Canadian International Minerals Inc. - Corporate Update - Monpre Iron Ore Project
September 20 2012 - 3:09PM
PR Newswire (Canada)
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 Canadian International Minerals
Inc. CONTACT: For further information on Canadian International
Minerals Inc.pleasevisit the company website at
http://www.cdnintlminerals.com or contactMichael E, Schuss at
604-241-2254.
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