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novice211
2/10/2009 10:14:07 AM | | 30 reads | Post #26029572
Joint Venture Established for Carbo Rare Earth Property
VANCOUVER, Feb. 10, 2009 (Canada NewsWire via COMTEX News Network) --
Canadian International Minerals Inc. (CNSX: CIN) ("CIN"). announces that it has entered into a Mineral Property Option Agreement with Commerce Resources Corp. (TSXv: CCE)(FSE: D7H) ("Commerce") to explore and develop a rare earth element (REE) property in central British Columbia. Under the terms of the agreement, CIN will acquire a 75% interest in the Carbo Claims, (the "Property"), subject to terms outlined below, and regulatory approval.
The Property comprises five mineral claims located approximately 80 km northeast of Prince George, British Columbia and is logging road accessible.
The subject area totals 1,464 hectares underlain by limestone interbedded with calcareous argillites and phyllites. Several dike or sill-like alkaline intrusives were identified by Teck Corporation (Teck) in 1986 and 1987 on the property that are identified as carbonatite or syentite of varying composition and thickness (Betmanis, 1986-87).
<< Historic Exploration -------------------- >>
Commerce conducted an exploration program in 2006 that included soil sampling, scintillometer and magnetometer surveys over a total of 12.5 line kilometers. Forty rock samples were taken from intrusive outcrops and float. Thirty-six of those samples contained anomalously high Rare Earth Element (REE) concentrations. A follow-up exploration program in 2007 confirmed the REE potential of the intrusives.
The carbonatite plugs, dykes and sills occupy a northwest striking zone at least 8 km in length and vary in composition from sovites to pyroxene rich carbonatites and ferro-carbonatites. The property directly adjoins the Prince/Wicheda Lake carbonatite-syenite sill complex and is geologically and structurally aligned with it. Samples from a 42 meter trench on the Prince/Wicheda Lake property taken by Teck averaged 2.60% total rare earths and included a shorter sample interval of over 4% total rare earths (Betmanis, 1987, Pell, 1994).
CIN is planning a summer exploration program to consist of geological mapping, soil and rock geochemical sampling and trenching.
As consideration to acquire a 75% interest in the Carbo Claims, CIN will pay to Commerce a total of $30,000 cash: $10,000 on signing of the agreement (paid), $10,000 on the first anniversary and $10,000 on the second anniversary. CIN will also issue to Commerce a total of 1,500,000 common shares: 500,000 common shares upon regulatory approval, 500,000 common shares on the first anniversary and 500,000 common shares on the second anniversary. CIN will also incur a minimum of $198,000 in exploration expenditures on the Carbo Claims: $66,000 in the first year of the agreement, $66,000 in the second year and $66,000 in the third year. Commerce will also retain a 2% NSR Royalty on the Carbo Claims.
Thomas Hasek, P.Eng., a qualified person as defined by National Instrument 43-101, has reviewed the technical information in this news release.
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On Behalf of the Board of Directors
CANADIAN INTERNATIONAL INC.
"Michael Schuss"
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Michael E. Schuss
CEO and Director |
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