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| October 1, 2008 |
| Nevoro Inc. Options 50% Interest in Golden Loon Project to Black Panther Mining Corp. |
TORONTO, ONTARIO--(Marketwire - Oct. 1, 2008) - Nevoro Inc. (TSX:NVR)("Nevoro") has entered into an option agreement (the "Option Agreement") with Black Panther Mining Corp. (TSX VENTURE:BPC) ("Black Panther") whereby Black Panther has been granted an option to earn up to a 50% interest in Nevoro's interest in the 3,709 hectare, Golden Loon Ni-Co-PGE-Au project (the "Golden Loon Project"), located 80 km north of Kamloops, British Columbia. Nevoro acquired the right to earn a 100% interest in the Golden Loon Project through its recent acquisition of Sheffield Resources Ltd. ("Sheffield") in July 2008.
According to the Option Agreement, Black Panther can earn a 50% interest in the Golden Loon Project by making cash payment totalling $100,000 on or before September 2, 2009; and by making exploration expenditures totalling $1,000,000 by the second anniversary of the signing of the agreement.
Nevoro's interest in the Golden Loon Project is through an agreement entered into by Sheffield with Tilava Mining Corporation ("Tilava") whereby Nevoro has a right to earn up to 100% in the Golden Loon Project. Tilava has given its consent to the Option Agreement with Black Panther. Tilava owns a 100% interest in the Golden Loon Project subject to a 3% net smelter return royalty ("NSR") held by a third party. The NSR is purchasable for $1,500,000. Nevoro, through Sheffield, has the right to acquire 100% of Tilava's interest by making cash payments totalling $475,000, issuing 440,000 Nevoro shares and spending $1,050,000 on exploration in three stages.
Historical exploration at the Golden Loon Project, including limited drilling, geochemical and geophysical surveys, has identified encouraging nickel-cobalt and PGE mineralization in ultramafic rocks underlying the property.
The Golden Loon Project has been explored by major and junior mining companies searching for copper, nickel, platinum and gold. Cusac Gold Mines Ltd., while following up on a 13.8 g/t platinum sample in 2001-2003, identified areas with anomalous nickel and cobalt in soils that correlated with IP chargeability highs, believed to be caused by sulphide mineralization. A limited drill program covering a very small portion of the prospective intrusive body testing an IP chargeability high near the suspected source of the high-grade platinum sample intersected long intervals of low-grade nickel and cobalt mineralization including 66.9 m averaging 0.17% Ni and 0.016% Co; 154.6 m averaging 0.16% Ni and 0.013% Co; and 154.6 m averaging 0.16% Ni and 0.012% Co. Petrographic analysis of the core identified pyrrhotite and pentlandite among the sulfide minerals present.
The qualified person under National Instrument 43-101 responsible for all technical data reported in this news release is Mr. David Jenkins, former president and CEO of Sheffield and a consultant to Nevoro Inc.
About Nevoro Inc.
Nevoro is a TSX-listed exploration and development company focused on the discovery of precious and base metals primarily in the western USA. Nevoro is currently drilling on its Stillwater nickel-copper-cobalt-PGE-chromite project in Montana and the Moonlight copper project in California. Nevoro also holds 11 gold and base metal exploration projects in Nevada and Idaho.
For more information, please visit the Nevoro Inc. website at www.nevoro.com.
CAUTIONARY STATEMENT: All statements, other than historical fact, contained or incorporated by reference in this news release, constitute "forward looking statements" within the meaning of certain securities laws, including the "safe harbor" provisions of the Securities Act (Ontario) and are based on expectations, estimates and projections as of the date of this news release. Such "forward looking statements", reflects management's current beliefs and is based on information currently available to management of Nevoro. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "intention" or the negative of these terms or other similar expressions concerning matters that are not historical facts. Forward-looking information involves significant risks and uncertainties and in this press release such information includes, but is not limited to, statements regarding potential mineralization, resources, as well as future plans and objectives of Nevoro, including exploration and development. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking information including risks related to investments, conditions of capital markets, economic conditions, dependence on key personnel, interest rates, regulatory change and availability of future financing. These factors should not be considered exhaustive. In addition, in evaluating this information, investors should specifically consider various factors, including risk factors, which may cause actual events or results to differ materially from any forward-looking statement. In formulating forward-looking information herein, management has assumed that business and economic conditions affecting Nevoro will continue substantially in the ordinary course, including without limitation with respect to general levels of economic activity, regulations, taxes, interest rates and that there will be no material changes. Although the forward-looking information is based on what management of Nevoro considers to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management's assumptions may prove to be incorrect. This forward-looking information is made as of the date of this press release, and Nevoro does not assume any obligation, except as required by law, to update or revise them to reflect new events or circumstances. Undue reliance should not be placed on forward-looking information. | |
| CONTACT INFORMATION:
Nevoro Inc.
William Schara
President & CEO
(416) 363-8238 ext. 224
Email: wschara@nevoro.com
or
Nevoro Inc.
Steven Dawson
Vice President, Corporate Development
(416) 363-8238 ext. 222
Email: sdawson@nevoro.com
Website: www.nevoro.com
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| INDUSTRY: Manufacturing and Production - Mining and Metals | |
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