Donner Minerals (DML-V), Cypress Development (CYP-V), NDT Ventures (NDE-V), Rcom Venture (RCO-V) and Curion Ventures (CUV-V) have completed formal documentation for the formation of a new company called SVB Nickel.
SVB was formed to develop the South Voisey Bay project, 90 km south ofInco’s (N-T) multi-billion-dollar Voisey’s Bay nickel-copper-cobaltdeposits. Donner and its joint-venture partners have spent more than $20million on the project over the past six years.
Donner has already merged its South Voisey Bay interests with the partnersand recently staked 190 claims in the area on behalf of SVB. The junior hasalso entered into agreements, subject to formal documentation, to acquirevarious small interests in the project area in return for the issuance of70,000 shares. With the new acquisitions, Donner’s interest in SVB willincrease by 1.1%.
At present, Donner holds a 76.69% interest in SVB. Cypress holds 11.36%, NDTholds 6.55%, Rcom holds 4.2% and Curion has1.2%.
Donner is looking for a major to join the project and has entered intoconfidentiality agreements with two companies, who are carrying out duediligence. Discussions are ongoing.
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