(via Thenewswire.ca)
Vancouver, British Columbia / TheNewswire / August 21, 2015, - Canadian International Minerals Inc. (TSXV: CIN) ("Canadian International" or the "Company") is pleased to announce that it has acquired an 80% working interest and Operatorship of the Arc Diamond Project, located southwest of the Pikoo diamond field in northern Saskatchewan. The project is approximately 33,014 acres (13,330 hectares) in size and is infrastructure-rich, with a major regional highway bisecting the property.
"The Arc Diamond Project adds a high-working interest diamond prospect, on trend with the FALC, Candle, and Pikoo kimberlites. Canadian diamond exploration has advanced dramatically since this region was first explored by Pine Channel and Mountain Province in the early 1990's. The historical airborne magnetic surveys covering this project were flown on 300 to 400 meter line spacings, whereas modern surveys targeting kimberlites are much tighter spaced, in the 75 to 150 meter range. We believe that any Pikoo-style kimberlites in the area would have been missed by the previous surveys," noted Michael E. Schuss, President and Chief Executive Officer of Canadian International.
Portions of the project were previously worked by Mountain Province Mining Inc. and Consolidated Pine Channel Gold Corp. during the surge of diamond exploration activity that followed the discovery of the Fort-a-la-Corne kimberlites. While this work yielded a number of FALC-style kimberlite targets which were never drill-tested, the Company believes the project would be better served exploring for Pikoo-style kimberlites.
The Arc Diamond Project will serve to complement the Corporation's other interests in the Sask Craton region, including its Pikoo Extension A and Pikoo Extension B properties currently under option to North Arrow Minerals Inc., as well as its 50% interest in the Three Amigos diamond prospect.
Transaction Details
The Arc Diamond Project is being acquired from Kelowna-based Kalt Industries Ltd., an arm's length vendor (the "Vendor"). Under the terms of the acquisition agreement, the Vendor will receive 2,000,000 shares of Canadian International. The Vendor will retain a 2% gross royalty and a 20% carried working interest; such carried working interest being carried up to but not including mine construction. There are no cash payments or expenditure obligations required as part of the transaction.
The Arc Diamond Project transaction is subject to approval by the TSX Venture Exchange.
Qualified Person
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.
For further information, please contact:
Canadian International Minerals Inc.
Michael E. Schuss
President and CEO
Phone: 604-241-2254
Website: www.cin-v.com
Forward-looking Information
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. 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; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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.
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