Canadian Critical Minerals Inc. Signs Ore Purchase Agreement with New Afton
Calgary, October 5, 2023 - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") is pleased to announce that it has entered into an Ore Purchase Agreement ("OPA" or the "Agreement") to send ore to the New Afton operation for processing.
Under the terms of the OPA, CCMI will deliver up to 90,000 tonnes of mineralized material from the Bull River Mine ("BRM" or the "Project") to the New Afton operation near Kamloops, British Columbia over a period of two years. The Company currently has a large stockpile of approximately 180,000 tonnes of mineralized copper, gold and silver material on surface at BRM. Material will be screened and crushed and then sorted using a Steinert KSS 100 ore sorter prior to trucking to the New Afton mill facility. Ore sorting will separate low grade and waste from higher grade material so that only higher-grade material will be trucked. CCMI plans to begin preparing material for trucking in Q4 2023.
Ian Berzins, President and CEO of CCMI commented, "We are extremely pleased to enter into this Agreement. It provides us with the opportunity to monetize some of the value of the current surface stockpile at the Bull River Mine thereby generating first revenues for the Company. Proceeds from the OPA will be used to continue with final permitting of the Project, on-going care and maintenance costs and further capital upgrades at the Project. We are very interested to assess the applicability of ore sorting on our mineralized material on a large-scale basis as a grade control strategy. Potentially ore sorting can be integrated into the BRM milling operation in the longer term".
About Canadian Critical Minerals Inc.
CCMI is a mining company primarily focused on two near-term copper production assets in Canada. CCMI's main asset is the 100% owned Bull River Mine project (>135 million lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. CCMI also owns a 100% interest in the Thierry Mine project (>1.3 billion lbs of copper) near Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel, silver, palladium, platinum and gold.
Contact Information
Canadian Critical Minerals Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E: iberzins@canadiancriticalminerals.com
Website: www.canadiancriticalmineralsinc.com
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.
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