Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces that its Board of Directors has unanimously approved a proposal to undertake a spin-out transaction to segregate its British Columbia properties into a separate company, Canmine Minerals Inc. (“Canmine”). Shareholders of Canasil will receive shares of Canmine in proportion to their shareholdings of Canasil, and Canasil will continue to hold its Mexican assets. It is proposed that the transaction will be carried out as a Plan of Arrangement under the Business Corporations Act (British Columbia).
As quoted in the press release:

Bahman Yamini, President and CEO of Canasil, commented: “The spin-out of the British Columbia properties to create a new publicly listed Company is intended to be beneficial for our shareholders by recognizing unrealized value in our BC projects. We believe there is significant potential value in the Company’s large BC land holdings which are located in strategic locations with excellent access and infrastructure. Two of the projects are close to past producing mines and major deposits, and exploration work to date indicates they are particularly prospective for hosting Copper-Gold porphyry mineralization with multiple targets. We anticipate that this transaction will also allow greater access to funding for more active exploration to advance these projects without diluting the Company’s interests in its Mexican project portfolio.”

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