Chibougamau Independent Mont Sorcier Royalty News
July 06 2023 - 1:41PM
Chibougamau Independent Mines Inc. (CBG-TSX-V in Canada,
CLL1-Frankfurt, Stuttgart, Berlin and Lang & Schwarz Stock
Exchanges in Germany, CMAUF-OTC in the US), herein called
Chibougamau, is pleased to inform shareholders that
Cerrado
Gold Inc. (CERT-TSXV) has announced acceptance of an
Expression of Interest (EOI) from the UK Export Credit Agency
(UKEF) to provide up to four hundred and twenty million dollars
($420,000,000) of support for the Mont Sorcier Iron Vanadium
project located just east of Chibougamau Quebec.
Chibougamau Independent Mines holds a 2% Gross Metal
Royalty on all production from the property.
The Mont Sorcier deposit is a well advanced,
large, long-life, and economically robust project in a tier one
mining jurisdiction. In September 2022, Voyager Metals Inc., now a
wholly owned subsidiary of Cerrado, completed a Preliminary
Economic Assessment (the PEA) on Mont Sorcier, which outlined a
project with an after-tax NPV of US $1.6 billion and an IRR of 43%,
producing 5.0 MMtpa of iron concentrate over a mine life of 21
years with annual free cash flow of US $245 million. The project is
currently advancing towards completion of a bankable feasibility
study (Cerrado Press Release March 7, 2023).
Cerrado in their press release today stated,
“UKEF's engagement with the opportunity is at an early stage.
UKEF's EOI is not a legally binding commitment and is subject to a
series of standard project finance terms and due diligence,
including, among others, suitable structured offtake contracts, the
successful completion of the Definitive Feasibility Study (DFS),
and an Environmental and Social Impact Assessment (ESIA) to Equator
Principles. The EOI provides an indication of currently available
country limits, an indication of the attractiveness of the project,
and it covers, in principle, the level of financial support, their
flexibility and desired conditions.” Click here to read today’s
Cerrado press release.
Jack Stoch, P.Geo. President and CEO of
Chibougamau Independent Mines Inc. wrote this press release in his
capacity as QP under applicable regulations.
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 the release.
We Seek Safe Harbour. |
CUSIP Number 167101 203 LEI 529900GYUP9EBEF7U709 |
For further information, contact: |
Jack Stoch, P.Geo., Acc.Dir. President & CEO Chibougamau
Independent Mines Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada
J9X 2J1 |
Tel.: 819.797.5242 Fax: 819.797.1470 info@chibougamaumines.com
www.chibougamaumines.com |
Forward Looking Statements Except
for historical information this News Release may contain certain
“forward looking statements”. These statements may involve a number
of known and unknown risks and uncertainties and other factors that
may cause the actual results, level of activity and performance to
be materially different from the Companies expectations and
projections. A more detailed discussion of the risks is available
under “disclaimer” on the Company’s website.
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