TORONTO, April 7, 2021 /CNW/ - Canada Nickel Company
Inc. ("Canada Nickel" or "the Company") (TSXV: CNC)
(OTCQB: CNIKF) is pleased to announce that it has signed a
Memorandum of Understanding ("MOU") with Taykwa Tagamou
Nation ("TTN"), regarding the financing of the Company's
expected Mine Fleet for the Crawford
Nickel Cobalt Sulphide Project ("Crawford").
"We welcome TTN as our partner in this initiative and
acknowledge TTN's ongoing commitment to protect and enhance the
land and resource-based economy within their Traditional Territory.
Canada Nickel actively looks for ways to increase involvement in
Crawford's development from the local Indigenous communities
through innovative partnerships that provide opportunities for
mutually beneficial business ventures," said Mark Selby, Chair and CEO of Canada Nickel.
"This initiative has the potential to substantially reduce
initial capital requirements and improve Canada Nickel's ability to
finance Crawford and advance it to development. Combined with our
previously announced MOUs with TTN and Glencore, it also creates
the potential for a much lower capital cost startup," said
Selby.
Under the terms of the MOU, TTN will seek favourable financing
terms to participate in the financing of all or a portion of the
heavy mining equipment fleet required for Crawford's operation.
Training and associated employment opportunities will also be
available to TTN where specialized maintenance and operation is
required for the equipment and where that equipment is financed or
owned in whole or in part by TTN.
"Our community is proud of our continued innovative approach
to business development partnerships – and our most recent MOU with
Canada Nickel is no exception. TTN has been working diligently to
address the financing, capacity, scale, policy limitations,
jurisdiction questions, and project timeline challenges to
initiate, construct and put into operation development partnerships
within our Traditional Territory," said Chief Bruce Archibald, Taykwa Tagamou
Nation. "Canada Nickel continues to set a precedent by
ensuring First Nation communities who have the financial backing to
reduce capital start-up costs are not just those that need to be
consulted with, but rather, are true business partners that will
benefit their communities and the Northern Ontario economy writ-large."
TTN Councillor and Economic Development Officer Derek Archibald added, "This MOU compliments
TTN's Economic Development Strategy. We want to move away from the
rigid limitations of Impact Benefit Agreements to having a true
seat at the table, where opportunities are continually created. Not
only is this the most effective way to see the Crawford project
move ahead at a lower capital cost, but it also ensures we are full
participants with developments occurring in our Traditional
Territory over time. With CNC and this MOU, we are leaving
our lands and economy in an even better place for the next seven
generations of our Nation".
This is the second agreement reached between the Company and TTN
following the announcement by the Company in December 2020.
Greg Rickford, Minister of
Energy, Northern Development and Mines; Minister of Indigenous
Affairs for Ontario congratulated
both parties on reaching such an agreement.
"Our government is proud to support innovative First
Nation-industry partnerships that support economic growth across
Northern Ontario. I am pleased to
congratulate Canada Nickel and Taykwa Tagamou Nation on their
progress on their MOU and partnership," said Greg Rickford, Minister of Energy, Northern
Development and Mines, Minister of Indigenous Affairs. "With
TTN's leadership in the region, the Crawford-Nickel Cobalt
partnership is well on its way to produce responsibly-sourced,
GHG-emissions free nickel and cobalt and deliver meaningful
training and career opportunities for local community
members."
TTN Electrical Transmission Project
Canada Nickel and TTN had previously announced (see Canada
Nickel press release dated December 16,
2020) that TTN has arranged access to capital so that it can
own and develop the electrical transmission assets that will be
necessary to supply Crawford with cost-effective and reliable
power. TTN's operating company, Transmission Infrastructure
Partnerships 1 Ltd., has been working with Canada Nickel in
discussion with the IESO and Hydro One. Together these
organizations have taken the first steps to hooking the Crawford
mine up to the power grid by launching a Systems Impact Assessment
Study.
About TTN
As a signatory of Treaty 9, Taykwa Tagamou Nation is a
Mushkegowuk Cree community located near Cochrane, Ontario and maintains the
traditional territory within the Abitibi, Moose, and Mattagami
River basins, including areas on both sides of the Highway
101. TTN is actively involved in forestry operations, mining,
and hydro development.
About Canada Nickel Company
Canada Nickel Company Inc. is advancing the next generation of
nickel-cobalt sulphide projects to deliver nickel and cobalt
required to feed the high growth electric vehicle and stainless
steel markets. Canada Nickel Company has applied in multiple
jurisdictions to trademark the terms NetZero Nickel™,
NetZero Cobalt™, NetZero Iron™ and is
pursuing the development of processes to allow the production of
net zero carbon nickel, cobalt, and iron products. Canada Nickel
provides investors with leverage to nickel and cobalt in low
political risk jurisdictions. Canada Nickel is currently
anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide
Project in the heart of the prolific Timmins-Cochrane mining camp.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains certain information that may
constitute "forward-looking information" under applicable Canadian
securities legislation. Forward looking information includes, but
is not limited to, future exploration and development results, and
corporate and technical objectives. Forward-looking information is
necessarily based upon a number of assumptions that, while
considered reasonable, are subject to known and unknown risks,
uncertainties, and other factors which may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking information. Factors that could
affect the outcome include, among others: future prices and the
supply of metals, the future demand for metals, the results
of drilling, inability to raise the money necessary to incur the
expenditures required to retain and advance the property,
environmental liabilities (known and unknown), general business,
economic, competitive, political and social uncertainties, results
of exploration programs, risks of the mining industry, delays in
obtaining governmental approvals, failure to obtain regulatory or
shareholder approvals, and the impact of COVID-19 related
disruptions in relation to the Company's business operations
including upon its employees, suppliers, facilities and other
stakeholders. There can be no assurance that such information
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. All forward-looking information
contained in this press release is given as of the date hereof and
is based upon the opinions and estimates of management and
information available to management as at the date hereof. Canada
Nickel disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
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SOURCE Canada Nickel Company Inc.