North of 60 Mining News - The mining newspaper for Alaska and Canada's North

NovaCopper Inc. June 19 said it has completed acquisition of all of the issued and outstanding common shares of Sunward Resources Ltd. To complete the transaction, Sunward shareholders were issued 0.3 of a NovaCopper common share for each Sunward common share held.

Sunward is now a wholly-owned subsidiary of NovaCopper.

As a result of the buyout, NovaCopper has full ownership of the Titiribi gold-copper project in Colombia and more than US$20 million in cash.

The company says this strong balance sheet will significantly de-risk the development of the Ambler mining district and will allow it to advance its feasibility work for the Arctic deposit, part of the larger Upper Kobuk Mineral Projects in Northwest Alaska.

NovaCopper intends to carry out an US$8 million to US$10 million program at UKMP this year that will focus primarily on infill resource and geotechnical drilling at Arctic.

Continued environmental and engineering studies for Arctic and work at the Bornite deposit also are planned.

NovaCopper appointed Philip O'Neill, former CEO of Sunward, and William Hayden, a former director of Sunward, to the NovaCopper board of directors.

To make room for the new directors, Clynton Nauman and Thomas Kaplan are stepping down from the board.

Gerry McConnell will replace Kaplan as chairman of the board.

Author Bio

Shane Lasley, Publisher

Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

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