Nevado Resources Corporation

Nevado Resources Corporation

February 11, 2011 15:02 ET

Nevado Resources Corporation: Update Regarding the Fermont Transaction

MONTREAL, QUEBEC--(Marketwire - Feb. 11, 2011) - NEVADO RESOURCES CORPORATION (TSX VENTURE:VDO)(FRANKFURT:NSV) (the "Corporation" or "Nevado") – Nevado announces that it has finalised the acquisition of the 928 mining claims in the Fermont region and that it is examining the development potential of its properties.

Concurrently, Nevado announces that it is coming under pressure from certain shareholders to abandon its rights in regards to these newly acquired properties in Fermont. In an attempt to intimidate Nevado, unreasonable and vexatious judicial proceedings have been undertaken in order to annul the transaction, which remains most advantageous for the Corporation.

The previous president of Nevado, Mr Guy Girard, is one of the main claimants regarding the rights in the Fermont property. Mr. Girard alleges that he lost out on a business opportunity to the benefit of Nevado. He criticizes the acquisition by Nevado of the 928 mining claims and alleges that he is currently a director of the Corporation and a hidden owner of the Fermont claims, all this despite the fact that he was an officer of the Corporation at the moment of the transaction and that he has left his position as such as of January 4th, 2011.

In light of these allegations, the senior management wishes to assure the shareholders that it will take all the necessary measures in order to defend its rights and protect shareholder's assets. In fact, the Corporation has initiated an independent investigation of the internal and external service contracts pertaining to exploration work as well as their administration.

About Nevado Resources Corporation

Nevado Resources Corporation is a mineral exploration company listed under the symbol VDO on the TSX Venture Exchange and under the symbol NSV on the Frankfurt Exchange. Nevado owns 6 properties comprising 1,390 mining claims totalling 757 km2 in the Province of Quebec in three separate metallogenic environments, two in high grade iron-titanium-vanadium and one in gold.

Nevado's higher grade Iron-Titanium-Vanadium (magnetite-ilmenite) property comprises 2 claim blocks totalling 773 claims for 315 km2 situated in the La Blache Anorthositic Complex, located 145 km north of the city of Baie-Comeau and its port on the St. Lawrence Seaway. In 2011, NEVADO plans to quickly advance the property to the drilling stage for NI 43-101 compliant mineral resource delineation. 

Nevado's gold assets comprise 5 properties totalling 442 km2 located 10 km south and southeast of Thetford Mines (Eastern Townships, Quebec), approximately 150 km east of Montreal.

Nevado's iron ore and base metal property in the Fermont region, in Quebec consists of 928 active mining claims, extends over 47 000 hectares (470 Km2) and is composed of 3 major blocs.

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Contact Information

  • Nevado Resources Corporation
    Mr. Michael Curtis
    President and CEO