Cap-Ex Share Sink as Fight with Innu of Sept-Iles Continues, Overshadowing New Ore Find
Shares of Cap-Ex Ventures Ltd. (CEV.V) are now off 10 cents, or more than 17%, at 48 cents each, apparently after the company could not report any progress in a dispute with the Innu of Sept-Iles over its exploration activities in the Schefferville region of western Labrador.
The company's statement today that discussions were continuing with local first nations groups, including the Uaashat mak Mani-Utenam (the Sept-Iles Innu), inadvertently upstaged the announcement of a new magnetite discovery on the Block 103 property at Green Bush Lake, located about 25 kilometres northwest of Schefferville. One hole returned 159.9 metres grading 31.3% total iron and three others grading at 29.6% or higher. Results are pending for seven more holes.
The Innu of Sept-Iles in July told the Newfoundland and Labrador government they oppose Cap-Ex activities in the area, alleging the company has not complied with a prior agreement allowing for exploration and asked the government to revoke the permit. Cap-Ex has denied the allegations.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.