Finore Mining Acquires 100% of Lntinen Koillismaa Property - KAIT-Jonesboro, AR-News, weather, sports

Finore Mining Acquires 100% of Lntinen Koillismaa Property

Posted: Updated:
  • Most Popular StoriesMost Popular StoriesMore>>

  • Worker dies after falling off I-40 bridge

    Worker dies after falling off I-40 bridge

    Saturday, August 23 2014 9:39 AM EDT2014-08-23 13:39:13 GMT
    (WMC) - Arkansas State Police say it appears a construction or repair worker has fallen off the I-40 bridge near West Memphis. The worker may be alive, and crews are working to get him or her out of the
    Arkansas State Police say a construction or repair worker fell off the Hernando DeSoto bridge on Interstate 40 near West Memphis on Friday.
  • BREAKING

    Jonesboro police chief suspended without pay

    Jonesboro police chief suspended without pay

    Friday, August 22 2014 7:39 PM EDT2014-08-22 23:39:06 GMT
    Jonesboro Police Chief Mike Yates was suspended without pay for a month by Mayor Harold Perrin for comments made about a Jonesboro news reporter.
    Jonesboro Police Chief Mike Yates was suspended without pay for a month by Mayor Harold Perrin for comments made about a Jonesboro news reporter.
  • Arkansas man catches 3 bears on game camera

    Arkansas man catches 3 bears on game camera

    Saturday, August 23 2014 12:08 AM EDT2014-08-23 04:08:20 GMT
    One man getting ready for deer and turkey season in Arkansas stumbled upon something much larger.
    One man getting ready for deer and turkey season in Arkansas stumbled upon something much larger.

Vancouver, British Columbia / ACCESSWIRE / May 14, 2014 / Finore Mining Inc. (“Finore” or the “Company”) announces that it has fully acquired a 100% interest in the LK Project from Nortec Minerals Corp. (“Nortec”). Finore has made the final payment to Nortec, comprised of 917,707 shares in Finore, fulfilling the terms of the amended option agreement signed January 16th 2013. Please see News Releases from September 11, 2012 and January 16, 2013 for more information on the previous option agreement.

The LK Project is comprised of four target areas, Haukiaho, Kaukua, Murtolampi and Lipeavaara. Over 33,000 metres of drilling by Nortec and Finore was carried out on Haukiaho and Kaukua, with historical drilling by Geological Survey of Finland (“GTK”) on the Mutolampi and Lipeavaara zones. The Haukiaho Target consists of three mineralized fault separated blocks: West Torkoaho (West) Zone, Torkoaho (Central) Zone and Melarame (East) Zone. The Torkoaho Zone appears to thicken and flatten to the East with only three drill holes Hau11-10, Hau11-18 and the GTK drill hole R386 drilled over a strike distance of 400 metres. As reported in the Company’s and Nortec’s press releases dated September 11, 2012, the results from the three drill holes are listed below. The intersections are core lengths only and are estimated to be true thicknesses from the interpreted cross-sections.

Hole Hau11-010: 25.0 metres @ 0.72g/t PGE+Au; 0.23% Cu; 0.18% Ni from 66 metres

Hole R-386: 46.65 metres @ 0.88g/t PGE+Au; 0.30% Cu; 0.20% Ni from 36.05 metres

Hole Hau12-018: 26.0 metres @ 1.01g/t PGE+Au; 0.33% Cu; 0.26% Ni from 104 metres and 31.6 metres @ 1.04g/t PGE+Au; 0.34% Cu; 0.22% Ni from 134m

The West Torkoaho Zone also returned significant results and is open to the west. Drill Hole Hau11-16 intersected some of the highest grades in the Haukiaho Zone, shown below. No recent drilling was carried out west of this drill hole.

Hole Hau11-016: 30.0 metres @ 1.04g/t PGE+Au; 0.30% Cu; 0.20% Ni from 59.7 metres including 16.3 metres @ 1.45g/t PGE+Au; 0.42% Cu; 0.28% Ni

Finore’s management is looking forward to the next phase of work program with a view of increasing the tonnage and grade in the LK deposit.

The Company completed a NI 43-101 compliant Technical Report on the LK project in September 2013. The Technical Report, entitled “A Technical Report on the Lantinen Koillismaa Project, Finland For Finore Mining Inc.“, was prepared by Mining Plus Canada Consulting Ltd.

 -----------------------------------------------------
 |Category |Tonnage Mt|Pd g/t|Pt g/t|Au g/t|Cu %|Ni %|
 |         |          |      |      |      |    |    |
 |---------------------------------------------------|
 |Indicated|10.4      |0.73  |0.26  |0.08  |0.15|0.1 |
 |---------------------------------------------------|
 |Inferred |13.2      |0.63  |0.22  |0.06  |0.13|0.1 |
 -----------------------------------------------------

Haukiaho Deposit (Melarame, Torkoaho and West Torkoaho zones)

 ----------------------------------------------------
 |Category|Tonnage Mt|Pd g/t|Pt g/t|Au g/t|Cu %|Ni %|
 |        |          |      |      |      |    |    |
 |--------------------------------------------------|
 |Inferred|23.2      |0.31  |0.12  |0.10  |0.21|0.14|
 ----------------------------------------------------

Other News:

Finore has entered into debt settlement agreements on May 07, 2014 with Nortec, Peter Tegart (“Tegart”), President and CEO of the Finore and Mohan Vulimiri (“Vulimiri”), Director of Finore.

The Company settled $40,000 of debt owed to Nortec by the issuance of 2,000,000 common shares, settled $30,000 of debt owed to Tegart, by the issuance of 1,500,000 common shares, and settled $5,000 of debt owed to Vulimiri by the issuance of 250,000 common shares. All of the shares were issued at a deemed price of $0.02 per share on May 07, 2014.

The Company determined to satisfy its outstanding indebtedness with shares to preserve its cash for operations. The Company is relying on the exemptions from the prospectus requirements found in section 2.14 of National Instrument 45-106 and applicable securities laws in the respective jurisdictions of residence to issue the shares to the respective parties. The common shares issued are subject to a hold period in British Columbia expiring on September 08, 2014.

The shares for debt transaction shall be subject to regulatory approval.

About Finore Mining Inc.

Finore is a mineral exploration and development company based in Vancouver, British Columbia. The Company controls a 100% interest in the LK Project located in North-Central Finland. Finore’s goal is to define a large-tonnage PGE+Au-Cu-Ni deposit in Finland, thereby maximizing value on behalf of its shareholders. More information on the companies’ activities can be found on www.finoremining.com.

On behalf of the board of directors of

Finore Mining Inc.,

Peter Tegart

Peter Tegart

President & CEO

The CSE does not accept responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS: The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.

SOURCE: Finore Mining Inc.  

ReleaseID: 415554

Powered by WorldNow

472 Craighead Co. 766
Jonesboro, AR 72401
(870) 931-8888

FCC Public File
publicfile@kait8.com
(870) 336-1816
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and KAIT. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.