The Conversation (0)
Victory Nickel Inc. (TSE:NI) announced that it has agreed with Vale Canada Limited that Vale’s right to earn back an interest in the Company’s Mel nickel property, located approximately 25 kilometres from Thompson, Manitoba, has now expired.
Victory Nickel Inc. (TSX:NI) announced that it has agreed with Vale Canada Limited that Vale’s right to earn back an interest in the Company’s Mel nickel property, located approximately 25 kilometres from Thompson, Manitoba, has now expired.
The press release is quoted as saying:
Victory Nickel earned its right to acquire 100% ownership of the Mel property, subject to Vale’s right to earn back a 51% interest (the “Back-in Right”), by spending $6 million on the project. The period during which Vale could exercise its back-in right had previously been extended by the Company to allow Vale an opportunity to complete metallurgical testing. Vale will retain a 10% net profits royalty, to be calculated in accordance with the original property agreement.
Click here to access the entire press release