About Canadian Royalties
Since 2001, Canadian Royalties Inc. has discovered and delineated several potentially mineable nickel-copper-cobalt-platinum-palladium-gold deposits which collectively form the Nunavik Nickel Project. The Company currently has NI 43-101 compliant resource estimates on seven (7) of its deposits. Development of the project was initiated in 2007 and continued through mid-2008 when project development was halted as a result of the 2008 financial crisis. Historical site environmental clean-up activities were continued while the project was maintained on care and maintenance during 2009.
On January 13th, 2010, Jilin Jien Nickel Industry Co. Ltd. completed its acquisition of Canadian Royalties Inc through its Canadian subsidiary Jien Canada Mining Ltd. During 2010 a $122.4M budget was approved to restart construction and resume exploration of the property. Nickel and copper concentrate production is planned for mid-2012 and represents a tight project schedule with only one full season remaining for project construction. Jilin Jien Nickel Industry Co. Ltd. is responsible for arranging or providing funding for the development of the Nunavik Nickel Project.
The revised project includes the construction of a 4,500 tpd concentrator that will be fed by multiple mines. Current on-site work includes the installation of fuel storage capacity, completion of personnel accommodations, building the network of roads, construction of the Bombardier Lake dam and concurrent engineering work.
An integral part of the project is the Nunavik Nickel Agreement (NNA). The Nunavik Nickel Agreement is an Impact and Benefits agreement that was entered into between the Company, three (3) Inuit communities (Kangiqsujuaq, Puvirnituq and Salluit), and Makivik Corporation, the non-profit organization owned by the Inuit of Nunavik whose mandate is protecting the integrity of the James Bay and Northern Québec Agreement. The Nunavik Nickel Agreement constitutes the Company's formal commitment to ensure a fair and sustainable distribution of the economic benefits stemming from the Project. The agreement was re-signed by Inuit leaders and senior staff from Jilin Jien Nickel Industry Co. Ltd. in Kuujjuaq on December 15, 2009.