Fancamp Subsidiary Magpie Mines Inc. Signs MOU with China's Pangang Group
December 05 2013 - 11:50AM
Marketwired
Fancamp Subsidiary Magpie Mines Inc. Signs MOU with China's Pangang
Group
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 5, 2013) -
Fancamp Exploration Ltd. (TSX-VENTURE:FNC) ("Fancamp" or the
"Company") is pleased to announce that its 46.7% owned Magpie Mines
Inc., has signed a Memorandum of Understanding ("MOU") with the
Pangang Group Limited of Panzhihua, Sichuan Province, China
("Pangang"), following a recent Magpie delegation visit to
Pangang.
The delegation met senior officials of Pangang and discussions
between both parties included the possibilities of technology
exchanges with respect to Pangang's smelting and beneficiation
processes and their possible applications for the Magpie
Titanium-Vanadium-Chromium magnetite mineralization ("Magpie"), as
well as the Hydrochloric Acid ("HCL") leaching technologies
-adopted by both companies.
The agreement ensures the exchange of information on these
topics and outlines Pangang's commitment to use its proprietary
technologies and experience for the development of the Magpie
mineralization. Magpie will provide Pangang with samples for
further test work, a process that should take 6 to 8 months.
Dr. Fouad Kamaleddine, PhD, P. Eng., Fancamp's VP of Research
and Development stated, "We are very pleased to announce the
signing of this MOU with Pangang, which could have significant
benefits for both parties. Magpie will benefit from Pangang's
experience in mining and processing of complex
vanadium-titanium-magnetite ores like Magpie, as well their R&D
expertise in the production of titanium, vanadium and chrome
products and alloys. Pangang, on the other hand, appreciates the
size of the Magpie mineralization, as well as its grade compared to
their local deposits. The MOU still represents an early stage of
discussions between the parties, but is considered a significant
step towards fostering a strong relationship between the two
companies."
Magpie is located along the Lower North Shore of Quebec, some
200 km northeast of Sept-Îles and 150 km northwest of
Havre-St-Pierre. Magpie hosts National Instrument 43-101 Indicated
Mineral Resources of 635.2 million tonnes grading 42.49% FeT
(60.78% Fe2O3), 11.20% TiO2, 0.30% V2O5 and 2.61% Cr2O3 with
additional Inferred Mineral Resources of 293.2 million tonnes of
42.29% FeT (60.49% Fe2O3), 11.21% TiO2, 0.32% V2O5 and 2.54% Cr2O3
(both based on a 15% FeT cut-off grade) (refer to the Fancamp
news release dated April 18, 2012).
About the Pangang Group
The Pangang Group or the Panzhihua Iron & Steel Group is a
large-scale, state-owned enterprise specializing in
vanadium-titanium-magnetite mining and smelting. It is the largest
steel maker in western China, the largest vanadium product
manufacturer in China and the second largest in the world. It is
also the largest titanium concentrate producer and among the top
titanium product manufacturers in China.
Since it was founded in 1965, Pangang Group has developed a
series of proprietary technologies and has become a global leader
of blast furnace technologies and in recent years, the group's
research institute has made significant breakthroughs in the
comprehensive utilization of chrome-vanadium-titanium magnetite
ores.
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 3633pjlexpl@videotron.caFancamp
Exploration Ltd.Michael D'AmicoInvestor Relations+1 647 500
6023michaeldamico@rogers.comwww.fancampexplorationltd.caAberdeen
Gould Advisory Services Ltd.Roger RosmusBusiness Development+1 416
488 2887 x222roger@aberdeengould.com
Fancamp Exploration (TSXV:FNC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Fancamp Exploration (TSXV:FNC)
Historical Stock Chart
From Sep 2023 to Sep 2024