VANCOUVER, BC, Dec. 24,
2024 /CNW/ - Callinex Mines Inc. (the "Company" or
"Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased to announce that
it has entered into a termination and assumption agreement (the
"Termination Agreement") with Teck Resources Limited ("Teck") and
Voyageur Mineral Explorers Corp. (VSE: VOY) ("Voyageur") whereby
Teck (as a successor to Aur Resources Inc.) has agreed to terminate
its back-in right to acquire up to an additional 90% of certain
mineral claims of the Alberts Lake Property, Manitoba (the "Back-In Right"). Callinex holds
an option to acquire a 100% interest in the Alberts Lake Property
in accordance with the terms of an option agreement (the "Option
Agreement") with Voyageur (see news release dated August 8, 2024).
In consideration of Teck terminating the Back-In Right:
- Callinex will issue to Teck 150,000 common shares of Callinex
(the "Shares") and 75,000 share purchase warrants of Callinex (the
"Warrants"). Each Warrant will be exercisable at price of
$2.00 per share for a period of two
years from the closing date.
- Teck will receive a one-time cash payment of C$1,000,000 within sixty (60) days of a decision
being made to commence construction of a mine on the Alberts Lake
Property (the "Milestone Payment"). The Milestone Payment will be
the responsibility of the owner of the Property (ie. either
Voyageur or Callinex as the case may be).
Max Porterfield, President and CEO of Callinex, stated, "We
are pleased to welcome Teck as shareholder of Callinex and provide
them with exposure across the Company's entire exploration
portfolio. Moving forward we are eager to include this area in
future exploration plans to target near surface opportunities to
further expand on the expanding high-grade discoveries located
immediately to the south."
In addition to the foregoing, Callinex and Voyageur have entered
into an amendment agreement (the "Amendment Agreement") to the
Option Agreement whereby the parties removed the final payment of
C$150,000 of common shares of
Callinex on the fourth anniversary of the Option Agreement (the
"Fourth Anniversary Payment").
The Shares and Warrants to be issued to Teck will be subject to
restrictions on resale for a period of four months from the date of
issue. Closing of the Termination Agreement and Amendment Agreement
is subject to the acceptance of the TSX Venture Exchange.
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTCQX: CLLXF) is advancing
its portfolio of base and precious metals rich deposits located in
established Canadian mining jurisdictions. The focus of the
portfolio is highlighted by the rapidly expanding Rainbow deposit
at its rich VMS Pine Bay Project located near existing
infrastructure in the Flin Flon Mining District. Callinex prepared
an indicated mineral resource on the Rainbow deposit of 3.44 Mt
grading 3.59% CuEq for 272.4 Mlb CuEq (238.3 Mlb Cu, 56.9 Mlb Zn,
37.6 koz Au, 692.8 koz Ag, 2.3 Mlb Pb), an inferred mineral
resource on the Rainbow deposit of 1.28 Mt grading 2.95% CuEq
containing 83.4 Mlb CuEq (72.1 Mlb Cu, 19.5 Mlb Zn, 11.1 koz Au,
222.2 Koz Ag, 0.8 Mlb Pb) and an
inferred mineral resource at the Pine Bay deposit of 1.0 Mt grading
2.62% Cu containing 58.1 Mlb Cu (see news release dated
July 10, 2023).
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. Such factors include, among
others, completing the private placement financing, the ability to
complete the proposed drill program and the timing and amount of
expenditures. Except as required under applicable securities laws,
Callinex does not assume the obligation to update any
forward-looking statement.
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SOURCE Callinex Mines Inc.