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Vulcan Minerals closed the deal on a nickel and copper mine in Labrador

The Canadian company «Vulcan Minerals Incorporation» completed the purchase of shares of copper-nickel deposit «Tasisuak Lake», located in the most eastern part of Canada — Labrador peninsula. The former owner of the control package of the asset — the corporation «Nortec» — ceded its share of the new owner of 1,000,000 ordinary shares in the acquiring company (out of 57,526,129 existing outstanding), which as a result of the transaction was the holder of 100% of the securities portfolio at the mine. «Management Company» Vulcan «is completely closed on a draft deal» Tasisuak Lake «and has received all the required permits in such cases, the relevant regulatory agencies. Now the organization's leadership development program employed for further work on the project «- the official website of the Canadian corporation.

«Vulcan Minerals Incorporation» (Canada, the city of St. John's) — a diversified company specializing in the exploration of oil and mineral deposits in the Canadian province of Newfoundland and Labrador. The organization was founded in 1995 and has so far managed to become the owner of the securities package on several large objects. Among them — the copper-nickel deposit «Tasisuak Lake» mentioned above (up to deal with «Nortec» company owned 49 per cent portion of shares), 58% of the portfolio in the project «Red Moon» (mining potassium salts), 19% stake in company NWest Energy (gas oil direction), and other assets.

«Tasisuak Lake» — promising area, bought out by management «Vulcan Minerals» in the framework of the strategic development program for the coming years. Pre-drilling its territory showed the presence of ferrous metals in soils — nickel (with an average concentration of 1.02%) and copper (about 0.5%). Furthermore, specialists conducted geological exploration in the field, reported in the content of chromium ores portion (0.12%), cobalt (about 0.03%), and about 0.35 grams of gold and platinum group elements per tonne of ore.

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