Canadian Critical Minerals Receives First Revenues from Bull River Mine Project
Canadian Critical Minerals Receives First
Revenues from Bull River Mine Project
Calgary, Alberta--(Newsfile Corp. - February 29, 2024) - Canadian Critical Minerals Inc.
(TSXV: CCMI)
(OTCQB: RIINF)
("
CCMI
" or the "
Company
") is pleased to report that it has received first revenues for
the Company from the sale of stockpiled copper, gold and silver mineralized material at the Bull River
Mine ("
BRM
") project near Cranbrook, BC.
During the month of January 2024, the Company trucked 80
wet metric tonnes ("
wmt
") of mineralized material to New Afton under an Ore Purchase Agreement
("
OPA
") (see press release dated October 5, 2023, on Sedar+) and the Company received a
provisional payment of approximately US$6,500 for the January shipments.
To-date the Company has trucked approximately 800 wmt of mineralized material from the BRM to New
Afton.
The Company has temporarily suspended trucking following the imposition of road restrictions late
last week.
Road restrictions to 70% of normal loads has a negative impact on the economies of trucking.
The Company will resume trucking once road restrictions are removed.
Road restrictions were imposed
approximately two months earlier than normal by the Ministry of Transportation and Infrastructure of
British Columbia due to mild winter conditions in the Cranbrook area.
The mineralized material sent to New Afton in January 2024 and during the month of February 2024 to-
date was a combination of coarse material and fine material.
There are approximately 45,000 tonnes of
mineralized material on surface that has been screened and crushed by our contractor.
Screening and
crushing have not yet resumed.
No mineralized material has been sent to the Steinert KSS 100 ore
sorter pending commissioning by Steinert personnel beginning the week of March 11, 2024.
Once the
ore sorter is commissioned the Company will begin sending coarse mineralized material to the ore
sorter for up-grading prior to trucking to New Afton.
The Company expects that 40% to 50% of the
coarse material is non-economical and only the higher-grade material will be sent to New Afton.
Fine
material will not be sent to the ore sorter.
Ian Berzins, President and CEO commented, "The receipt of first revenues from the Bull River Mine is an
important milestone for the Company.
While the initial revenues are modest, we have successfully
implemented the OPA with New Afton.
Once we commission the ore sorter and begin sending high-
grade, pre-concentrated stockpiled material to New Afton, revenues for the Company are expected to
increase."
About Canadian Critical Minerals Inc.
CCMI is a mining company primarily focused on two near-term copper production assets in Canada.
CCMI's main asset is the 100% owned Bull River Mine project (>135 million lbs of copper) near
Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. CCMI
also owns a 34% interest in the Thierry Mine project (>1.3 billion 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/199936