SAGUENAY, QUÉ.—Arianne Resources Inc. has announced plans to divest all non-phosphate exploration assets to focus exclusively on becoming a leading Canadian Phosphate producer.
The company, located in Chicoutimi, Que. with market capitalization of $80.5 million, says the decision to sell non-core assets is a logical step in its evolution from exploration to mine development.
The move also includes a name change to “Arianne Phosphate Inc.,” which will be finalized at its may, 2013 general meeting, subject to regulatory approval.
The remaining assets will be the Lac a Paul deposits and several other phosphate exploration properties.
The divestment process should be completed in 2013 and covers non-phosphate projects including: Heva, La Dauversière, Black Dog, Chico, Dulain, and Terres Rares.
“This divestiture will enable the company to focus all its financial and management resources on developing its major phosphate deposit at Lac a Paul, in particular completing the Bankable Feasibility Study commenced last summer,” said Pierre Lortie, Arianne’s Chairman of the Board.