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 sedar.com.
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
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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.
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