TORONTO , ON, July 4, 2016 (GLOBE NEWSWIRE) -- Victory Nickel Inc. ("Victory Nickel" or the "Company") (CSE: NI, www.victorynickel.ca) today announced that it has sold its interest in a partnership (the "Partnership") created to trade in commodities for C$430,766 less fees and costs of approximately C$73,000.
"This sale will provide some working capital while the oil and gas price recovers and drilling and the related consumption of frac sand returns. As mentioned in the l first quarter financial report, sales of frac sand are extremely slow. However, the Company has approximately 35,000 tons of sand in inventory to be sold as the market recovers," said Rene Galipeau, CEO, "Sale of this inventory should give us time to implement our operating plan to move forward and return to full production"
About Victory Nickel
Victory Nickel Inc. is a Canadian company with four sulphide nickel deposits containing significant NI 43-101-compliant nickel resources and a significant frac sand resource at its Minago project. Victory Nickel is focused on becoming a mid-tier nickel producer by developing its existing properties, Minago, Mel and Lynn Lake (currently under option to Corazon Mining Ltd.) in Manitoba, and Lac Rocher in northwestern Québec. Through a wholly-owned subsidiary, Victory Silica Ltd., Victory Nickel at its 7P Plant frac sand processing facility in Seven Persons Alberta, has established itself in the frac sand business prior to commencing frac sand production and sales from Minago.
Victory Nickel Inc.
René Galipeau or Sean Stokes
Forward-Looking Information: This news release contains certain forward-looking information. All information, other than information regarding historic fact that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future is forward-looking information. The forward-looking information contained in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. The forward-looking information contained in this news release is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable law, the Company disclaims any obligation to update or modify such forward-looking information, either because of new information, future events or for any other reason. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Source: Victory Nickel Inc.