VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 12, 2014) - CaNickel Mining Ltd. (TSX:CML) ("CaNickel" or the "Company") announces the following updates.
Mr. Wenfeng Liu has been appointed to be the Chief Executive Officer of the Company. Mr. Liu is the Chairman of the Board of Director of CaNickel and has been acting as Interim Chief Executive Officer since July 2012.
Although the Company has been in negotiation with Hebei Wenfeng Industrial Company Limited ("Hebei Wenfeng"), the largest beneficial shareholder of the Company, and Luckyup Investment Limited ("Luckyup") to amend and extends its loan facilities, the Company has not yet entered into any binding agreement to extend its loan facilities. The loan from Hebei Wenfeng matured on May 28, 2014, and the loan from Luckyup matured on July 22, 2014. It is uncertain if the Company is able to reach any agreement to amend and extend the loan facilities, and the Company would provide further updates if the status of the loans has been changed.
The Company recently completed a transaction to dispose its interest in AER-Kidd property, located in Sudbury, Ontario to Sudbury Platinum Corporation ("SPC") for $1.25 million. AER-Kidd property was considered a non-core asset of the Company and all activities on AER-Kidd property were suspended and the property was written off for accounting purposes in 2008. The property was also optioned to SPC in 2012.
CaNickel Mining Ltd. is a Canadian junior mining company that owns the Bucko Lake Nickel Mine, currently on care and maintenance, near Wabowden, Manitoba. The Company also holds nickel, copper and Platinum Group Mineral (PGM) projects in the Thompson Nickel Belt.
Further information is available on the Company's website at www.canickel.com.
Advisory Respecting Forward-Looking Information
This press release contains forward-looking statements under Canadian securities legislation. Forward looking statements include, but are not limited to, statements with respect to statement of negotiation with the lenders to amend and to extend the loan facilities. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks of the Company described in its annual information form that is available under its profile on SEDAR at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.