Chibougamau Independent Mont Sorcier Royalty News
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Chibougamau Independent Mont Sorcier Royalty News
ROUYN-NORANDA, QUÉBEC - Chibougamau Independent Mines Inc. (CBG-TSX-V in Canada, CLL1 -
Frankfurt, Stuttgart, B erlin and Lang & Schwarz Stock Exchanges in Germany, CMAUF -OTC in the US),
herein called Chibougamau, is pleased to inform shareholders that Cerrado Gold Inc. (CERT -TSXV) has
announced acceptance of an Expression of Interest (EOI) from the UK Export Credit Agency (UKEF) to
provide up to four hundred and twenty million dollars ($420,000,000) of support for the Mont Sorcier
Iron Vanadium project located just east of Chibougamau Quebec. Chibougamau Independent Mines
holds a 2% Gross Metal Royalty on all production from the property.
The Mont Sorcier deposit is a well advanced, large, long -life, and economically robust project in a tier
one mining jurisdiction. In September 2022, Voyager Metals Inc., now a wholly owned subsidiary of
Cerrado, completed a Prelimi nary Economic Assessment (the PEA) on Mont Sorcier, which outlined a
project with an after -tax NPV of US $1.6 billion and an IRR of 43%, producing 5.0 MMtpa of iron
concentrate over a mine life of 21 years with annual free cash flow of US $245 million. Th e project is
currently advancing towards completion of a bankable feasibility study ( Cerrado Press Release March 7,
2023).
Cerrado in their press release today stated, “UKEF's engagement with the opportunity is at an early
stage. UKEF's EOI is not a legally binding commitment and is subject to a series of standard project
finance terms and due diligence, including, among others, suitable structured offtake contracts, the
successful completion of the Definitive Feasibility Study (DFS), and an Environmental and Social Impact
Assessment (ESIA) to Equator Principles. The EOI provides an indication of currently available country
limits, an indication of the attractiveness o f the project, and it covers, in principle, the level of financial
support, their flexibility and desired conditions.” Click here to read today’s Cerrado press release.
Jack Stoch, P.Geo. President and CEO of Chibougamau Independent Mines Inc. wrote this press release
in his capacity as QP under applicable regulations.
Press Release
July 6, 2023
61,065,536 shares issued and outstanding
Page 2
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 the
release.
We Seek Safe Harbour.
CUSIP Number 167101 203
LEI 529900GYUP9EBEF7U709
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Chibougamau Independent Mines Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Tel.: 819.797.5242
Fax: 819.797.1470
www.chibougamaumines.com
Forward Looking Statements
Except for historical information this News Release may contain certain “forward looking statements”. These statements may involve a number of known
and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the
Companies expectations and projections. A more detailed discussion of the risks is available under “disclaimer” on the Company’s website.