Thursday, 5 June 2008

Quebec Properties Get Fast-Tracked

Pure Nickel (TSX: NIC)

Basic Shares: 67.8 million

Fully Diluted: 92.4

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Sticking with its corporate strategy to focus on several key properties and farm out other interests, Pure Nickel has signed a joint venture agreement with a private exploration company, Minergy Ltd..

Pure Nickel has such a large portfolio of premium land packages that the company wants to ensure that exploration is taking place on each of them. As exploration is expensive the company can only do so much on its own. Taking on a partner to start drilling one of its early stage properties gives shareholders and the company a greater chance of early success.
The two properties, Nuvilik and POV are located west of Xstrata's Raglan Nickel Mine in Northern Quebec. The Raglan mines produce about 26,000 tonnes of nickel annually so this area is highly prospective.