Canadian Critical Minerals Modifies Facilities Agreement with BC Hydro for Bull River Mine
Canadian Critical Minerals Modifies Facilities
Agreement with BC Hydro for Bull River Mine
Calgary, Alberta--(Newsfile Corp. - October 23, 2023) - Canadian Critical Minerals Inc.
(TSXV: CCMI)
(OTCQB: RIINF)
("
Canadian Critical Minerals
" or the "
Company
") hereby announces that it has
modified
a
Facilities Agreement ("FA") with British Columbia Hydro and Power Authority ("BCH") for its
Bull River Mine ("BRM") project near Cranbrook, British Columbia.
The FA was completed following a
Facilities Study ("FS") by BCH to define interconnection requirements and establish a timetable for
BCH's ability to meet the Company's proposed service date. (See press release dated January 25,
2023, on Sedar+). The reconnection was originally scheduled to be completed on or before June 30,
2023. Prior to this date, the Company learned that should the reconnection be completed but the
Company is not able to accept at least 50% of the new 5,000 kVA service, it would be subject to
significant demand penalties. Accordingly, the Company has decided to postpone the reconnection until
such time as the Company has received its permit to restart the Bull River Mine and completed capital
upgrades to begin the restart.
The BRM project is currently connected to BCH through a 12.47kV service line which provides up to
2,000 kVA in contract demand. Typically, in an average month, the Company utilizes approximately 400
kVA in demand which is sufficient to continue with care and maintenance activities including dewatering
of the underground mining infrastructure.
Under the new FA, BCH will reconnect the Company to an
existing 66kV transmission line which will provide up to 5,000 kVA in contract demand to the property.
The increased demand will be required for the Company to restart the mill and resume underground
mining operations.
The new transmission interconnection provides for reductions in energy and demand
charges relative to the current unit rates.
BCH's estimate for system reinforcements and revenue metering associated with the reconnection is
$150,000. The cost estimate has an accuracy range of +35%/-15%. To-date the Company has paid
$75,000 towards the costs of the reconnection.
Ian Berzins, President and CEO, commented, "A number of our shareholders have inquired as to why we
have not implemented the new FA.
Although we have acquired all the key electrical components for the
reconnection including a 10MVA transformer valued at approximately $700,000, it did not make sense
to complete the reconnection and thereby be exposed to increased demand charges because of our
inability to utilize the increased supply.
We look forward to working with BCH to complete the
reconnection once we have better certainty on receipt of the permit to restart the Bull River Mine."
About Canadian Critical Minerals Inc.
Canadian Critical Minerals Inc.is a mining company primarily focused on the development of two near-
term copper production assets in Canada. The Company's main asset is the 100% owned Bull River
Mine project (>135MM lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource
containing copper, gold and silver. The Company's latest acquisition is the 100% owned Thierry Mine
project (>1,300MM 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:
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/184811