Symbol: CNG - TSX.V
VANCOUVER, Feb. 1 /CNW/ - Canadian Mining (the "Company") announced an Option Agreement with Mayen Minerals in the Company's September 30, 2009 news release, whereby Mayen by expending a total of US $1,400,000 has the option to acquire up to a 60% interest in Canadian Mining's Raquel 3 and 3B mineral concessions located in the prolific Alamos mining district of Sonora, Mexico. The Option was granted by Canadian Mining through its wholly-owned Mexican subsidiary, Canmin Mexico S.A. de C.V. to Mayen through its wholly-owned Barbados subsidiary, Minmay Corp. ("Minmay").
Mr. Ray Paquette is very pleased to announce that the TSX Venture Exchange has granted Mayen Minerals a waiver of sponsorship along with conditional approval for this Qualifying Transaction. Pursuant to applicable securities law, Mayen has SEDAR filed a Filing Statement for its proposed Qualifying Transaction along with a National Instrument 43-101 Technical Report on Canadian Mining's Raquel 3 and 3B mineral concessions.
Upon Mayen earning its final interest in the Assets, Minmay and Canmin will enter into a joint venture agreement for the continued development of the Property. Each party's interest in the joint venture will be pro-rata to their respective interest in the Assets and will be subject to dilution for non-contribution.
Canadian Mining looks forward to working with Mayen and its President Mr. R.A. Bruce McDonald and his experienced Board. The Mayen team has years of success in business, finance and the resource sector.
On behalf of the Board
Ray Paquette CEO
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.
SOURCE Canadian Mining Company Inc.
For further information: For further information: please visit www.canadianmining.ca