Canadian Arrow announces appointment of George E. Pirie to Board; Withdraws from business combination
SUDBURY, ON, July 28 /CNW/ - Canadian Arrow Mines, Limited. (CRO: TSX-V) ("Canadian Arrow" or the "Company"), is pleased to announce the appointment of Mr. George Edward Pirie, B. Com (Hons), to the Board of Directors. Mr. Pirie is President, Chief Executive Officer and Director of Breakwater Resources Limited.
Mr. Pirie has 29 years experience in the mining business. In 1980 he was with Pamour Porcupine Mines, a division of Noranda, and then joined Dome Mines Limited in 1985. In 1991 he was transferred to Vancouver Corporate Offices of Placer Dome Inc. Mr. Pirie held various progressive positions in a number of Placer's divisions over approximately 20 years, including Chief Financial Officer, Placer Dome North America; Chief Financial Officer, Placer Dome Canada; President and CEO, Placer Dome Canada; and Executive Vice President, Placer Dome Inc. Mr. Pirie has served on a number of boards including the Mining Association of Canada.
Mr. Dean MacEachern, CEO and director of Canadian Arrow stated, "We are extremely pleased to have the support and enthusiasm of a man of Mr. Pirie's calibre. His accomplishments, reputation and leadership are well known in the industry and provide a tremendous vote of confidence in the Company's future growth plans."
He further stated, "Mr. Pirie's considerable depth and breadth of experience in the fields of corporate finance, strategic corporate development, exploration and executive management with major mining companies will considerably enhance Canadian Arrow's team as it develops its Kenbridge nickel project into production."
The Company also announced today that it will not be proceeding with the proposed business combination with Ursa Major Minerals Incorporated that was previously announced on May 25, 2009, as it has not been able to reach an agreement with Ursa on certain matters.
About Canadian Arrow Mines:
Canadian Arrow Mines Limited is an experienced exploration and mine operating team that is focused on acquiring and developing economically viable nickel sulphide deposits near existing infrastructure. Arrow operates in north-western Ontario, Canada, near the towns of Kenora and Dryden. The Company's main priority is the Kenbridge Nickel Project, a nickel-copper sulphide deposit containing over 44,000 tonnes of nickel in the measured & indicated classes, (Sedar, Aug. 19, 2008), as follows:
- Measured Resource: 3,546,000 tonnes grading 0.45% nickel,
0.24% copper, 0.015% cobalt.
- Indicated Resource: 3,593,000 tonnes grading 0.79% nickel,
0.42% copper, 0.018% cobalt.
The deposit remains open in three directions, is equipped with a 620 m
shaft and has never been mined.
(*) National Instrument 43-101: Mr. E. Puritch, P. Eng.,
Ms. Tracy Armstrong, P.Geo., and Antoine Yassa, P.Geo. of P&E Mining
Consultants Inc. are the independent qualified persons for the
Kenbridge resource estimates.
Mineral resources which are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, socio-political,
marketing, or other relevant issues.
Additional information on Canadian Arrow is available on SEDAR at
www.sedar.com.
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%SEDAR: 00008534E For further information: visit the website at
www.canadianarrowmines.ca, or call toll free, 1-877-262-6354, or contact: Canadian Arrow Mines, Ltd., R. Kim Tyler, P. Geo, President, Tel: (705) 673-8259, E-mail:
kim@canadianarrowmines.ca; CHF Investor Relations, Julia Clark, Director of Communications, Tel: (416) 868-1079 ext. 236, E-mail:
julia@chfir.com
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