Payment on Canada Molybdenum Corp. Joint Venture Received

VANCOUVER, Jan. 25 /CNW/ - Nanika Resources Inc. (TSX-V:NKA and FSE: C7X) is pleased to announce that  "Canada Molybdenum Corp." has received the second half of the $500,000 signing payment required pursuant to the terms of the Joint Venture Agreement entered into with Korean partners in 2009. "Canada Molybdenum Corp." is the joint venture company incorporated as a subsidiary pursuant to the Joint Venture Agreement entered into with Palm Clean Energy Inc. and Daewon Chemical Co. Ltd. of South Korea. 

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 rights to further develop the "Lucky Ship" property have been conveyed back to "Canada Molybdenum Corp." from Nanika. The "Lucky Ship" Molybdenum Property has 24,812 meters of drilling in 94 holes that were completed since 2006 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 available for public viewing at

The shareholders of "Canada Molybdenum Corp." are currently Nanika Resources Inc. - 60%, Daewon Chemical Co. Ltd. - 21 %, Palm Clean Energy, Inc. - 9.5% and Heshbon Co. 9.5%. The Heshbon interest is pursuant to an assignment of one-half interest from Palm Clean Energy Inc. that Nanika has consented to. 

The joint venture company "Canada Molybdenum Corp."  has not held a meeting to approve any further exploration or development work at the current time on the "Lucky Ship" project, whose future is dependent on the market price of molybdenum and the availability of financing for the project, among other factors.  

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 

To receive Company news via email contact, and in the subject line mention "Nanika Resources News".

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:

CHF Investor Relations at 416-868-1079
Christopher Haldane, Account Manager, at ext. 237,
Jeanny So, Director of Operations, at ext. 225,
Or Nanika Resources Inc. at 604-638-0699 or Toll Free at 1-866-580-0699

Profil de l'entreprise

Nanika Resources Inc.

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