Noble Closes Sale of Timber and Surface Rights to Block A of Project 81 and Announces Imposition of Mining Land Taxes
April 29 2014 - 7:42PM
Access Wire
Toronto, Ontario / ACCESSWIRE / Tuesday, April 29, 2014 / Noble Mineral
Exploration Inc. (the "Company","Noble" or
"NOB")
(TSX-V:NOB, FRANKFURT:NB7, OTC.PK:NLPXF)
is pleased to announce the closing of its sale of the
timber and surface rights to Block A of Noble's Project 81. Noble
was paid $6.8 million for the property and related assets sold.
Noble retained the mineral rights to Block A of Project 81 and a
50% net royalty on carbon credit revenue from Block A of Project
81. In addition to the timber and surface rights to Block A of
Project 81, the purchaser in this transaction also purchased any
sand, gravel (including hard rock aggregate), peat, gas or oil
located on or under the property, as well as a 5% net profits
interest in any mineral retained by Noble. The Company has the
right to repurchase up to one half of this net profits interest at
a cost of $800,000 per 1% interest. Further details of the
transaction are available in the information circular and notice of
adjournment and addendum prepared and filed by the Company for the
meeting of its shareholders and on Sedar.
Block A of Project 81 is
approximately 145,000 acres or 58,000 hectares in size, is located
in the Timmins area of Northern Ontario and makes up the
substantial portion of Project 81. The transaction received the
final approval from the TSX Venture Exchange on Monday, April 21,
2014.
The result of the transaction is the
repayment of the Company's debt obligations to Franco-Nevada
Corporation of $3.5 million, Bridging Capital Fund LP of $1 million
and certain third party lenders of $780,000. Additional
arrangements have been made to settle an additional $1.5 million as
more properly described in the information circular and addendum
referred to above.
The Company also announces that it
recently received notices from the Ontario Ministry of Northern
Development and Mines that mining land taxes were being assessed
against the Company's Project 81 beginning on January 1, 2012. The
total assessments for mining taxes on that property since that date
is currently $738,505.67. The Company intends to apply to the
Ministry for a re-evaluation of the applicability of those taxes,
as well as pursue other measures to reduce the extent of taxes
applied. That application is in the process of being prepared.
About Noble
Mineral Exploration Inc.:
Noble Mineral Exploration Inc.
is a Canadian based junior exploration company holding
approximately 72,000 +/- hectares of property in the Timmins,
Iroquois Falls and Smooth Rock Falls areas of Northern Ontario. The
Company also holds a portfolio of diversified exploration projects
at various stages of exploration Gold in the Wawa area of Northern
Ontario, and Uranium in Northern Saskatchewan. More detailed
information is available on the website at www.noblemineralexploration.com
Cautionary
Statement:
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
The
foregoing information may contain forward-looking statements
relating to the future performance of Noble Mineral Exploration
Inc. Forward-looking statements, specifically those concerning
future performance, are subject to certain risks and uncertainties,
and actual results may differ materially from the Company's plans
and expectations. These plans, expectations, risks and
uncertainties are detailed herein and from time to
time in the filings made by the Company with the TSX Venture
Exchange and securities regulators. Noble Mineral Exploration Inc.
does not assume any obligation to update or revise its
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contacts:
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
Email: info@noblemineralexploration.com
Investor Relations
Email: ir@noblemineralexploration.com
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