Symbol: CNG - TSX.V
VANCOUVER, March 27 /CNW/ - Mr. Ray Paquette is pleased to report that
subsequent to the Company's news release of December 3, 2007, Canadian Mining
has now concluded its due diligence and signed a formal Option Agreement with
Exploraciones San Bernardo S.A. de C.V. (San Bernardo) through the Company's
wholly-owned subsidiary - Canmin Mexico S.A. de C.V.
The Option Agreement provides the Company an exclusive option to purchase
a one hundred (100%) per cent interest in a mineral concession known as Raquel
3 (the "Property"). Raquel 3 consists of 10308.39 hectares or 25,472.5 acres
and is located in the municipality of Alamos, Sonora, Mexico.
To maintain the Working Option in good standing and to earn its interests
in the Property, Canadian Mining shall;
1. Make cash payments to San Bernardo in the amount of
Seventy-five Thousand ($75,000.00) Dollars;
2. Issue a total of two million five hundred thousand (2,500,000) shares
of its capital, as follows: 500,000 shares within five (5) business
days of the date that the Option Agreement is accepted for filing by
the TSX Venture Exchange (the "Effective Date"); and 500,000 shares
on each anniversary of the Effective Date;
3. Undertake a work commitment on the Property aggregating
One Million Two Hundred Fifty Thousand ($1,250,000.00) Dollars in
accordance with the following; the Company will spend $250,000.00 on
or before the first anniversary date of the Effective Date and
$250,000 on the second through fifth anniversary dates of the
Upon the completion of the cash payments, share issuances and work
commitments Canadian Mining shall have earned a one hundred (100%) per cent
interest in the Property, subject only to a 2% net smelter return.
The Company has agreed to issue 100,000 shares as a finder's fee in
connection with the acquisition.
The Option Agreement is subject to acceptance for filing by the TSX
On behalf of the Board
Please see our web site for additional details: www.canadianmining.ca
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Mr. Ray Paquette, (604) 684-3301