Callinex Clarifies Technical Disclosure on Pt. Leamington Property
Callinex Clarifies Technical Disclosure on Pt. Leamington
Property
VANCOUVER
,
July 12, 2019
/CNW/ -
Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF)
announces that, as a result of a review by the British Columbia Securities Commission ("BCSC"), Callinex is issuing the
following news release to clarify its disclosure relating to the Technical Report on its Point Leamington Property,
Newfoundland, Canada
dated
August 15, 2016
(the "Report") prepared by Tetra Tech Inc., an independent consulting and
engineering service company.
After a review of the Report by the BCSC, Callinex has become aware that the Report requires (i) further disclosure on the
analogue deposits used to demonstrate 'reasonable prospects for eventual economic extraction' for the Point Leamington
Property, (ii) additional information regarding the assumptions, parameters and methods used to determine the resource
estimate, and (iii) certain revisions to the metallurgical recovery section of the Report. Callinex is in the process of
amending the Report as soon as reasonably possible in order to address all non-compliant disclosure issues identified by
the BCSC. Once an amended Report is available, the Company will provide an update to this news release and file an
amended report on SEDAR.
Based on the foregoing, the inferred mineral resource for the Point Leamington Property contained in the Report (the
"Resource Estimate") is not supported by a compliant National Instrument 43-101 ("NI 43-101") technical report, which is
contrary to NI 43-101. As a result, the Resource Estimate should not be relied upon until Callinex files a compliant
technical report.
In the upcoming weeks, Callinex will also be providing its shareholders with an update regarding its exploration plans of its
core assets, being the
Nash Creek
and Superjack Projects located in the Bathurst Mining District in
New Brunswick
and the
Pine Bay Project in the Flin Flon Mining District of
Manitoba
.
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) is advancing its portfolio of zinc rich deposits located in established
Canadian mining jurisdictions. The portfolio is highlighted by its
Nash Creek
and Superjack deposits in the Bathurst
Mining District of
New Brunswick
. A 2018 PEA outlined a mine plan that generates a strong economic return with a pre-
tax IRR of a 34.1% (25.2% post-tax) and NPV8% of
$230 million
(
$128 million
post-tax). The projects have significant
exploration upside over a district-scale land package that encompasses several high-grade mineral occurrences along a
20 km trend.
Click here
to view a video overview of the Nash Creek Project.
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. 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-clarifies-technical-disclosure-on-pt-leamington-property-300883866.html
SOURCE
Callinex Mines Inc.
View original content:
http://www.newswire.ca/en/releases/archive/July2019/12/c8820.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 12-JUL-19