Published on: 8/15/2014 12:48:30 PM Print | Font Sizes:  Normal Text Large Text

Sudbury company acquires property, raises cash


By: Northern Ontario Business staff

Sudbury Platinum Corp. has announced it is acquiring a 100 per cent interest in the Aer-Kidd property near Sudbury, and it’s raised $637,000 in financing. (PHOTO SUPPLIED)
Sudbury Platinum Corp. has announced it is acquiring a 100 per cent interest in the Aer-Kidd property near Sudbury, and it’s raised $637,000 in financing. (PHOTO SUPPLIED)

Sudbury Platinum Corp. (SPC) will acquire a 100 per cent interest in the Aer-Kidd property near Sudbury, and it’s raised $637,500 in financing.

The company is acquiring the nickel, copper, PGM interest for $1.25 million by exercising its first right of refusal to purchase the property from CaNickel Mining Company Ltd.

"SPC's interest in the Aer-Kidd project has grown over a number of years as we continue to develop, pursue and evaluate Ni-Cu-PGM opportunities in the prolific Sudbury region,” CEO Scott McLean said in a news release. “The targets that have been recently identified on the Aer-Kidd property are very compelling and have resulted in the company's decision to purchase CaNickel's interest."

Sudbury Platinum additionally announced it has closed a non-brokered private placement of shares to raise $637,500.

That follows an April announcement indicating the company had raised $1.5 million to go towards its planned 2014 exploration program, which includes up to 4,000 metres of diamond drilling and additional electromagnetic survey work.

Aer-Kidd, located 20 kilometres southwest of Sudbury, covers a 1.4-kilometre section of the Worthington Offset Dyke and is the site of the Howland Pit, Robinson and Rosen Mines — all small deposits that were mined to a depth of 300 metres. It is located along strike of Vale’s Totten Mine and along trend of KGHM’s Victoria project.

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