(via Thenewswire.ca)
August 3, 2016 / TheNewswire / Vancouver, British Columbia – Canadian International Minerals Inc. (the “Company”) (TSX-V:
CIN) is pleased to announce it has entered into an agreement to acquire 100% of the past-producing Tisová copper deposit, located
in the prolific Erzgebirge mining district in northwestern Czech Republic. The deposit is encompassed by an Exploration Lands
(průzkumného území) mineral concession, which is held by Golden Pet s.r.o. (“Golden Pet”), a private Czech company. The concession
was granted to Golden Pet by the Czech Ministry of Environment (Ministerstvo životního prostředí) in 2015, and carries a five year
term.
The Tisová concession incorporates a former copper producer with historical production dating from
the 12th century and last producing from 1959 to 1973. Most recently, the
mine operated from 1959 to 1973, producing 561,000 tonnes at an average grade of 0.61% copper (Sucek-Kozubek,
1994).
While historically the deposit was mined primarily for copper, significant concentrations of other
base and precious metals have also been identified, though there appears to be no mention of their recovery in any historical
documents.
Cobalt was noted in testing as early as 1901, with grades between 0.4% and 0.7% (Zeitschrift fur
prakische Geologie, Sucek-Kozubek, 1994). Between 1952 and 1956, various mineral research agencies reported concentrations of up to
0.11% Co, 4.32 g/t Au, and 20 g/t Ag (Hoffman, U., 2010).
Tisová is classified as a Besshi-type Volcanogenic Massive Sulphide (VMS) deposit. Such deposits are often large and, along with copper and cobalt, normally include other recoverable base
and precious metals. One of the world’s largest Besshi-type deposits is the Windy Craggy deposit located in British Columbia, which
has a measured geological reserve of 297,439,000 tonnes of 1.38% copper, and 0.069 % cobalt, with substantial gold and silver
credits (BCEMR Minfile).
Two stages of drilling exploration took place at Tisová in the 1950’s and 1960’s, with more than
100 drill holes having been completed by Czechoslovak state mining companies. Drill logs exist, but under the then current economic
system all core was consumed in assaying. The majority of core was only assayed for copper. Postwar exploration and development at
Tisová prior to the Velvet Revolution (1948-1989) was typically dictated by strategic, political, and military considerations
rather than the strictly economic constraints that provide parameters for western style of exploration and development. The
geological model was not fully understood and different criteria guided the application of funds. An exploration program in the
central and southern zone of the deposit was executed during the 1971-1989, verifying mineralization down
to the level of 400 m below surface (level 9 of Helena shaft). Mining was not resumed and the mine was left to
flood.
The mineralized bodies at Tisová were concentrated in the three horizons: lower,
central and upper. The lower was the most continuous and the central was economically most important. The known length of the lower
horizon reaches 1000 m, of which 450 m has been opened by Helena mine. The mineralized zones are present in forms of irregular
layers and lenses of variable size, with typical grades of 0.8 % Cu. The average thickness of lenses at the central horizon reached
2-6 m, occasionally 10 m, and exceptionally up to 30 m, with the length of 100-150 m and down dip extent of several hundred
meters.
An extensive GIS database compilation is currently underway. The Company will provide a further
project update upon completion of the data compilation.
Acquisition Terms
Acquisition of the Tisová concession is proceeding under a letter of intent (LOI) between Canadian
International and the two owners of Golden Pet. Under the terms of the LOI, each of the two vendors will be issued 3,000,000 units,
for a combined total of 6,000,000 units – each unit comprising one common share and one three year warrant to purchase an
additional common share at $0.10.
In addition, TIMEX Zdice s.r.o., a private company registered in the Czech Republic, which provided
consultation services to CIN during the due diligence period, will be paid $10,000 upon execution of the LOI, a further $15,000
upon acceptance of the definitive agreement by the TSX Venture Exchange, and a final $10,000 on January 15, 2017, for a total of
$35,000. A finder’s fee is payable on the transaction.
Qualified Person
The technical data in this news release has been reviewed by Thomas Hasek, P. Eng., a Qualified
Person under the provisions of National Instrument 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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