Noble Mineral Exploration Inc. ( "Noble" or the "Company" ) (TSXV:NOB ) ( FRANKFURT:NB7 ) ( OTC:NLPXF) is pleased to announce that it has entered int a Letter of Intent with Canada Nickel Company (" CNC ") to option its mining claims (the "Claims " ) in Mann, Hanna, Duff, and Reaume Townships, and to sell its MRO Patents (the "Patents") in Kingsmill and Mabee Townships
The terms of the Option to earn into the mining claims in Mann, Hanna, Duff, and Reaume Townships over four years will be payments of $400,000, delivery of 400,000 shares of Canada Nickel, and completion of $1,700,000 of exploration work, after which the properties would be held in an 80/20 Joint Venture between Canada Nickel and Noble. Noble will also retain a 2% NSR on the staked claims that are included in the Claims, and retain a buyback right on the third-party NSR that applies to the other optioned Claims both of which are subject to certain buyback rights as to 50%.
The terms of the sale of the MRO patents in Kingsmill and Mabee Townships will be the issuance of 500,000 shares of Canada Nickel to Noble.
The transactions are subject to definitive agreements being prepared and agreed to, to the approval by the Board of Directors of each party, to approval by the TSX Venture Exchange and to compliance with securities and other laws and regulations. The approval of Noble's shareholders may also be required.
Vance White, President and CEO of Noble, said "we are extremely pleased to be able to invite Canada Nickel, with their expertise, to secure this very large land package as it represents a 20km strike length where evidence of nickel, cobalt, PGM's, rhodium and rare earth minerals have been found to be present in work carried out by past explorers. We look forward to Canada Nickel moving the optioned properties to a JV stage ,and to seeing Canada Nickel advance the exploration of the Kingsmill and Mabee Township properties. A budget and plan of exploration will be developed by Canada Nickel. I am confident this will turn out to be a very exciting project."
Michael Newbury PEng (ON), a "qualified person" as such term is defined by National Instrument 43-101, has reviewed the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Noble.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian-based junior exploration company which, in addition to its shareholdings in Canada Nickel Company Inc., Spruce Ridge Resources Ltd. and MacDonald Mines Exploration Ltd., and its interest in the Holdsworth gold exploration property near Wawa, Ontario, holds approximately 72,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81. Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration. More detailed information is available on the website at www.noblemineralexploration.com .
Noble's common shares trade on the TSX Venture Exchange under the symbol "NOB".
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
H. Vance White, President Email: firstname.lastname@example.org
Phone: 416-214-2250 Investor Relations
Fax: 416-367-1954 Email: email@example.com
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