News out CMC Metals starts mining work at Radcliff
Ticker Symbol: C:CMB
CMC Metals starts mining work at Radcliff
CMC Metals Ltd (C:CMB)
Shares Issued 79,838,646
Last Close 3/17/2014 $0.06
Tuesday March 18 2014 - News Release
Mr. Jack Bal reports
RADCLIFF MINE COMMENCES MINING ACTIVITY
CMC Metals Ltd.'s operator for the Radcliff mine, Pruett Ballarat Inc., has commenced mining activity on the Radcliff property. The Company holds a 50% interest in the Radcliff Mine property through its wholly owned subsidiary CMC Metals Corp. and PBI, a Nevada corporation, owns the remaining 50% interest in the property and is the current operator.
Plans for the Radcliff Mine include the continued construction of the new adit towards the high grade drill intersects. In 1997, Compass Minerals Ltd. drill holes demonstrated that there exists a high grade zone grade over 0.50 oz/ton. Exploration and development drifting and drilling will occur to define the extent of the high grade zone plus prepare development workings. As the development workings proceed, ore will be produced.
Operational plans at the Radcliff mine entail producing a minimum of 2000 tons of ore monthly for shipment to the Company's recently permitted Bishop Mill. The Bishop Mill is expected to be functional in June 2014.
In addition, the Company wishes to announce that it has agreed to issue up to 1,000,000 Units at $0.06 per unit, each unit consisting of one common share and one transferable share purchase warrant. One warrant will be exercisable for one additional common share at $0.10 per share during the next two years. The proceeds derived from the total 1,000,000 Unit placement will be used to continue its operations at the Bishop Mill and for general working capital. This transaction is subject to TSX Venture Exchange approval.
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