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: iberzins@canadiancriticalmineralsinc.com
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
SOURCE: Canadian Critical Minerals Inc.
