VANCOUVER, June 3, 2019 /CNW/ - Callinex Mines Inc. (the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) announces that Mike Muzylowski, has retired from his position as Chairman and as a member of the Company's Board of Directors. Mr. Muzylowski achieved an illustrious career that spanned five decades, where he was involved in the discovery of 16 producing mines and was a recipient of the 1988 PDAC Developer of the Year Award for his role in the advancement of the Hycroft Mine in Nevada. In 2011, Mr. Muzylowski's contributions to the mining industry were recognized with an induction into the Canadian Mining Hall of Fame.
Max Porterfield, President and CEO, commented "Mike's passion for exploration has been a driving force in the mineral exploration industry for over six decades. We are honored to have had his leadership and unrivaled enthusiasm as our founder and Chairman."
Mr. Porterfield, continued, "Very few are fortunate to have a mentor in life like Mike has been to me. I'll forever cherish the impact he's had on me as a businessman and an explorer. I look forward to writing the next chapter of our relationship as he enters his much-deserved retirement."
Mike Muzylowski, stated, "I am very grateful to have worked along side some of the best in the industry throughout my career and look forward to the bright future ahead for Callinex. After a long career, I am thoroughly looking forward to spending more time with my wife Lesia, the long-time love of my life, who has made significant contributions to my personal and professional endeavours." Mr. Muzylowski, continued, "I am pleased to stay on as an advisor to Max and the rest of the Callinex team."
Mr. Muzylowski was particularly instrumental in the development of the Flin Flon Mining District through his previous roles with Hudson Bay Mining and Smelting, Granges Exploration, Callinan Mines and Callinex Mines. Most notably, Mr. Muzylowski led the discovery of the Trout Lake Mine in the Flin Flon Mining District, which operated from 1982 to 2012, along with a role in the discovery of 12 volcanogenic massive sulphide mines in the district since the 1950s.
As part of an annual review of its equity compensation plans, the Company has cancelled its RSU plan and all outstanding RSUs that were granted under the RSU Plan.
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) is advancing its portfolio of zinc rich deposits located in established Canadian mining jurisdictions. The portfolio is highlighted by its Nash Creek and Superjack deposits in the Bathurst Mining District of New Brunswick. A 2018 PEA outlined a mine plan that generates a strong economic return with a pre-tax IRR of a 34.1% (25.2% post-tax) and NPV8% of $230 million ($128 million post-tax). The projects have significant exploration upside over a district-scale land package that encompasses several high-grade mineral occurrences along a 20 km trend. Click here to view a video overview of the Nash Creek Project.
Callinex has a project portfolio that also includes projects within the Flin Flon Mining District of Manitoba that are located 25 km to an operating processing facility that requires additional ore. The Company's projects host Indicated resources of 13.6 Mt averaging 3.2% Zn Eq. totaling 963 million pounds and Inferred resources of 23.2 Mt averaging 5.2% Zn Eq. totaling 2.7 billion pounds (See News Release dated April 16, 2018).
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.
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete the proposed drill program and the timing and amount of expenditures. Except as required under applicable securities laws, Callinex does not assume the obligation to update any forward-looking statement.
SOURCE Callinex Mines Inc.
For further information: Callinex Mines Inc., Max Porterfield, President and Chief Executive Officer, Phone: (604) 605-0885, E-mail: [email protected]