Trading Symbol CIN-CNSX
VANCOUVER, Sept. 11 /CNW/ - 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
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
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
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
Michael E. Schuss
CEO, CFO, Director
For further information:
For further information: visit the Company's website at
www.cdnintlminerals.com; Michael E.Schuss; CEO, Director, (604) 241-2254,
firstname.lastname@example.org; Nick Horsley, Investor Inquiries, (604) 641-4469,