Vancouver, British Columbia – July 12, 2019 – 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.
For additional information, please contact:
Callinex Mines Inc.
Max Porterfield, President and Chief Executive Officer
Phone: (604) 605-0885
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.