Canadian International Minerals Inc. (CIN-TSX.V) retains 100% interest in Patterson Lake Uranium Camp properties.
26 November 2013 - 8:22AM
Access Wire
Canadian International Minerals Inc.
(CIN-TSX.V, the "Company") announces that it has been notified by
Rio Grande Mining Corp. that it will not be exercising an option
agreement on the Company's Patterson Lake property as announced in
a news release dated September 25, 2013. CIN retains 100% of the
Property which comprises two claim groups: Britts Lake East and
Firebag East/Descharme, totalling 15 claims covering an area of
18,041 hectares located on a south west trend approximately 35 km
south-southwest of the Patterson Lake South uranium discovery.
The claims were staked by CIN for their
proximity to the PLS discovery and for the interpreted favourable
geology for the occurrence of PLS style uranium mineralization.
Salient points on the Property:
-Several significant magnetic low structures
(first derivative) that originate in the Patterson Lake discovery
area continue onto the CIN claims (GSC Open File 5675).
-Geological mapping of the CIN claims
indicates the area of interest as lying within Lower Cretaceous
McMurray Formation ("MF", Manville on earlier maps) sedimentary
cover. Though younger than the interpreted Devonian (Elk Point
Formation?) capping cover at the PLS discovery, it is believed that
the overlying MF thinly veils the Devonian. These sediments
protected the basement from contact with glaciation, thus
preserving a favorable environment for an unconformity uranium
deposit (GSC Map 12-G, 2006).
-Proximity to the Clearwater Domain ("CD",
not to be confused with the Clearwater Sedimentary formation), a
major intrusive system in the Rae geologic province, which does not
outcrop but has a distinct magnetic and gravity signature (Card,
C.D., 2001, SGS). The CD has been postulated as the heat source of
uranium deposits in western Saskatchewan (Darnley, A.G., GSC
1981).
-The Property covers several topographic
features, including lake chains and watercourses, that strike south
west from the PLS discovery area. These suggest possible structural
and geological targets that may be tested by cost effective methods
such as lake sediment and radon sampling.
An interactive map detailing the current
claim locations can be viewed on the company's website at
www.cin-v.com/athabasca
The agreement did not include the Company's
50% ownership in the Coflin Lake property (4,639 hectares) or its
50% ownership in the Clearwater property (34,762 hectares). In
total, CIN has exposure to 57,443 hectares of land in the PLS
uranium camp.
The technical data in
this news release has been reviewed by Thomas Hasek, P. Eng. a
Qualified Person under the terms of N.I. 43-101. The transaction is
subject to the acceptance of the TSX Venture Exchange.
On behalf of the Board
of Directors,
"Michael E. Schuss"
Michael E. Schuss
President and Chief Executive Officer
For further information
on Canadian International Minerals Inc. please visit the company
website at www.cin-v.com or
contact Michael E. Schuss at 604-241-2254.
Neither 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.
CAUTION CONCERNING
FORWARD-LOOKING STATEMENTS: Some of the statements contained herein
may be forward-looking statements which involve known and unknown
risks and uncertainties. Without limitation, statements regarding
potential mineralization and resources, exploration results, and
future plans and objectives of the Company are forward looking
statements that involve various risks. The following are important
factors that could cause the Company's actual results to differ
materially from those expressed or implied by such forward looking
statements: changes in the world wide price of mineral commodities,
general market conditions, risks inherent in mineral exploration,
risks associated with development, construction and mining
operations, the uncertainty of future profitability and the
uncertainty of access to additional capital. There can be no
assurance that forward-looking statements will prove to be accurate
as actual results and future events may differ materially from
those anticipated in such statements. Canadian International
Minerals Inc. undertakes no obligation to update such
forward-looking statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to
place undue reliance on such forward-looking statements
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