Callinex Proposes to Exercise Option to Acquire Gossan Hill Property
07 Jun, 2013, 14:33 ET
VANCOUVER, June 7, 2013 /CNW/ - Callinex Mines Inc. (TSX.V-CNX) (OTCQX - CLLXF) is pleased to announce that it has completed the required work commitment to acquire the Gossan Hill property, near Cranberry Portage, Manitoba. The most recent drill program completed on the property this past March successfully expanded the known mineralization both along strike and at depth (see Callinex news announcement May 10, 2013). As disclosed, this drill program produced core drilling results at very good grades over widths amenable to current mining methods, including a 4.70 metre interval grading 12.99 g/t gold, beginning at a depth of 104.00 metres. Callinex is very encouraged by the work done on the Gossan Hill property to date, and intends to further pursue the property's development.
Pursuant to an amending agreement with the property's vendor, subject to regulatory approval, Callinex will issue 430,000 of its shares, deliver 70,000 shares of Callinan Royalties Corporation (currently held by Callinex for purposes of completing property transactions) and pay $100,000 to the vendor. Once these shares are issued / delivered, and the payment has been made, Callinex will hold a 100% interest in the Gossan Hill property, subject to a 2% NSR, (50% of which NSR can be purchased from the vendor by Callinan Royalties Corporation).
On Behalf of the Board of Directors,
All of Callinex's exploration programs are conducted under the direction of J.J. O'Donnell, P.Geo, a qualified person as defined by national instrument 43-101, who has reviewed and approved the contents of this release.
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 contemplated work programs and the timing and amount of expenditures. Callinex does not assume the obligation to update any forward-looking statement.
SOURCE: Callinex Mines Inc.
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