Marten Falls First Nation and KWG to Create Mining Partnership06 Jun 2017
TORONTO, ONTARIO–(Marketwired – June 6, 2017) – KWG Resources Inc. (CSE:KWG)(CSE:KWG.CN)(CNSX:KWG)(CSE:KWG.A)(CSE:KWG.A.CN)(CNSX:KWG.A)(FRANKFURT:KW6) (“KWG”) and Marten Falls First Nation (“MFFN”) have agreed to negotiate the terms of a partnership agreement for mining undertakings in the traditional territories of MFFN, particularly chromite resources in the Ring of Fire. The partnership has been conceived of as an equal sharing of profits that may be derived from mining activities after provision for fully-absorbed manufacturing costs, including comminution, concentration and transportation, plus reclamation, and the amortization of project-finance borrowings.
“We are quite encouraged from our recent visit to China (see KWG PR June 1) to want to see this development move forward,” said MFFN Chief Bruce Achneepineskum. “KWG’s partnership proposal is within the spirit of equal sharing of the fruits of our lands as our ancestors had agreed to under Treaty 9. We will now try to fix the commercial terms of this massive undertaking. In our own case we consider that we are negotiating these terms as part of a process of reaching free, prior and informed consent. We also look forward to and welcome the involvement of other regional First Nations whose traditional territory might become a part of the planning process.”
The economic viability and technical feasibility of the Black Horse Joint Venture has not been established at any level of confidence by a preliminary economic assessment, preliminary feasibility study or a feasibility study. However, the National Instrument 43-101 can be viewed at: 2015_12_15_NI-43-101-Updated-Mineral-Resource-Estimation.pdf
KWG is the Operator of the Black Horse Joint Venture after acquiring a vested 50% interest through Bold Ventures Inc. which is carried for 10% (20% of KWG’s equity in the JV) by KWG funding all exploration expenditures. KWG also owns 100% of CCC which has staked claims and conducted a surveying and soil testing program, originally for the engineering and construction of a railroad to the Ring of Fire from Aroland, Ontario. KWG subsequently acquired intellectual property interests, including a method for the direct reduction of chromite to metalized iron and chrome using natural gas. KWG subsidiary Muketi Metallurgical LP is prosecuting two chromite-refining patent applications in Canada, India, Indonesia, Japan, Kazakhstan, South Africa, South Korea, Turkey, and USA. The national phase filings are under review in each of those jurisdictions.
Forward-Looking Statements: Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
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KWG Resources Inc.