CBG Chibougamau Independent Mines Inc

CBR Gold Corp. (TSX VENTURE:CBG)(FRANKFURT:C3M) ("CBG") (the "Company") is
pleased to announce that its Board of Directors ("Board") has approved in
principle, a spin-out (the "Transaction") of its Canadian and Australian gold
assets.


"Niblack and Three Bluffs are outstanding exploration projects, each with
potential to produce in the near to medium term. Our joint venture partner,
Heatherdale Resources Ltd., is sole funding exploration at Niblack and has the
right to earn up to a 70% interest by funding it through to feasibility. Three
Bluffs, on the other hand, is 100% owned by us and requires significant
exploration to advance the project. Therefore, we feel that it would maximize
shareholders' value to spin-out our other assets so that shareholders hold an
equal number of shares in two reporting issuers with distinct flagship projects
that have unique prospects and requirements for success," said John Williamson,
President and CEO of the Company.


CBG intends to change its name to Niblack Mineral Development Inc. ("NIB"),
which will retain its interests in the Alaskan VMS exploration properties
located in Southeastern Alaska (Niblack, Ruby Tuesday and Khayyam) as well as an
extensive proprietary database focused on this region. CBG will transfer its
100% owned Canadian and Australian assets, including the high-grade Three Bluffs
deposit in Nunavut, Canada; the Jaurdi Hills project in Western Australia; and
Toro Drilling Services Pty. Ltd. to the newly formed subsidiary North Country
Gold Corp. ("NCG") in exchange for NCG shares, which CBG will then distribute to
CBG shareholders on a 1:1 basis. CBG currently holds approximately $9 million in
working capital, marketable securities and equipment, which will be allocated
between NIB and NCG pursuant to the Transaction.


The Company is working with its financial and legal advisors to finalize the
structure and feasibility of the Transaction. If the Board determines to
proceed, the Transaction and name change will be subject to regulatory and
Shareholder approval. If the Transaction proceeds as a statutory arrangement,
Court approval will also be required. If the requisite approvals for the
Transaction are obtained, CBR will reduce its share capital in an amount equal
to the NCG Shares owned by CBR and will distribute such NCG Shares to
Shareholders as a return of capital. Details of the Transaction will be set out
in the proxy circular to be provided to Shareholders in connection with the
special meeting at which approval for the Transaction will be sought, which is
presently scheduled for March 24, 2010.


Alaskan Assets

Niblack Project:

The Niblack Project, held by CBG and joint venture partner Heatherdale Resources
Ltd., is an advanced stage copper-gold-zinc-silver project located on the
southern tip of the Alaskan panhandle on Prince of Wales Island in Alaska, USA.
The Project comprises an NI 43-101 compliant resource and contiguous land
package comprising 3,300 acres with excellent potential to expand the current
resource base. The current mineral inventory at Niblack includes an Indicated
Resource of 2,588,000 tonnes grading 2.33 g/t gold, 33.18 g/t silver, 1.18%
copper and 2.19% zinc and an Inferred Resource of 1,712,000 tonnes grading 2.08
g/t gold, 32.56 g/t silver, 1.55% copper and 3.17% zinc based on a US$50 NSR
block cut-off. Ongoing drilling undertaken by Heatherdale Resources Ltd.
continues to produce excellent results (See press releases dated August 17,
2009, December 17, 2009 and January 18, 2010).


Khayyam and Ruby Tuesday Properties:

The Khayyam and Ruby Tuesday Properties are historic mining operations 100%
owned by CBG located on Prince of Wales Island between 20 and 30 km NNW of the
Niblack Project. The Properties are located within highly prospective geological
corridor hosting significant VMS occurrences at Niblack, Copper City, Corbin and
Big Harbour, and have excellent potential to be developed. Rock samples have
returned values up to 6.9g/t gold, 8.93% copper, 3.61% zinc and 43.7g/t silver
at Khayyam. Results from Ruby Tuesday include rock samples to 16.52% zinc, 8.41%
lead, 1.36% copper and 27.3g/t silver.


