McChip Resources Inc. operates in the natural resource industry. The company has interests in oil and gas properties located in western Canada and the United States, as well as has direct and indirect interests in natural resource properties located in Canada. Baffinland Iron Mines Corporation The company holds interest in Baffinland Iron Mines Corporation (Baffinland), which owns 100% interest in 3 mining leases in the Mary River Area on Baffin Island, Nunavut, Canada, covering approximately 1,600 hectares. In February 2008, Baffinland announced a new reserve and resource estimate, including 365 million tones of proven and probable reserves with an average grade of 64.7% iron plus, an additional measured and indicated resource of 52 million tones with an average grade of 64.6% iron, plus an additional inferred resource of 448 million tones grading 65.5% iron. Saskatchewan Potash Project The company has a 100% working interest in 4,147 acres and a 50% working interest in 240 acres in the Rocainville Area. Agreements In 2008, the company signed a lease agreement with Potash Corporation of Saskatchewan Inc. (PCS) granting the PCS the right to mine potash from its mineral leases in the Rocanville area of the province of Saskatchewan. Subsidiary The company's wholly-owned subsidiary includes McChip Resources U.S.A. Inc., which conducts operations in the United States. History McChip Resources Inc. was incorporated in 1935. The company was formerly known as Madsen Red Lake Gold Mines Limited and changed its name to McChip Resources Inc. in 1981.
(MCS:TSX Venture Exchange)
120 Adelaide Street West
Toronto, ON M5H 1T1
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