Boliden and North Atlantic Natural Resources AB (NAN) are pleased to announce that a formal agreement has been concluded regarding exploration in the Skellefte District. The agreement allows each party to conduct exploration on selected targets within claims held by the other party. This renders more efficient exploration possible for parts of the Skellefte District, which is rich in minerals.
Jan Johansson, CEO of Boliden, states "This agreement is a step forward in exploiting the full exploration potential of the Skellefte District, enhancing the chances of identifying future mineralisations which may provide feed to the Boliden mill in the longer term".
Ted Posey, Managing Director of NAN, states "NAN is looking forward to working with Boliden in maximizing the exploration potential of the Skellefte District and discovering more new mines".
Successful exploration work that can justify a prefeasibility study for mining gives the exploring party a 70 percent interest in that particular project. The agreement also calls for the selection of certain exploration targets to be pursued under a 50/50 joint venture in cases where targets are located on adjacent claims held by both parties. In such cases, the parties will share the costs of exploration equally from the start.
Both parties have already initiated the target selection process and will proceed with exploration as soon as targets are defined and confirmed by the other party.
Boliden is one of NAN's major shareholders with 38% holding.
For further information, please contact:
- Jan Johansson, CEO of Boliden, tel. +46-(0)8-610 16 02
- Edward F. Posey, Managing Director of NAN
or
-NAN Investor Relations , tel +46-(0)18-65 60 00