SAGUENAY, QC, April 17, 2014 - Arianne Phosphate (the “Company” or “Arianne”) (TSX VENTURE: DAN) (FRANKFURT: JE9N) (OTCBB: DRRSF), a development-stage phosphate company advancing the Lac à Paul Project in Quebec’s Saguenay region, announced today that it has completed the sale of its Opinaca and Black Dog properties, two non-core assets located in James Bay, Québec, to Virginia Mines Inc. (TSX: VGQ). Under the terms of the agreement, Virginia Mines has acquired 100% interest in both properties in exchange for 15,000 of its common shares issued to Arianne. The transaction is valued at CAD$180,000, and includes no hold period or sales restriction on the common shares.
“Our sale of the Opinaca and Black Dog properties is consistent with our strategy of focusing all of our efforts on accelerating the development of Lac à Paul,” said Brian Kenny, CEO of Arianne Phosphate. “Our primary focus through 2014 is to secure permitting, arrange financing for the project and sign agreements with First Nations communities.”
Lac à Paul is one of the world’s largest greenfield phosphate projects with a 472Mt reserve, a 590Mt resource and a 26 year mine life. Lac à Paul’s robust economics, including a $1.9B NPV, 20.7% IRR, and 4.4 year capital payback period, are driven by the project’s high-purity and high-grade phosphate product.
About Arianne Phosphate
Arianne (www.arianne-inc.com) is developing the Lac à Paul Phosphate Rock Project located approximately 200 km north of the Saguenay/Lac St. Jean area of Quebec, Canada. This mine will produce a high quality igneous apatite concentrate grading 38.6% P2O5 with little or no contaminants. The Company has 84.2 million shares outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements and Information
This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities regulations in Canada and the United States (collectively, “forward-looking information”). The forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to estimated mineral resources, anticipated effect of the completed drill results on the Project, and timing and expectations of future work programs. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects, “is expected”, “budget”, “scheduled”, “estimates”, forecasts”, “intends”, “anticipates”, or “believes”, or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will” be taken, occur or be achieved. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.