I hope there will be an update on this NR in Sep./14 before AGM. I plan to add more shares to my current holding (580K) on this stock. Pangang might have a vast interest in Titanium, Vanadium and Chrome deposit at Magpie.

Fancamp unit to exchange smelting info with Pangang

2013-12-05 13:04 ET - News Release

Dr. Fouad Kamaleddine reports

FANCAMP SUBSIDIARY MAGPIE MINES INC. SIGNS MOU WITH CHINA'S PANGANG GROUP

Fancamp Exploration Ltd.'s 46.7-per-cent-owned Magpie Mines Inc. has signed a memorandum of understanding (MOU) with the Pangang Group Ltd. of Panzhihua, Sichuan province, China, following a recent Magpie delegation visit to Pangang.

The delegation met senior officials of Pangang and discussions between both parties included the possibilities of technology exchanges with respect to Pangang's smelting and beneficiation processes and their possible applications for the Magpie titanium-vanadium-chromium magnetite mineralization, as well as the hydrochloric acid (HCl) leaching technologies -- adopted by both companies.

The agreement ensures the exchange of information on these topics and outlines Pangang's commitment to use its proprietary technologies and experience for the development of the Magpie mineralization. Magpie will provide Pangang with samples for further testwork, a process that should take six to eight months.

Dr. Fouad Kamaleddine, PhD, PEng, Fancamp's vice-president, of research and development, stated: "We are very pleased to announce the signing of this MOU with Pangang, which could have significant benefits for both parties. Magpie will benefit from Pangang's experience in mining and processing of complex vanadium-titanium-magnetite ores like Magpie, as well their R&D expertise in the production of titanium, vanadium and chrome products and alloys. Pangang, on the other hand, appreciates the size of the Magpie mineralization, as well as its grade compared to their local deposits. The MOU still represents an early stage of discussions between the parties, but is considered a significant step toward fostering a strong relationship between the two companies."

Magpie is located along the lower north shore of Quebec, about 200 kilometres northeast of Sept-Iles and 150 kilometres northwest of Havre-St-Pierre. Magpie hosts National Instrument 43-101 indicated mineral resources of 635.2 million tonnes grading 42.49 per cent total iron (FeT) (60.78 per cent iron oxide (Fe2O3)), 11.20 per cent titanium oxide (TiO2), 0.30 per cent vanadium oxide (V2O5) and 2.61 per cent chromium oxide (Cr2O3) with additional inferred mineral resources of 293.2 million tonnes of 42.29 per cent FeT (60.49 per cent Fe2O3), 11.21 per cent TiO2, 0.32 per cent V2O5 and 2.54 per cent Cr2O3 (both based on an FeT cut-off grade of 15 per cent) (refer to the Fancamp news release dated April 18, 2012).