October 23, 2015, / TheNewswire / Vancouver, British Columbia - Canadian International Minerals Inc. ("CIN", the "Company") (TSX-V: CIN) is pleased to announce the acquisition of 100% of the 2,174 hectare Lac Manitou platinum group metals (PGMs) exploration property (the "Property"), located within the Grenville geological domain in the Cote-Nord region of Quebec.
Location
The Property is located 100 km northeast of the town of Sept-Iles, 65 km north of Quebec Provincial Highway 138, and 45 km east of the Quebec North Shore and Labrador Railroad line. Sept-Iles has a population of over 25,000 and is one of North America's largest ore-handling ports, boasting state-of-the art facilities that allowed it to handle 23.9 million tonnes of iron ore, alumina, petroleum coke and limestone in 2014. Sept-Iles is also home to the Alouette aluminum smelter built in 1992, which produces 590,000 tonnes of aluminum metal a year.
Property Details
The Lac Manitou area has been subjected to several early stage exploration programs that all succeeded in expanding known mineralization. Over the years, regional and property scale airborne magnetic and EM surveys have delineated several drill ready targets, but no known drilling has been completed on the Property or in the immediate area.
The Property hosts 15 copper, nickel, and PGM occurrences documented by the Quebec Ministry of Natural Resources and is underlain by several igneous complexes comprising various phases of leuconorite, leucogabbro and anorthosite - lithologies known to host economic copper nickel PGM resources.
A three element assay (3E) - a standard measure in PGM evaluation combining Pd, Pt & Au values - on one of the occurrences covered recorded 1.844 g/t, plus 3.07% Cu, 0.92% Ni, 0.10 % Co and 5.6 g/t Ag (MRN Assessment Report 22I14).
About Platinum Group Metals
Platinum Group Metals comprise six elements: ruthenium, osmium, iridium as well as the main metals platinum, palladium and rhodium. Their main uses are in automobile catalytic converters, which use various amounts depending on emission standards of the country the vehicles are sold. Palladium is largest component of PGMs in a catalytic convertor.
Transaction Terms
The Company will acquire a 100% interest in the Lac Manitou property for $3,000 cash and 2,500,000 common shares. The claims are subject to a 2% NSR, of which 1% can be bought back at any time for $750,000.
Qualified Person
The technical data in this news release has been reviewed by Thomas Hasek, P. Eng., a Qualified Person under the terms of N.I. 43-101.
For further information, please contact:
Canadian International Minerals Inc.
Michael E. Schuss
President and CEO
Phone: 604-241-2254
Website: www.cin-v.com
Forward-looking Information
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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