TORONTO, Oct. 23, 2012 /CNW/ - Fletcher Nickel Inc. ("Fletcher") (Canadian Unlisted Board: FL) announces that it has entered into an Option Agreement (the "Option") with Debut Diamonds Inc. ("Debut"). Debut has the option to earn up to a 65% joint venture interest in the claims held by Fletcher south of the Texmont Mine covering the Kirkland Lake Break extension south of Timmins, adjacent to the recent SGX gold discovery. The property comprises 65 contiguous unpatented mining claims totaling 730 claim units covering an area of 116.5 square kilometres.
The terms of the Option would require $2,500,000 to be spent by December 31, 2014 (with $500,000 of it by December 31, 2012) to vest an initial 50% interest in the Property (excluding nickel minerals, which shall remain the property of the Optionor).
An additional 15% interest may be earned in the Property for underwriting the entire cost of a feasibility study on any deposit found (excluding nickel minerals), within the ensuing 5 years provided that annual payments of $100,000 have been paid to maintain the Option, commencing on January 1, 2013.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The foregoing information may contain forward-looking statements relating to the future performance of Fletcher Nickel Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from Fletcher Nickel Inc. plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by Fletcher Nickel with securities regulators. Fletcher Nickel does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. We seek safe harbour.
SOURCE: Fletcher Nickel Inc.
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