Canadian Royalties Inc.: Raglan South Nickel Project Update Environmental and Social Impact Assessment Study Completed
Canadian Royalties Inc. announces that the Environmental and Social Impact Assessment (ESIA) for the Raglan South Nickel Project (RSNP) was deposited with the Quebec Ministry of Sustainable Development, Environment and Parks (MDDEP) on April 10, 2007. In accordance with the James Bay and Northern Quebec Agreement (JBNQA), the MDDEP is the administrator of the Kativik Environmental Quality Commission (KEQC), composed of Quebec and Inuit representatives and is responsible for assessing and reviewing projects located north of the 55th parallel in Quebec. The ESIA has also been delivered to the Canadian Environmental Assessment Agency (CEAA) for Federal review. The ESIA was completed on time and on budget by the consulting firm Genivar LP. Genivar’s mandate was expanded to include environmental and engineering studies for the addition of a wharf at Deception Bay consistent with the Company’s intent to develop an independent, stand-alone mining and milling operation.
Further, Canadian Royalties provides the following update with respect to progress made at its Raglan South Nickel Project:
– The Bankable Feasibility Study is nearing completion, with delivery expected to occur in the second quarter of 2007.
– A logistics team is currently moving fuel to the exploration sites planned for the 2007 season.
– Two new higher-capacity drills have been delivered to the RSNP site.
– The deep-penetrating airborne magnetic and MegaTEMÂ® electromagnetic survey has been scheduled for May 2007, with completion anticipated to occur prior to the commencement of the exploration field season in order to allow for proper target selection and drill testing.
About Canadian Royalties and the Raglan South Nickel Project
Canadian Royalties is evaluating the potential of establishing an independent, stand-alone Ni-Cu-PGE mining and milling operation in the general vicinity of Xstrata Nickel’s Raglan Mine in Nunavik, Quebec. Canadian Royalties is currently proceeding with permitting applications and a bankable feasibility study (”BFS” (1)), as well as with exploration for additional resources near existing Ni-Cu-PGE deposits and new areas of mineralization.
This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company’s ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Such risks and uncertainties are disclosed under the heading “Risk Factors” in the Company’s Annual Information Form dated March 31, 2007. Accordingly, readers should not place undue reliance on forward-looking statements.
(1) A bankable (full) feasibility study is a comprehensive analysis of a projects economics (+/- 15% precision) and is used by the banking industry for financing purposes.
Contacts: Canadian Royalties Inc. Richard R. Faucher President & CEO Toll free: 877-879-1688
Canadian Royalties Inc. Glenn J. Mullan, Chairman Toll free: 877-879-1688
Source: Canadian Royalties Inc.