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Canadian Critical Minerals Inc. (TSXV: CCMI,OTC:RIINF) (OTCQB: RIINF) ("CCMI" or the "Company") is pleased to announce that the Chief Gold Commissioner of the Ministry of Mining and Critical Minerals for British Columbia has approved term renewals for an additional thirty (30) years for two mining leases at the Bull River Mine near Cranbrook, British Columbia.
CCMI applied to renew Mining Leases 212492 and 212493 at the Bull River Mine as per section 42(5) of the Mineral Tenure Act. The mining leases are located within the consultation area of the Ktunaxa Nation Council (KNC) and Shuswap Band (SB). Further to consultation with First Nations, the Province determined that the issue of term renewals will not significantly impact Aboriginal rights and interests. Mining Leases 212492 and 212493 have been renewed for thirty (30) years from November 23, 2022 to November 23, 2052 and from February 21, 2023 to February 21, 2053 respectively.
The renewals are significant for several reasons. The Company holds a Mining Permit M33 which lies within the lease boundaries. The Company intends to advance the Bull River Mine project in a phased approach wherein the Company plans to initially process approximately 155,000 tonnes of mineralized copper, gold and silver material from surface stockpiles at the project followed by a resumption of underground mining. The current mine plan for underground mining envisions an initial 10 year mine based on the current mineral resource. The Bull River Mine has been developed to a vertical depth of 350 metres and is currently maintained in a dewatered condition. The orebodies remain open at depth. The renewals ensure that the Company has sufficient runway to continue developing the Bull River Mine beyond the current mine plan.
The Company continues to work with consultants to complete an updated Project Description and Information Requirements Table (IRT) that are planned for submission to the First Nations and Major Mines Permitting Office of the Ministry of Mining and Critical Minerals within the next 60 days to support an update to Mining Permit M33 and a restart of the Bull River Mine.
About Canadian Critical Minerals Inc.
CCMI is a mining company primarily focused on copper production assets in Canada. CCMI's main asset is the 100% owned Bull River Mine project (150 million lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. CCMI also owns a 4% interest in XXIX Metal Corp. which holds a 100% interest in the Thierry copper project near Pickle Lake, Ontario and a 100% interest in the Opemiska copper project near Chapais-Chibougamau, Quebec.
Contact Information
Canadian Critical Minerals Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E: iberzins@canadiancriticalmineralsinc.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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299925
