Sudbury Platinum Completes Purchase of CaNickel’s Aer-Kidd

Sudbury Platinum Corporation (SPC) and Transition Metals Corp. have completed their purchase of 100% interest in the Aer-Kidd project from CaNickel Mining (TSX:CML). The transaction was completed for a cash payment of $1.25 million.

As quoted in the press release:

Consequently, the underlying option agreement dated October 1, 2012 that had required SPC to spend $10.0 million to earn a 70% interest was terminated. SPC is a private company of which Transition Metals Corp (XTM – TSX.V) owns 57%.

SPC CEO and Transition president and CEO, Scott McLean, said:

The purchase of 100% of the mineral rights to the Aer-Kidd property is a significant milestone that, when combined with Sudbury Platinum’s option to purchase the surface rights, establishes full control of the property for the Company. We are now focused on executing a significant drill program that will test the highly prospective targets we have generated below the historic mine workings on the Property.

Click here to read the Sudbury Platinum Corporation (SPC) press release