Symbol: CNG - TSX.V
VANCOUVER, Oct. 13 /CNW/ - Mr. Ray Paquette reports Canadian Mining (the "Company") is moving forward under the terms of the Option Agreement with Mayen Minerals Ltd. on the Company's Raquel 3 and Raquel 3B concessions located in the prolific mining district of Sonora, Mexico. "The option agreement with Mayen Minerals Ltd. allows the Company to further advance its Raquel 3/Raquel 3B project without diluting its stock. Although Canadian Mining does not receive any cash, Mayen could acquire up to a 60% interest in the project by spending $1.4 million on exploration expenditures on the project over the next two years." eResearch October 2, 2009
The terms of the agreement with Mayen call for the formation of an exploration committee to manage the mining rights and approve the exploration expenditures contemplated in Phase 1, 2 and 3 of the Agreement. Canadian Mining is pleased to appoint Mr. Ed Skoda as the Company's representative on the committee. Mr. Skoda has a Diploma in Mining Engineering Technology from the Haileybury School of Mines in Ontario. He has over 30 years experience in the mining industry in which time he has worked on many national and international projects. Mr. Skoda has been instrumental in the advancement of the Sonora project.
Canadian Mining is a well-diversified company with stable management and an excellent potential for growth. The Company is engaged in the exploration and development of precious and base metals in the Alamos Mining District in Sonora, Mexico, the Bullard Mining District in Arizona and the exploration, development and production of industrial minerals in Canada.
On behalf of the Board
Ray Paquette CEO
Neither 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.
SOURCE Canadian Mining Company Inc.
For further information: For further information: visit www.canadianmining.ca