RNC Minerals Announces Intention to Spin-out Qiqavik and West Raglan Projects

RNC Minerals (TSX: RNX) (“RNC”) is pleased to announce that its 68% owned subsidiary, True North Nickel Inc. (“TNN”), which holds the Qiqavik and West Raglan projects, has entered into a letter of intent (the “LOI”) with Focused Capital Corp. (“Focused”), to spin out TNN, via a reverse take-over of Focused.
In addition, RNC is pleased to announce that TNN has entered into an option agreement with Carolina Gold Resources (“CGR”) on two gold properties located in the Carolina Gold belt area to be included in the TNN assets intended to be spun out into the newly listed entity and listed for trading on the TSX Venture Exchange upon completion of the transaction.
As quoted in the press release:

Mark Selby, President and CEO of RNC, commented “Today’s announcement will allow us to clearly demonstrate the value for RNC shareholders of these high potential assets which are receiving little to no value in our share price today. Putting these assets into a separate entity, in which RNC will continue to hold the largest stake, will allow capital to be raised directly to fund exploration programs without any dilution at the RNC level. We are looking forward to following up on last year’s very exciting exploration programs where we made two high grade gold and gold-copper discoveries at Aurora and Esperance in our first season on the property and have a number of high potential targets along the 40km length of the property. With the geological setting and variety of styles of mineralization hosting gold and copper, we believe we may be uncovering a district similar to the Abitibi in the Val d’Or area at the turn of the last century which ultimately yielded a large number of gold, gold-copper and other mineral deposits.”

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