VANCOUVER, Feb. 10 /CNW/ - Canadian International Minerals Inc. (CNSX:
CIN) ("CIN"). announces that it has entered into a Mineral Property Option
Agreement with Commerce Resources Corp. (TSXv: CCE)(FSE: D7H) ("Commerce") to
explore and develop a rare earth element (REE) property in central British
Columbia. Under the terms of the agreement, CIN will acquire a 75% interest in
the Carbo Claims, (the "Property"), subject to terms outlined below, and
The Property comprises five mineral claims located approximately 80 km
northeast of Prince George, British Columbia and is logging road accessible.
The subject area totals 1,464 hectares underlain by limestone interbedded
with calcareous argillites and phyllites. Several dike or sill-like alkaline
intrusives were identified by Teck Corporation (Teck) in 1986 and 1987 on the
property that are identified as carbonatite or syentite of varying composition
and thickness (Betmanis, 1986-87).
Commerce conducted an exploration program in 2006 that included soil
sampling, scintillometer and magnetometer surveys over a total of 12.5 line
kilometers. Forty rock samples were taken from intrusive outcrops and float.
Thirty-six of those samples contained anomalously high Rare Earth Element
(REE) concentrations. A follow-up exploration program in 2007 confirmed the
REE potential of the intrusives.
The carbonatite plugs, dykes and sills occupy a northwest striking zone
at least 8 km in length and vary in composition from sovites to pyroxene rich
carbonatites and ferro-carbonatites. The property directly adjoins the
Prince/Wicheda Lake carbonatite-syenite sill complex and is geologically and
structurally aligned with it. Samples from a 42 meter trench on the
Prince/Wicheda Lake property taken by Teck averaged 2.60% total rare earths
and included a shorter sample interval of over 4% total rare earths (Betmanis,
1987, Pell, 1994).
CIN is planning a summer exploration program to consist of geological
mapping, soil and rock geochemical sampling and trenching.
As consideration to acquire a 75% interest in the Carbo Claims, CIN will
pay to Commerce a total of $30,000 cash: $10,000 on signing of the agreement
(paid), $10,000 on the first anniversary and $10,000 on the second
anniversary. CIN will also issue to Commerce a total of 1,500,000 common
shares: 500,000 common shares upon regulatory approval, 500,000 common shares
on the first anniversary and 500,000 common shares on the second anniversary.
CIN will also incur a minimum of $198,000 in exploration expenditures on the
Carbo Claims: $66,000 in the first year of the agreement, $66,000 in the
second year and $66,000 in the third year. Commerce will also retain a 2% NSR
Royalty on the Carbo Claims.
Thomas Hasek, P.Eng., a qualified person as defined by National
Instrument 43-101, has reviewed the technical information in this news
On Behalf of the Board of Directors
CANADIAN INTERNATIONAL INC.
Michael E. Schuss
CEO and Director
The CNSX does not accept responsibility for the
adequacy or accuracy of this news release.
Statements in this document which are not purely historical are
forward-looking statements, including any statements regarding beliefs, plans,
expectations or intentions regarding the future. Forward-looking statements in
this release include the planning of the 2009 summer exploration program and
the completion of the option agreement with Commerce Resources Corp.
It is important to note that actual outcomes and the Company's actual
results could differ materially from those in such forward-looking statements.
Risks and uncertainties include, but are not limited to, economic,
competitive, governmental, environmental and technological factors that may
affect the Company's operations, markets, products and prices. Factors that
could cause actual results to differ materially may include misinterpretation
of data; that we may not be able to get equipment or labour as we need it;
that we may not be able to raise sufficient funds to complete our intended
exploration and development; that our applications to drill may be denied;
that weather, logistical problems or hazards may prevent us from exploration;
that equipment may not work as well as expected; that analysis of data may not
be possible accurately and at depth; that results which we or others have
found in any particular location are not necessarily indicative of larger
areas of our property; that we may not complete environmental programs in a
timely manner or at all; market prices for tantalum & niobium may not justify
commercial production costs; and that despite encouraging data there may be no
commercially exploitable mineralization on our properties. Readers should
refer to the risk disclosures outlined in the Company's Management Discussion
and Analysis of its audited financial statements filed with the British
Columbia Securities Commission.
For further information:
For further information: Nic Horsley at (604) 641-4469