Royal Nickel Now Holds 66-percent Stake in Salt Lake Mining

Royal Nickel Corp. (TSX:RNX) announced that it’s successfully acquired an additional 46-percent stake in Salt Lake Mining Pty Ltd., raising its ownership of the company to 66 percent.
As quoted in the press release:

The additional 46% stake was acquired from the existing SLM shareholders in exchange for 31.9 million common shares of RNC. The 20% interest in SLM acquired by RNC on February 1, 2016 was in exchange for CDN$2.5 million.

Mark Selby, president and CEO of Royal Nickel, commented:

We are excited about the ongoing ramp up of low cost gold and nickel production at SLM’s Beta Hunt Mine in Western Australia. We will work hard with SLM management to ramp up gold into full production, expected to reach over 50koz on an annualized basis by the end of 2016, and aggressively advance the significant exploration potential. With this transaction completed, we look forward to now pushing forward on the acquisition of VMS Ventures, which was announced on February 1st along with the SLM transaction.

Click here to read the full Royal Nickel Corp. (TSX:RNX) press release.