MacDonald Mines Exploration Ltd. is encouraged by the announcement made on August 21, 2017 by Premier Kathleen Wynne and the Chiefs of Marten Falls, Webequie and Nibinamik First Nations, which formally committed provincial funding to two First Nations road proposals that will provide community and industrial access to the Ring of Fire Mining District.
Quentin Yarie, MacDonald’s President and CEO commented: “The announcement made by Premier Kathleen Wynne and the Chiefs of Webequie, Marten Falls and Nibinamik First Nations is a major step forward in the development of the Ring of Fire region. We are very pleased to see the construction of an all-season road move forward. This will make the continued development of our highly prospective zinc-copper Butler and Sanderson properties possible.”
MacDonald Mines has a 25% carried interest on two separate blocks of claims in the Ring of Fire that were sold to Noront Resources (“Noront”) in August 2016 (see August 8, 2016 News release). The carried interest can be converted into a 1% NSR (“Conversion Right”) if a NI43-101 resource is issued on the properties. Noront can elect to buy back MacDonald’s 25% interest for $3 million payable in cash or shares (“Buy-back Right”). If neither the Conversion Right nor the Buy-back Right are exercised, a Joint Venture arrangement will be formed to develop the properties.