Termination of TomaGold’s Option for the Acquisition of Chibougamau’s East Block
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Termination of TomaGold’s Option for the Acquisition
of Chibougamau’s East Block
ROUYN-NORANDA, QUÉBEC- Chibougamau Independent Mines Inc. (CBG-TSX-V in Canada, CLL1 -Frankfurt, Stuttgart,
Berlin and Lang & Schwarz Stock Exchanges in Germany, CMAUF -OTC in the US), herein called Chibougamau, regrets
to inform shareholders that TomaGold Corporations (LOT -TSXV) (“TomaGold”) and Chibougamau have mutually agreed
today to terminate the letter of intent dated August 11, 2023 pursuant to which TomaGold had an op tion to acquire
Chibougamau’s East Block (the “Option”), comprised of 127 mining claims in McKenzie, Obalski, Roy and Lemoine
Townships, Québec, as announced on August 14, 2023 and extended as announced in press releases dated Februar y 8,
2024 and April 12, 2024 . The parties were unable to reach agreement on final terms that were commercially acceptable
to each of them in order to move forward with the East Block Option.
During the periods of extension of the Option, Chibougamau undertook two drill holes on its C3 copper -gold discover y.
The deepest hole BJ -23-31 was abandoned at 576 m, 50 metres short of the target due to severe ground conditions.
Hole BJ-23-32A was succ essful in intersecting the zone grading 4.03% Cu, 1.40 g/t Au, 16.01 g/t Ag and 0.015 % Co
over a core length of 7 m, at a vertical depth of 230 metres .
Chibougamau remains owner of significant advanced assets within the Chibougamau Mining Camp and the surrounding
area. Tomagold intends to proceed with the West Block option as previously reported, Chibougamau having agr eed to
a 2-month extension to complet e the initial exploration expenditures. All other terms of the West Block option r ema i n
the same.
This press release was written by Jack Stoch, P. Geo., President and CEO of Chibougamau Independent Mines Inc. in hi s
capacity as a Qualified Person (Q.P.) u nder NI 43-101.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ven ture
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.
Press Release
August 2, 2024
61,065,536 shares issued and outstanding