(DNI : TSX-Ven, DG7 : Frankfurt)
TORONTO, July 17 /CNW/ - Dumont Nickel Inc. (DNI:TSX-Ven, DG7:FSE) is pleased to announce that it has concluded a sale of its Utah mineral properties and interests in the Clifton-GoldHill District to Clifton Mining Company (CFTN:USOTC) for USD$255,000 cash and a 0.5% net smelter return royalty against future production proceeds from certain parts of the properties.
Dumont established the Utah Joint Venture in 2002 (announced December 18, 2002) with Clifton Mining Company and Woodman Mining Company to explore mineral Properties throughout the Clifton-GoldHill Mining District, with the objective of identifying bulk mineable gold, copper and silver targets. The Venture initially focused on 3.6 square miles of mineral properties held by Clifton and Woodman, but soon expanded its scope to an additional 29.4 square miles of properties directly acquired by Dumont across the District through staking and by option of adjoining mineral claims from IMM Dworkin Holdings Ltd. of Ohio (announced December 18, 2003).
Dumont has actively explored the Utah properties since 2002, and has on an ongoing basis re-evaluated the land position to retain portions with demonstrable merit and which could be advanced quickly. After a recent re-evaluation of its priorities Dumont decided to divest itself of its interests in the Utah properties, to concentrate on advancing development of its polymetallic black shale Properties in Alberta which include two potential mineral deposits. The Utah Joint Venture, and Dumont's option agreement with IMM Dworkin have, accordingly, both been dissolved and terminated.
Dumont continues to focus its efforts on its polymetallic black shale Properties in Alberta, and on its carried interest in the recent diamond discovery from its Attawapiskat Property, Ontario.
Neither the 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. DNI - TSX Venture DG7 - Frankfurt Issued: 165,688,101