HOME PAGE SUBSCRIPTIONS, Print Editions, News Bulletin PRODUCTS READ MINING NEWS ARCHIVE ADVERTISING EVENT READ THE PETROLEUM NEWS, EXTENSIVE ARCHIVES!

Providing coverage of Alaska and Northwest Canada's mineral industry
June 2015

Vol. 20, No. 26 Week of June 28, 2015

Mining News: News Nuggets: NovaCopper buys Sunward, bolsters cash

NovaCopper Inc. June 19 said it has completed acquisition of all of the issued and outstanding common shares of Sunward Resources Ltd. To complete the transaction, Sunward shareholders were issued 0.3 of a NovaCopper common share for each Sunward common share held. Sunward is now a wholly-owned subsidiary of NovaCopper. As a result of the buyout, NovaCopper has full ownership of the Titiribi gold-copper project in Colombia and more than US$20 million in cash. The company says this strong balance sheet will significantly de-risk the development of the Ambler mining district and will allow it to advance its feasibility work for the Arctic deposit, part of the larger Upper Kobuk Mineral Projects in Northwest Alaska. NovaCopper intends to carry out an US$8 million to US$10 million program at UKMP this year that will focus primarily on infill resource and geotechnical drilling at Arctic. Continued environmental and engineering studies for Arctic and work at the Bornite deposit also are planned. NovaCopper appointed Philip O’Neill, former CEO of Sunward, and William Hayden, a former director of Sunward, to the NovaCopper board of directors. To make room for the new directors, Clynton Nauman and Thomas Kaplan are stepping down from the board. Gerry McConnell will replace Kaplan as chairman of the board.

- Shane Lasley






Mining News North - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
[email protected] --- http://www.miningnewsnorth.com ---
S U B S C R I B E

Copyright Petroleum Newspapers of Alaska, LLC (North of 60 Mining News)(Petroleum News Bakken)(Petroleum News)(PNA)©2013 All rights reserved. The content of this article and web site may not be copied, replaced, distributed, published, displayed or transferred in any form or by any means except with the prior written permission of Petroleum Newspapers of Alaska, LLC (Petroleum News)(PNA). Copyright infringement is a violation of federal law subject to criminal and civil penalties.