SUDBURY, ON, Nov. 27 /CNW/ - Canadian Arrow Mines Limited (CRO: TSX-V)
(the "Company"), is pleased to announce the completion of an option agreement
on two more nickel copper properties located about 40 km south of Dryden,
Ontario and in close proximity to its recently acquired Glatz property, (News
The Emmons Occurrence is located about 2.5 km north of the Glatz
Occurrence and about 37 km east of Arrow's flagship Kenbridge property. Nickel
copper sulphide mineralization exposed on surface is hosted within a
differentiated pyroxene gabbro intrusive body that trends from the north and
curves to the southeast. Six out of ten shallow exploratory diamond drill
holes drilled in 1960 reported significant intersections that included
1.34% Ni and 1.02% Cu over 4.4m, 0.85% Ni and 0.80% Cu over 3.5m and 0.54% Ni
and 0.65% Cu over 5.2m. PGE's were not assayed for.
A follow-up reconnaissance prospecting and sampling program conducted on
Emmons in 1998 reported selected grab sample assays in excess of 1% Ni and Cu,
(above laboratory detection limits), with PGE's as high as 1.64 grams per
The Prigg Occurrence is located about 2.5 km east of the Emmons property
and occurs in a similar geological setting. Blebby to semi-massive sulphides
at surface are contained within a gabbro host. The same 1998 reconnaissance
program noted above at Emmons also yielded selected surface grab sample assays
in excess of 1% Ni and Cu, (above laboratory detection limits), with PGE's as
high as 0.675 grams per tonne from two sets of trenches located 180m apart.
It is important to note that the above results are reported from
historical and filed assessment reports.
The option agreement for both properties requires payments from the
Company of $100,000 and 200,000 shares over a three year period and the
Company has to spend $200,000 in exploration expenditures over a four-year
term. Once the Company exercises the option the vendors will retain a 2% net
smelter royalty on these properties. The transaction is subject to regulatory
The staking of two hundred and twenty-six new claim units of ground
connecting and surrounding the new Emmons and Prigg properties to Glatz is now
complete. Plans going forward this winter include line cutting, airborne
geophysical surveys, geological mapping and diamond drilling.
About Canadian Arrow Mines, Ltd.
Canadian Arrow Mines, Ltd. is an established Canadian exploration and
development Company committed to developing and advancing base metal deposits
close to existing infrastructure through exploration, development and
acquisition. Shares of Canadian Arrow Mines trade on the TSX Venture Exchange
under the symbol "CRO".
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. THE TSX VENTURE EXCHANGE NEITHER
APPROVES NOR DISAPPROVES OF THIS PRESS RELEASE.
This news release may contain certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with The TSX
Venture Exchange, Canadian Securities Commissions, and the United States
Securities & Exchange Commission. Not to be construed as an offer to buy or
sell securities of this company.
For further information:
For further information: visit the website at www.canadianarrowmines.ca,
or call toll free, 1-877-262-6354, or contact: Canadian Arrow Mines, Ltd., Mr.
Kim Tyler, P. Geo, President, Tel: (705) 673-8259, E-mail:
email@example.com; CHF Investor Relations, Mr. Barry Leung, Tel: (416)
868-1079 ext. 222, E-mail: firstname.lastname@example.org; or Ms. Cathy Hume, CEO, Tel: (416)
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