Noble Mineral Exploration Inc. Announces Acquisition of Additional Claims, Kingsmill & Aubin Twps.
23.05.2012 | Marketwire
TORONTO- - (Marketwire - May 23, 2012) - Noble Mineral Exploration Inc. (the "Company") (TSX VENTURE: NOB) (FRANKFURT: NB7) (PINKSHEETS: NLPXF) is pleased to announce that it has entered into an agreement to acquire a 100% title and interest in three mining claim blocks, totalling 12 claim units, located in the Kingsmill and Aubin Townships in Northern Ontario. These claim blocks are within the Project 81 area that were not part of the original deal with AbitibiBowater Inc. (now Resolute Forest Products Inc.) The claims are strategic with respect to the Kingsmill Nickel Deposit that has been identified by drilling in January, 2012 -- see drill results previously released on April 12, 2012. One of the claim blocks is centered on an interesting Magnetic feature that could very well be a "broken off" piece of the Kingsmill Nickel Body.Under the agreement, the Company has agreed to pay $35,000 and to issue 300,000 common shares of the Company for these claims. In addition, the Company will pay the vendor an advance royalty payment of $25,000 each year after closing (an "Advance Royalty Payment") until the commencement of commercial production on the property acquired. The vendor will also retain a 2% Net Smelter Return royalty ("NSR"), with the Company having the right to buy back up to 1% of the NSR at a price of $1,000,000. The Advance Royalty Payments made to the vendor will be deducted from the NSR payable by the Company. The Company also retain the rights of first refusal on the residual 1% NSR, should the vendor elect to sell this interest at anytime.
The transaction is subject to the completion of satisfactory due diligence by the Company and the approval of the TSX Venture Exchange.
About Project 81:
Project 81, the Company's flagship project, is a 72,218 hectare patented and staked land package divided into 2 blocks. The patents include surface, mineral and timber rights, and host a significant timber resource plus a number of zones that have historical exploration identifying nickel and gold mineralization (these sample results are historical and non 43-101 compliant) from work carried out in the 1960s and 1970s, which have been confirmed by recent assay results from the current, ongoing drill program.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian based junior exploration company holding in excess of 72,000 hectares of property in the Timmins, Iroquois Falls and Smooth Rock Falls areas of Northern Ontario. The Company also holds a portfolio of diversified exploration projects at various stages of exploration and drilling for Vanadium, Nickel, Copper, Chromium and PGM in the 'Ring of Fire' McFauld's Lake Area of Northern Ontario, Gold in the Wawa area of Northern Ontario, and Uranium in Northern Saskatchewan.
More detailed information is available on the website at www.noblemineralexploration.com
Cautionary Statement:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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 Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Noble Mineral Exploration Inc.
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
eMail: info@noblemineralexploration.com
Investor Relations
Phone: 416-214-2250
eMail: ir@noblemineralexploration.com