Nickel sulphide exploration company, Corazon Mining Limited (CZN), is pleased to announce the successful renegotiation of the Earn-In and Option agreements to acquire the Lynn Lake nickel-copper sulphide project in Canada, and the expansion of its Lynn Lake project area. The renegotiation of the agreement is in response to the current financial markets and depressed nickel metal prices. The new agreement provides a three year extension to James Moses the acquisition date and a reduced consideration. The renegotiated agreement is consistent with Corazon’s strategy to consolidate and expand its land holdings in the Lynn Lake district, a strategic and prospective position in a metal rich region in the central northern part of Canada. The original agreement provided Corazon with an option to acquire 100% ownership of the Lynn Lake Nickel-Copper Project by spending CAD$3 million on exploration and paying CAD$2 million in cash prior to the 20th October 2012.
Payments to the owner for the extension of terms are CAD$3,000 in cash and one million Corazon shares. The owner of the Lynn Lake Project has also provided addition mineral claims to the project area to be acquired by Corazon, as outlined below. The following prospects will be added to the Company’s Lynn Lake Project and provide incremental value to Lynn Lake’s exploration prospectivity. The South Plug nickel-copper target is located immediately south of Corazon’s land holding and contains a differentiated mafic/ultramafic intrusion similar to those hosting the nickel-copper deposits in the Lynn Lake mining camp. The main target includes a large geophysical anomaly coincident with extensive sulphide mineralisation. Exploration to date is yet to locate economic nickel-copper mineralisation, but there is enough evidence to support the prospectivity of this area for such deposits.
Tags: acquisition, Corazon Mining, CZN, Farmin Agreement, mining, Nickel Mining
