VAL-D'OR, QUEBEC and MONTREAL, QUEBEC -- (Marketwired) -- 07/11/13 -- Cartier Resources Inc. ("Cartier") (TSX VENTURE: ECR) and Blue Note Mining Inc. ("Blue Note") (TSX VENTURE: BNT) announce the execution of an agreement for the acquisition of the Chimo and Nova properties, both held by X-Ore Resources Inc. ("X-Ore"), a wholly-owned subsidiary of Blue Note Mining Inc. ("Blue Note").
On May 16, 2013, Blue Note announced that in connection with a notice of intention to file a proposal under the Bankruptcy and Insolvency Act (Canada), PricewaterhouseCoopers Inc. ("PWC") has been appointed as trustee to assist Blue Note and X-Ore in their restructuring efforts. In this context, PWC prepared an invitation to submit offers.
Cartier's offer submitted to PWC for the purchase of the Chimo and Nova properties has been accepted. The agreed purchase price is $261,000.
The Chimo and Nova properties are contiguous and located 50 km east of the prolific Val-d'Or gold mining camp, and cover the Larder Lake-Cadillac Break. The Chimo property comprises two mining leases. It is subject to a 1% NSR royalty payable to IAMGOLD-Quebec Management Inc. ("IAMGOLD") and a 2% NSR, subject to certain conditions, payable to Louvem Mines Inc. (a wholly-owned subsidiary of Richmont Mines Inc.), as well as 2% of the gross revenue payable to Chimo Gold Mines Inc. The Nova property comprises 38 claims. It is subject to a 1% NSR royalty payable to IAMGOLD.
From 1964 to 1997, the Chimo mine produced 379,000 ounces of gold (MRNF, DV 86-04 to DV 97-01). Unmined high-grade gold zones have been documented near the historical workings. It is important to note that the Chimo mine closed during a period of low gold prices. "Cartier believes that there is good potential for these reported gold zones to constitute additional resources beyond the known resource base left behind when the mine closed down," notes Mr. Philippe Cloutier, President and CEO. "We are currently reviewing all previous data to determine the best avenues for bringing the project to the next level."
A motion for an order authorizing the sale will be heard by the Superior Court on July 12, 2013. It is expected that the acquisition will close on the eleventh (11th) day following receipt of the vesting order by the Superior Court.
The company's objective is to operate a dynamic process which will allow it to develop and maintain a balanced portfolio of mining projects ranging from exploration to resource definition, development and production. Its VISION is to become a mining producer by developing the company's current and future assets with a schedule consistent with its human and financial resources and in accordance with sustainable development practices.
About Blue Note Mining
Blue Note Mining is a mineral exploration and mining company headquartered in Montreal with gold properties located in the prolific Val d'Or region of Quebec. Blue Note also holds a significant position in the share capital of GeoVenCap (GOV.V).
Quality Assurance/Quality Control
Any scientific and/or technical information presented in this press release has been reviewed and approved by Mr. Gaetan Lavalliere, P.Geo., Vice President for Cartier. Mr. Lavalliere is a qualified person as defined by National Instrument 43-101
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Philippe Cloutier, President and CEO
Cartier Resources Inc.
819 874-3113 (FAX)
Leon Methot, President and CEO
Blue Note Mining Inc.
514 486-3095 x255
Most Popular Stories
- Updates on Everglades' Stranded Pilot Whales
- Stolen Cobalt-60 Recovered in Mexico
- Hezbollah Chief's Assassination Claimed by Sunni Group
- Wind Power and Wildlife Can Coexist
- Sarmiento to Handle Greeley Latin Ops
- Ford Mustang Still Packs Power
- Allstate Seeks to Invest in Minority Firms
- First-time Jobless Claims Drop Below 300,000
- White House Pushes to Extend Unemployment Benefits
- Elizabeth Warren Ends 2016 Presidential Rumors