Pure Nickel Receives US $387,810 Royalty Payment from Milford Copper Property
TORONTO: September 6, 2017. Pure Nickel Inc. (TSXV: NIC) along with its wholly-owned subsidiary, Nevada Star Resource Corp. (U.S.), (jointly referred to as “Pure Nickel” and/or “Company”) is pleased to report that it has received a court approved royalty payment, for previously earned royalties from the Milford Copper Property, of US $387,810.
Under the original terms of an 2011 agreement reached with CS Mining LLC (“CS Mining”), Pure Nickel was granted a 1% Net Smelter Royalty (“NSR”) on all properties controlled by CS Mining with respect to the Milford Copper Property. Pure Nickel’s portion of the royalty is capped at US $5.0 M. CS Mining advanced the property and informed the Company that production had been achieved but no royalty payments were made. On June 2, 2016 a group of CS Mining creditors filed a petition for involuntary Chapter 11 bankruptcy; subsequently CS Mining converted the involuntary bankruptcy to voluntary Chapter 11 bankruptcy and a bidding process for the assets ensued. On August 29, 2017 the successful bidder, Tamra Mining Company, LLC (“Tamra”), became the owner of the Milford Copper Property.
The Company looks forward to continued progress and additional royalty payments from the Milford Copper Property as Tamra takes over daily operations.
About Pure Nickel Inc.
Pure Nickel is a mineral exploration company with a diverse collection of nickel, copper and platinum group element exploration projects in North America.
Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors that could cause Pure Nickel’s actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Pure Nickel undertakes no obligation to update such forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Pure Nickel Inc.
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