|By Marketwired .||
|January 14, 2014 09:42 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/14/14 -- Fancamp Exploration Ltd. ("Fancamp" or the "Company") (TSX VENTURE: FNC) is pleased to report that based on an announcement made KWG Resources Inc. ("KWG") and Bold Ventures Inc. ("Bold"), the joint venture partners that optioned Fancamp's Koper Lake Polymetallic Project ("Koper Lake"), will resume drilling at the Black Horse Chromite Occurrence ("Black Horse") (refer to the January 6, 2014 news releases by KWG and Bold).
Mr. Jean Lafleur, Fancamp's President and CEO, stated "This is encouraging for Fancamp as it indicates the strong interest that Bold and KWG have in advancing the Koper Lake Project and moves the joint venturers closer to the significant cash payments which would be due to Fancamp should the participants move to the next phase of the Joint Venture agreement."
KWG is financing a further $2 million program under its agreement to earn from Bold Ventures Inc. an 80% interest in any chromite discovered within the claims optioned by Bold from Fancamp hosting Black Horse. As was recommended in the National Instrument 43-101 report commissioned by KWG following the winter 2013 drilling program, the possible down-dip extension of the resource will be tested with a series of deep holes utilizing up to three drills. Mobilization is under way and drilling is anticipated to commence shortly. On-going metallurgical testwork has produced encouraging results to indicate that the Black Horse chromite appears to be amenable to reduction into metalized chrome and iron using natural gas.
About the Bold Ventures Inc. - KWG Resources Inc. Option Agreements
Under the original earn-in option agreement announced May 7, 2012, Bold could earn its initial 50% interest in Koper Lake from Fancamp by making option payments totaling $1.5 million and expending $8 million on exploration over 3 years after which a 50/50 joint venture would be formed between Bold and Fancamp. Bold has already made the first C$300,000 option payment in 2013. Bold could then earn a further 10% interest by making a further C$700,000 option payment and delivering a positive feasibility study. The remaining option payments may be made in cash or common shares of Bold at Bold's option.
Upon completion of the conditions of the original option agreement, as stated in a news release dated January 7, 2013, an "additional option" can be initiated whereby Bold could earn a further 20% interest in Koper Lake by paying Fancamp C$15 million payable in equal instalments over 3 years with half of the amount payable in cash and the balance payable, at Bold's option, through the issuance of common shares of Bold at the market price at the time the shares are issued. At that point, Fancamp would retain a 20% carried interest in Koper Lake. Bold would then have a further option to acquire from Fancamp the remaining 20% carried interest in exchange for a Gross Metal Royalty ("GMR") payable to Fancamp. Bold would then hold a 100% interest in Koper Lake. The GMR would entitle Fancamp to be paid 2% of the total revenue from the sale of all metals and mineral products from the property from the commencement of commercial production. Once all of the capital costs to bring the project to the production stage have been recovered, the GMR may be scaled up to a maximum of 4% of the total revenue from the sale of all metals and mineral products from the property contingent upon the prices of products sold from the property.
On March 4, 2013, Bold signed an option and joint venture agreement with KWG to option its interests in Koper Lake. Under the terms of the option agreement, Bold would act as operator of the exploration programs which are to be financed by KWG. KWG would also make the option payments due under the agreement with Fancamp. KWG could acquire an 80% interest in chromite produced from Koper Lake by financing 100% of the costs to a feasibility study leaving Bold and its co-venturer with a 20% carried interest, pro rata. For nickel and other non-chromite minerals identified during the exploration programs, the parties have agreed to form a joint venture in which KWG would have a 20% participating interest and Bold and its co-venturer would have an 80% participating interest, pro rata. KWG would have a right of first refusal to purchase all ores or concentrates produced by such joint venture whenever its interest in the joint venture exceeds 50%.
The Koper Lake Project
Koper Lake is situated in the emerging Ring of Fire multi-mineral district, approximately 530 km northeast of Thunder Bay in the James Bay Lowlands, Northern Ontario. The project lies along the ultramafic Ring of Fire complex between the Eagle's Nest nickel-copper-platinum-group-elements and the Blackbird chromite deposits belonging to Noront Resources to the west and southwest, respectively, and the Big Daddy and Black Thor chromite deposits belonging to Cliffs Resources and KWG to the northeast. The project offers a set of targets for magmatic Ni-Cu-PGE, chromite and hydrothermal gold-copper (Au-Cu) mineralization. KWG published mineral resources estimates from the Black Horse chromite deposit of 46.5 million tonnes at a grade of 38.8% Cr2O3 in the Inferred category using the CIM definition standards for classification of Mineral Resources with the mineralization open to depth and along strike to the east.
The technical information in the news release was reviewed and approved by Jean Lafleur, M.Sc., P.Geo., Fancamp's President and CEO, a Qualified Person under NI 43-101.
About Fancamp Exploration Ltd (www.fancampexplorationltd.ca)
Fancamp Exploration Ltd. is a Canadian junior mineral exploration company that continues to evolve into a holder of shares in partner companies and royalties on near-term producing mines. These assets are designed to generate free cash flow without further shareholder dilution. Fancamp has an exceptional inventory of resource projects at various stages of development covering more than 1,710 km2 in three provinces. The commodities include hematite-magnetite iron formations, titaniferous magnetite, hematite, nickel/copper/PGM, chromite, Volcanogenic Massive Sulphides and gold.
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 news release.
S.E.C. Exemption: 12(g)3-2(b)
Fancamp Exploration Ltd.
Jean Lafleur, M. Sc., P. Geo.
President and CEO, Director
+1 514 975 3633
Fancamp Exploration Ltd.
+1 647 500 6023
Aberdeen Gould Advisory Services Ltd.
+1 416 488 2887 x222
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
May. 28, 2016 12:15 AM EDT Reads: 2,388
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 28, 2016 12:00 AM EDT Reads: 1,311
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
May. 27, 2016 11:30 PM EDT Reads: 2,281
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
May. 27, 2016 11:00 PM EDT Reads: 1,859
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
May. 27, 2016 11:00 PM EDT Reads: 2,483
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 27, 2016 10:30 PM EDT Reads: 2,185
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 27, 2016 09:30 PM EDT Reads: 756
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
May. 27, 2016 09:00 PM EDT Reads: 2,481
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 27, 2016 08:00 PM EDT Reads: 1,907
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 27, 2016 07:45 PM EDT Reads: 2,855
SYS-CON Events announced today that Isomorphic Software will exhibit at SYS-CON's [email protected] at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, high-productivity enterprise web applications for any device. SmartClient couples the industry’s broadest, deepest UI component set with a java server framework to deliver an end-...
May. 27, 2016 07:00 PM EDT Reads: 2,160
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
May. 27, 2016 07:00 PM EDT Reads: 1,304
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
May. 27, 2016 06:00 PM EDT Reads: 3,149
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
May. 27, 2016 06:00 PM EDT Reads: 2,039
How will your company move to the cloud while ensuring a solid security posture? Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is ...
May. 27, 2016 05:15 PM EDT Reads: 392