|
|
|
|
|
|
| | September 11, 2009
Canadian International Minerals Provides Update On Rare Metals Exploration And Closes Private Placement
|
| | Canadian International Minerals (CIN) has completed exploration programs on three of its eight rare metal properties in British Columbia this summer with programs being initiated on the other five before the onset of winter conditions. Assays and final results from completed programs are expected in coming weeks. Once final reports are completed, these projects will be available for joint venture. Programs have consisted of geological mapping with rock, soil and silt sampling along with prospecting.
The Company's silicon properties have been visited by a major industrial minerals company and have been included in an economic evaluation of a potential silica processing plant in the Golden, B.C. area. Initial response has been very positive and the results of the study are expected this fall.
CIN continually evaluates new prospects for rare metals in Canada through its extensive contacts in the mining and scientific communities. Since most known rare metal occurrences have metallurgic or logistical issues that negatively impact their potential economic development, CIN has focused on new exploration models that have seen none or very little exploration for rare metals.
COPPER MOUNTAIN UPDATE
The Company is evaluating data obtained by its recently completed AeroTEM III airborne electromagnetic and magnetic survey. Aeroquest Surveys has identified targets for further ground geophysics to delineate possible drill targets. SRK Consulting has been retained to provide a final report.
CIN has acquired 100% in an additional 9 claims in the surveyed area, totalling 231.43 hectares, from two private individuals for a total of $17,000 and 100,000 common shares of the Company. Part of the group is also subject to a 2% NSR royalty.
CIN's Copper Mountain claims directly adjoin Mitsubishi Materials Corporation and Copper Mountain Mining Corporation's mine that is currently under construction. The mine is a past producer of 1.7 billion pounds of copper that closed in 1996, and therefore, there is significant developed infrastructure on site and has a current resource of approximately 5 billion pounds of copper.
CLOSE OF PRIVATE PLACEMENTS
The Company announces that it has closed its private placement of 6,205,000 non flow-through units at $0.05 per unit for total gross proceeds of $310,250. Each unit consists of one common share and one transferable share purchase warrant, each warrant exercisable into an additional common share for a period of two years from the date of issue at a price of $0.10 per share in the first year and $0.15 per share in the second year of the term of the warrant.
The Company has also closed its private placement of 1,230,000 flow-through units at $0.10 per unit for total gross flow-through proceeds $123,000. Each unit consists of one flow-through common share and one transferable share purchase warrant, each warrant exercisable into one non flow-through common share for a period of two years from the date of issue at a price of $0.10 per share in the first year and $0.15 per share in the second year of the term of the warrant.
The Company issued units to the following finders for their efforts in finding certain placees:
- Canaccord Capital Corporation received 125,000 units;
- Wolverton Securities Ltd. received 108,000 units;
- Union Securities Ltd. received 72,500 units;
- Dale Paruk received 120,000 units.
Each unit consists of one non flow-through common share and one share purchase warrant, each warrant exercisable into one non flow-through common share for a period of two years from the date of issue at a price of $0.10 per share in the first year and $0.15 per share in the second year of the term of the warrant.
Proceeds of the non flow-through placement will be used for general working capital and proceeds of the flow-through placement will be used for exploration work on the Company's mineral properties.
The Qualified Person who has reviewed the technical data for this news release is Thomas Hasek P.Eng.
The CNSX has not approved or disapproved the contents of this news release.
Michael E. Schuss
CEO, CFO, Director |
| |
| | You can view the Next News Releases item: Thu Oct 1, 2009, Resignation & Appointment
You can view the Previous News Releases item: Fri Jul 31, 2009, Deadhorse Creek Rare Earth Element Project Optioned
You can return to the main News Releases page, or press the Back button on your browser.
|
|
|
|