Canadian Assets

Management believes that Canada, and Nunavut in particular, offers the best
value for long term exploration success. As such, the goal of NCG is to
concentrate on its activities in Canada.


Three Bluffs Project:

The Three Bluffs Deposit, located within the Committee Bay Greenstone Belt in
Nunavut, Canada, comprises a current NI 43-101 compliant resource of 2.7Mt at
5.85g/t gold for 508,000 oz gold (Indicated) and 1.27Mt at 5.98g/t gold for
244,000oz gold (inferred). The Deposit is hosted within a approx.50m wide,
steeply dipping Banded Iron Formation unit which can be traced for over 10 km.
Gold mineralisation at the Three Bluffs Deposit has presently been delineated
over nearly 1 km of strike to an average depth of 100 m. Significant potential
exists to expand the current resource inventory by continued exploration
targeting mineralized shoot plunge extensions and strike continuity. Current
drilling includes an intercept of 23.53g/t gold over 13.59 m, within the same
iron formation, 400 m west of the current resource shell.


Regional Nunavut Projects:

The Committee Bay Greenstone Belt is 300 km long, 5 to 50 km wide package of
highly prospective lithologies geologically comparable to the significant gold
bearing belts hosting the Meadowbank and Meliadine deposits currently being
developed in eastern Nunavut. The Committee Bay Greenstone Belt currently hosts
more than 40 high-grade gold occurrences but remains one of the longest and
least explored greenstone belts in Canada. NCG will hold a 100% interest in
approximately 567,000 acres of land with prospective geology along the Committee
Bay Belt.


Australian Assets

Management believes that the value of its Australian interests will be maximized
by advancing these assets and operations through sale or joint venture
transactions. Pursuant to the Transaction, the Australian assets will be
transferred to NCG.


Jaurdi Hills Project:

The Jaurdi Hills Project encompasses in excess of 8,500 hectares within the
prolific gold producing Norseman-Wiluna greenstone belt of Western Australia's
Yilgarn Craton. The Project includes the historic Jaurdi and Wealth of Nations
mining areas and contains numerous drill ready targets in close proximity to
excellent infrastructure.


Toro Drilling:

Toro Drilling Services Pty. Ltd. ("Toro") is a wholly owned subsidiary of CBG
with operations based in Coolgardie, Western Australia. Toro has had an
exclusive contract to perform the exploration drilling for Focus Minerals Ltd.
on the Coolgardie Gold Project, formerly the subject of CBG's Redemption Joint
Venture. The estimated value of Toro's operating assets is approximately AUD 2
million, including surface, underground and hand-held diamond drills, as well as
a reverse circulation (RC) rig, support vehicles and related inventory. Since
the formation of Toro in February 2008, it has generated more than AUD 2 million
in drilling revenue.


CBR Gold Corp. is a member of the Discovery Group of companies, for more
information on the group visit www.discoveryexp.com.


On behalf of the Board

CBR Gold Corp. 

John Williamson, President, CEO & Director

For further information about CBR Gold Corp., please visit www.cbrgoldcorp.com.

The program is supervised by Peter Kleespies, M.Sc., P. Geol. who is the
Qualified Person as defined by NI 43-101. A detailed description of CBR Gold
Corp.'s QA/QC program is provided on the Company's website at
www.cbrgoldcorp.com.


This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical
facts, that address exploration drilling, exploitation activities and events or
developments that the company expects are forward looking statements. Although
the company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors that could
cause actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration successes,
continuity of mineralization, uncertainties related to the ability to obtain
necessary permits, licenses and title and delays due to third party opposition,
changes in government policies regarding mining and natural resource exploration
and exploitation, and continued availability of capital and financing, and
general economic, market or business conditions. Investors are cautioned that
any such statements are not guarantees of future performance and actual results
or developments may differ materially from those projected in the
forward-looking statements. For more information, investors should review the
Company's continuous disclosure filings at www.sedar.com.

Chibougamau Independent ... (TSXV:CBG)
Historical Stock Chart
From Apr 2024 to May 2024

Chibougamau Independent ... (TSXV:CBG)
Historical Stock Chart
From May 2023 to May 2024