Canadian Arrow Receives Payment for Nickel Project

Canadian Arrow Mines Limited (TSXV:CRO) reported it has received a lump sum payment from Gold Royalties Corporation in exchange for the Hart nickel project.

As quoted in the press release:

The Company plans to resume production in 2012 on its past producing Alexo mine located in the Abitibi nickel district east of Timmins Ontario containing NI 43-101 indicated resources of 9.9M lbs of nickel within 473,000 tonnes averaging 0.96% nickel.  The Alexo and Kelex mines have historically produced 87,000 tonnes averaging 3.06% nickel from both underground and open pit mining.  Exploration potential exists along strike and at depth on both zones.  The Company is also developing its flagship Kenbridge nickel project in Northwestern Ontario.  Kenbridge contains 98M lbs of nickel and 52M lbs of copper within 7.1M tonnes grading 0.62% Ni and 0.33% Cu of NI 43-101 of open pit and underground measured and indicated resources.

Click here to read the Canadian Arrow Mines Limited (TSXV:CRO) press release.