Callinex Announces Stock Option Exercise

Callinex Announces Stock Option Exercise

VANCOUVER, BC

,

Dec. 1, 2020

/CNW/ -

Callinex Mines Inc.

(the "Company" or "Callinex") (TSXV:

CNX) (OTC: CLLXF) announces that its officers, directors and key personnel have exercised

176,666 stock options for total proceeds of

$256,333

. Of

$256,333

proceeds received, a total of

$198,000

related to options with an exercise price of

$3.30

per share. By exercising stock options

with an above market strike price, management and directors are demonstrating their firm belief in

the intrinsic value across the Company's exploration portfolio.

About Callinex Mines Inc.

Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) is advancing its portfolio of base and precious

metals rich deposits located in established Canadian mining jurisdictions. The portfolio is

highlighted by the rapidly expanding Rainbow Discovery at its Pine Bay Project located near

existing infrastructure in the Flin Flon Mining District. Additionally, Callinex has emerging near-

surface silver discoveries at its Nash Creek Project located in the Bathurst Mining District of

New

Brunswick

. A 2018 PEA on the Company's

Bathurst

projects outlined a mine plan that generates a

strong economic return with a pre-tax IRR of 34.1% (25.2% post-tax) and NPV8% of

$230 million

(

$128 million

post-tax).

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

this release.

Some statements in this news release contain forward-looking information. These statements

include, but are not limited to, statements with respect to future expenditures. These statements

address future events and conditions and, as such, involve known and unknown risks, uncertainties

and other factors which may cause the actual results, performance or achievements to be

materially different from any future results, performance or achievements expressed or implied by

the statements. Such factors include, among others, the ability to complete the proposed drill

program and the timing and amount of expenditures. Except as required under applicable

securities laws, Callinex does not assume the obligation to update any forward-looking statement

.

View original content:

http://www.prnewswire.com/news-releases/callinex-announces-stock-option-exercise-301182557.html

SOURCE

Callinex Mines Inc.

View original content:

http://www.newswire.ca/en/releases/archive/December2020/01/c8678.html

%SEDAR: 00031889E

For further information:

Callinex Mines Inc., Max Porterfield, President and Chief Executive

Officer, Phone: (604) 605-0885, E-mail: [email protected]

CO: Callinex Mines Inc.

CNW 08:30e 01-DEC-20