Listing (TSXV = LO)
ROUYN-NORANDA, QC, Nov. 30 /CNW Telbec/ - LOUNOR EXPLORATION INC. is
pleased to announce the acquisition of 17 Mineral Claims in Trecesson Township
in the Rouyn-Noranda mining distinct, province of Quebec, located near the
Nickel Property whose acquisition was previously announced (November 22,
Lounor will pay $50,000 and issue 400,000 common shares over a two-year
period to acquire a 100% interest in the property. The sellers have retained a
2% NSR in the property. The acquisition is subject to regulatory approval.
The new claims of the Nickel property are contiguous to a large low grade
nickel deposit that was once owned by Dumont Nickel Corporation and now by
Royal Nickel Inc. The Royal Nickel Property consisted of 56 claims in Launay &
Trecesson Townships, 17 km west of Amos, with an indicated resource of
400,000,000 tons of grade of 0.325% Ni as reported in the Northern Miner
Canadian Mines Handbook of 1988-1989 (Northern Miner, January 2, 1971 of
455,000,000 tons of 0.324 Ni). Royal Nickel Inc., a private company, is
currently conducting a 10,000 meter drilling program on the property. The
mineralized zones are contained in ultra mafic rocks. In general, the
geological structure is a serpentinized, magnetite bearing dunite containing
olivine with pentlandite, azurite, millerite as nickel bearing minerals.
Lounor plans on conducting a two phase exploration program. Phase I is
designed to better determine the location of the structural targets via
magnetic and Max Min geophysics. Phase II will consist of diamond drilling the
identified target or targets.
About Lounor Exploration Inc.
Lounor Exploration Inc. is a Canadian-based natural resources company
with mineral holdings in Ontario and Quebec and is currently focused on
exploration in the Abitibi Greenstone Belt. The belt is found in both
provinces of Ontario and Quebec with approximately 33% in Ontario and 67% in
Quebec. The Belt has produced in excess of 180,000,000 onces of gold in
Quebec, 450,000,000 tonnes of base metal ore over the last 100 years. The
Company is headquartered in Quebec.
LOUNOR EXPLORATION INC. is a publicly traded company on the TSX-Venture
This press release was prepared by LOUNOR EXPLORATION INC. and the TSX
Venture has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
For further information: Mr. Gilles Fiset, President, 1-800-388-8668,
(819) 797-8668, Fax: (819) 797-6050