CIN - TSX.V
VANCOUVER, Sept. 24, 2012 /CNW/ - Canadian International Minerals Inc. (CIN-TSX.V) (the "Company" or "CIN") is pleased to announce that exploration has continued this season on several fronts, even in this period of challenging resource markets.
The company is proceeding with development of its Monpre Iron Ore Project (MIOP) near Shebandowan, Ontario. The project location is principally within the company's 100% owned Gold Creek claims (see news release dated March 2, 2012).
The MIOP was first mentioned in Ontario Department of Mines reports dating 1895 to 1910. Comprehensive geological mapping and diamond drilling was conducted in 1956-57 with extensive bench scale metallurgical studies focused on producing a commercial magnetite concentrate conducted up to 1972.
A 1958 resource estimate outlined 100 million tons grading 29.1% soluble iron (Vincienne, B., P. Eng, 1958). The term "soluble iron" refers to the analytic technique prevalent at the time: XRF results in new assays return higher values for iron than the acid soluble iron methods, and for this reason the historical assay values will be of limited value in calculating a current resource estimate. This resource was based on 41 diamond drill holes totalling 23,140 feet, and was contained within a proposed open pit, with a stripping ratio of 1.07 to 1. The drill hole collars were surveyed and tied in to legally surveyed patented claim boundaries. Several iron survey pins have been located in recent prospecting, and thus the historic drilling locations can be recovered with a relatively high degree of confidence. Detailed geological mapping at 1:4800 scale covering the area of interest has been preserved, and CIN has also recovered copies of logs of 30 of the drill holes. The reader is cautioned that this historical resource is not compliant with the terms if N.I. 43-101, and therefore is not to be relied upon. In 1968, extensive bench scale tests at Lakefield Research found that a concentrate of approximately 67% soluble iron could be produced at a minus 100 mesh grind. (Halet, R.A., Ph.D, P.Eng., 1972).
Access is exceptional: the deposit straddles a forest service road only 6 km from a major transportation corridor which includes Provincial Highway 11, Canadian National Railroad mainline, and major natural gas and electrical transmission lines. No lakes or watercourses are in the area of the deposit, a distinct advantage the project has over several proposed iron ore developments in Ontario. The project area lies approximately 60 kilometers west of Thunder Bay, a major logistical center for mining and logging operations in western Ontario.
CIN is planning a program of mechanical stripping and trenching of the surface outcrops of the MIOP to commence shortly. Samples will be supplied to several Chinese steel companies that have reviewed preliminary information prior to arranging site visits.
Geological mapping and soil geochemical surveys have been completed on the Copper Mountain, Cole and Treasure Mountain properties with results pending.
The Company has arranged to amend the terms of share purchase warrants issued on October 4, 2011, with an original expiry date of October 4, 2012. There are currently 633,500 warrants outstanding, each warrant exercisable into one common share of the Company at a price of $0.25 per share. Subject to the acceptance of the TSX Venture Exchange, the new expiry date of the warrants will be October 4, 2016 and the exercise price of the warrants will be changed to $0.10 per share.
The technical data in this news release has been reviewed by Thomas Hasek, P. Eng. a Qualified Person under the terms of N.I. 43-101.
On behalf of the Board of Directors,
"Michael E. Schuss"
Michael E. Schuss
President and Chief Executive Officer
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.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS: Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Canadian International Minerals undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements
SOURCE: Canadian International Minerals Inc.
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For further information on Canadian International Minerals Inc. please visit the company website at http://www.cdnintlminerals.com or contact Michael E, Schuss at 604-241-2254.