Canadian Arrow Mines Limited (TSXV:CRO)
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SUDBURY, ON, March 9 /CNW/ --
SUDBURY, ON, March 9 /CNW/ - Canadian Arrow Mines, Ltd. (TSXV: CRO) (the "Company") is pleased to report it has acquired 100% ownership of
the Denmark Lake group of claims located adjacent to and along strike
of its flagship Kenbridge Nickel Project located near Kenora, Ontario.
The Company has fulfilled all its obligations under an option agreement
and confirms title transfer of 15 claims (204 units) comprising 3,264
hectares. The acquisition covers the Company's 2008 Caribou Lodge
discovery of 4.51% Ni, 0.50% Cu and 0.16% Co in 0.75 metre of massive
sulphides within a broader intersection of 0.79% Ni, 0.53% Cu 0.03% Co
and 0.47 gpt PGE's over 6.4 metres. The property covers the 8.5 km
southern strike length of the major structural trend hosting the
Company's Kenbridge nickel project, includes a number of historical
nickel, copper, platinum, palladium and gold showings and hosts 48 new
geophysical targets similar to Kenbridge discovered by the Company in
its detailed 2007 airborne HTEM geophysical survey.
Mr. Kim Tyler, President of the Company said, "We are pleased to secure
ownership of this extremely prospective property adjacent to our 100%
owned flagship Kenbridge project. We had just begun to explore the
Denmark Lake targets around Kenbridge when the economic downturn forced
suspension of activities in 2008. Given the lack of exploration over
the entire 70 km diameter Atikwa Ni-Cu-PGE belt we are pleased at how
quickly we were able to establish a new discovery at Caribou Lodge and
look forward to resuming activity as soon as practically possible."
The Company's top priority is focused on resuming production on its
Timmins, Ontario area Kelex mining operations before considering
resumption of exploration activities.
About Canadian Arrow Mines:
Canadian Arrow Mines Limited is developing two advanced nickel/copper
mining projects located near existing infrastructure in Ontario,
Canada. Its principal asset is the Kenbridge nickel-copper sulphide
deposit located near Kenora, Ontario that remains open in three
directions, is equipped with a 620 m shaft built and explored by
Falconbridge Limited and has never been mined.
Highlights of an updated NI 43-101 Preliminary Economic Assessment
Technical Report (PEA)( (1)) reported on Sept. 4, 2008 include an operating cash cost/lb payable net
of copper credits of US$3.47/lb nickel. At life of mine metal prices of
US$10/lb Ni and US$2.50/lb Cu; a CD$1.00:US$0.90 exchange rate and a
7.5% discount rate the PEA concludes a Net Present Value of CD$253M is
achievable.
The Company also owns the past producing Alexo and Kelex mines located
in the Abitibi nickel district east of Timmins Ontario. Highlights of a
NI 43-101 Technical Report and Resource Estimate ((1) )reported on September 22, 2010 include an indicated resource of 243,000
tonnes grading 1.08% nickel containing 5.8M lbs of nickel.
((1) )Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
Additional information relating to Canadian Arrow is available on SEDAR
at www.sedar.com
This press release may contain "forward-looking statements" within the
meaning of the Canadian securities legislation and the United States
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are made as of the date of this press release and the
Company does not intend, and does not assume, any obligation to update
these forward-looking statements.
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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/March2011/09/c9347.html
pvisit the website at a href="http://www.canadianarrowmines.ca"www.canadianarrowmines.ca/a, or contact Mr. Kim Tyler President and Director toll free, 1-877-673-5462 or Mr. Andreas Curkovic at 1-416-577-9927/p