SUDBURY, ON, June 15, 2011 /CNW/ - Canadian Arrow Mines, Ltd. (CRO: TSX-V) (the "Company") reports it has received acceptance and filing of its
Amended Alexo Closure Plan from the Ontario Ministry of Northern
Development, Mines and Forestry (MNDMF). The Company is also pleased to
report that it has received a critical "Exemption to Refine
Domestically" from the Lieutenant Governor of Ontario, allowing
refining of its mining products outside of Canada and clearing the path
to conclude a production off-take agreement with a suitable partner.
Canadian Arrow President, Mr. Kim Tyler said, "Two more critical
milestones required to resume production at our Timmins nickel mining
operations have been met. Two-thirds of the world demand for nickel is
consumed in stainless steel production. 2010 was a record year for
world stainless steel production at 32M tonnes produced. 2011 is
anticipated to break a new world record exceeding 35M tonnes. We are
excited about the exceptional demand and continued robust prices for
nickel in steel products such as rail lines, aircraft, ship building,
girders and beams, water mains, oil and gas lines in the developing
economies of Asia, Indonesia, South America and Africa. The upside
potential of both our Timmins and Kenora based operations and the
available capacity in world nickel processing facilities auger well for
competitive negotiations. The Company is confident the investment
community will soon recognize the glaring opportunity gap between these
strong nickel market fundamentals and the exceptionally discounted
market capitalizations of the North American junior nickel developers
The Company's NI 43-101 Measured + Indicated contained nickel metal
resource including its flagship Kenbridge nickel project (Sedar Aug.
19, 2008) totals 110 M lbs of nickel. A Preliminary Economic Assessment
completed on Kenbridge concludes a net present value of $253M. By
comparison the Company's market capitalization currently stands at
$11.5M or a discount of 99% to NAV. The closing non-LME spot nickel
price on June 14, 2011 was quoted at US$10.17/lb. Canadian Arrow Mines
trades on the TSX-V under the symbol "CRO" and has 132,792,030 shares
issued and outstanding. Closing share price as of June 14, 2011 was
$0.065 per share.
Mineral resources that are not mineral reserves do not have demonstrated
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 NI 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 Report (PEA) on Kenbridge reported 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 additionally
expended over $10M since acquiring the project.
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.
Additional information relating to Canadian Arrow is available on SEDAR
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 Ltd.
For further information:
visit the website at www.canadianarrowmines.ca, or contact Mr. Kim Tyler President and Director toll free, 1-877-673-5462 or contact Mr. Andreas Curkovic, Investor Relations, (416) 577-9277