First Point Minerals Corp. (TSXV:FPX) it has agreed to a comprehensive settlement of arbitration regarding the Decar nickel-iron alloy project with Cliffs Natural Resources Inc. (NYSE:CLF).
As quoted in the press release:
The terms of the settlement agreement executed by First Point and Cliffs maintain the Decar Project option agreement in full force and effect, enabling Cliffs, as manager of the Project, to continue progressing the Project towards completion of a NI-43-101 compliant Preliminary Economic Assessment (“PEA”) by March, 2013, delivery of which would increase its interest in the Project from 51% currently to 60%.
First Point’s President and CEO, Jim Gilbert said:
We are extremely pleased that Cliffs and First Point were able to come together on a settlement of these contractual matters, and that the full focus of the parties’ efforts can once again be dedicated to the business of moving the Project forward technically and commercially.