Nickel property acquisition
Listing (TSXV (equal sign) LO)
ROUYN-NORANDA, QC, Nov. 22 /CNW Telbec/ - LOUNOR EXPLORATION INC. ispleased to announce the acquisition of 9 Mineral Claims in Trecesson Townshipin the Rouyn-Noranda mining distinct, province of Quebec.Lounor will issue 100,000 common shares upon approval of regulatoryauthorities to acquire a 100% interest in the property. The Seller hasretained a 2% NSR in the property. The acquisition is subject to regulatoryapproval.
THE PROPERTY ------------The property is contiguous to a large low grade nickel deposit that wasonce owned by Dumont Nickel Corporation and now by Royal Nickel Inc. The RoyalNickel Property consisted of 56 claims in Launay & Trecesson Townships, 17 kmwest of Amos, with an indicated resource of 400,000,000 tons of grade of0.325% Ni as reported in the Northern Miner Canadian Mines Handbook of1988-1989 (Northern Miner, January 2, 1971 of 455,000,000 tons of 0.324 Ni).Royal Nickel Inc., a private company, is currently conducting a 10,000 meterdrilling program on the property. The mineralized zones are contained in ultramafic rocks. In general, the geological structure is a serpentinized,magnetite bearing dunite containing olivine with pentlandite, azurite,millerite as nickel bearing minerals.
Lounor plans to start a two phase exploration program by next week. PhaseI is designed to better determine the location of the structural targets viamagnetic and Max Min geophysics. Phase II will consist of diamond drilling theidentified target or targets.
About Lounor Exploration inc.
Lounor Exploration Inc. is a Canadian-based natural resources companywith mineral holdings in Ontario and Quebec and is currently focused onexploration in the Abitibi Greenstone Belt. The belt is found in bothprovinces of Ontario and Quebec with approximately 33% in Ontario and 67% inQuebec. The Belt has produced in excess of 180,000,000 onces of gold inQuebec, 450,000,000 tonnes of base metal ore over the last 100 years. TheCompany is headquartered in Quebec.
LOUNOR EXPLORATION INC. is a publicly traded company on the TSX-Venture(TSXV-LO).
This press release was prepared by LOUNOR EXPLORATION INC. and the TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information
Mr. Gilles Fiset, President, 1-800-388-8668,(819) 797-8668, Fax: (819) 797-6050
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