Finore Mining announces Letter of Intent with Nickel One Resources
Vancouver, BC / TNW – Accesswire / Vancouver, B.C., August 11, 2016 – FINORE MINING INC. (CSE: FIN; OTCQX: FNREF) (the “Company” or “Finore”) – Finore, a Canadian public company listed on the Canadian Securities Exchange (“CSE”), announces that the Company signed a non-binding Letter of Intent (“LOI”) with Nickel One Resources Inc. (“Nickel One”) for the sale of 100% interest in the Lantinen Koillismaa Palladium-Platinum-Copper-Nickel project (“LK Project”) located in North-central Finland. The LOI stipulates that Nickel One pays Finore 5 million common shares of Nickel One and contributes up to $100,000 towards any future private placement planned by Finore. The 100% will be acquired through the purchase of Nortec Minerals Oy, the wholly-owned Finnish subsidiary of Finore. Nickel One will abide by all the underlying agreements with respect to ownership of the LK Project.
Finore’s management is of the opinion that the sale of the LK Project will help Finore to divest itself of the advanced LK Project for the benefit of Finore shareholders by this sale to Nickel One. The management of Nickel One is highly experienced in the exploration and development of ultramafic intrusion-hosted Nickel-Copper-PGE projects.
The Company is evaluating highly advanced projects of various commodities. Details will be released upon signing of the letters of intent.
Mohan R. Vulimiri, M.Sc., P.Geo., Director of Finore, is the qualified person responsible for the technical content of the press release.
On behalf of the board of directors of Finore Mining Inc.,
President & CEO
The CSE does not accept responsibility for the adequacy or accuracy of this release.
The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.