Canadian Arrow receives Alexo mining permit (February 21, 2005)

Vancouver — With approvals in hand, Canadian Arrow Mines (CRO-V) is moving forward on full-scale mining at its Alexo nickel project, situated 45 km northeast of Timmins, Ont.

The Ontario Ministry of Northern Development and Mines has given the project its blessing, allowing the company to move the project from advanced exploration and bulk sampling to full production.

The company’s mining operations at the Alexo pit are now ramping up, with shipments of high-grade nickel sulphide ore, initiated in the bulk-sampling program, continuing to be trucked to Falconbridge‘s (FL-T) Strathcona mill, just outside of Sudbury.

The sulphide ore from Alexo also contains copper, cobalt and platinum group metals.

The company has used revenue realized from the two 10,000-tonne bulk sample programs, on the Alexo and Kelex zones, for continuing development of the project. Ongoing drilling and bulk sampling are aimed at identifying further open-pit minable resources of nickel sulphides.

Mineralization on the Alexo property is classified as Kambalda-type. High-grade massive sulphide lenses, or pods, occur as concentrations within footwall embayments of a komatiitic peridotite-dunite unit overlying metavolcanics (andesites).

Canadian Arrow has 20.8 million shares outstanding, giving the issue a market capitalization of $11.2 million at its recent trading price of 54 per share.