Graynic Metal's farm-in deal for nickel projects with Nichromet
Extractions to proceed
company news
Graynic Metals Limited (ASX:GYN) has advised on the positive progress of
its Farm‐In Agreement for nickel projects in Cuba and Guatemala with
Canadian company Nichromet Extractions Inc (TSX-V:TBD).
After discussions with Nichromet on outstanding issues, a successful
resolution on the matter has been reached.
Graynic managing director Bronwyn Barnes said: "We are delighted to have
achieved a positive outcome to discussions and negotiations with our
partners, Nichromet, over the terms of the Farm‐in agreement and we now
look forward to concluding the joint venture agreement documentation as
quickly as possible. We are currently planning meetings with the
relevant government officials in Cuba and Guatemala and look forward to
commencing exploration programs at the Cuban and Guatemalan Nickel
Projects."
Discussions to conclude the joint venture agreement have recommenced and
Graynic is confident that these negotiations can be finalised in the
next few weeks, which will enable exploration programs at the projects
to commence in the near future.
Graynic announced the Farm‐in agreement with Nichromet in March. The
Farm‐in covers the Cajalbana Nickel Project in Cuba and the Sierra de
Santa Cruz and Baja Verapaz Nickel Projects in Guatemala.
Graynic is of the view that the joint venture projects represent a major
suite of potential nickel laterite development opportunities in two
highly prospective nickel laterite country locations. The Farm‐in
agreement is also in line with the Company's strategic plan and project
generation activities to target mid‐to‐advanced stage nickel laterite
exploration projects in tier 1 regions.
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- Graynic Metal's farm-in deal for nickel projects with Nichromet
Extractions to proceed - Australia Market Wrap (18 May 2009)
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