMT Associates under the direction of the Company's Vice President of Operations, Mr. Garett Macdonald, P.Eng., MBA both qualified persons as defined by National Instrument 43-101
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 Mr. Kim Tyler, President and Director, toll free, 1-877-673-5462