Canadian Critical Minerals Signs Trucking Agreement for Stockpiled Material at the Bull River Mine Project
Calgary, January 16, 2024 - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") has entered into a trucking agreement with Arrow Transportation Systems Inc. ("Arrow") to haul mineralized material from a surface stockpile at its flagship Bull River Mine ("BRM") project near Cranbrook, BC to the New Afton Mine operation ("New Afton") near Kamloops, BC for processing.
Under terms of the agreement Arrow will initially haul approximately 16,000 wet metric tonnes of mineralized material to New Afton over a period of four months beginning in early January 2024.
Previously, the Company announced that it had entered into an Ore Purchase Agreement ("OPA") with New Afton (see press release dated October 5, 2023, on Sedar+). Under the terms of the OPA, CCMI will deliver up to 90,000 tonnes of mineralized material from the BRM to New Afton over a period of two years. The Company currently has a large stockpile of approximately 180,000 tonnes of mineralized copper, gold and silver material on surface at the BRM. Under the OPA, stockpiled material will be screened and crushed and then sorted through an X-ray transmissive ore sorter prior to transporting to the New Afton mill facility. Ore sorting will separate low grade and waste from higher grade material so that only higher-grade material will be transported. The Company began screening and crushing of stockpiled material in November 2023. To-date approximately 45,000 tonnes of mineralized material on surface has been screened and crushed. All this material has been reduced to minus 3 inches in size and material that is minus 5/8 inches in size ("Fines") has been placed in a separate pile.
The Company estimates that approximately 30% of the entire stockpile will be Fines which, at minus 5/8 inches in size are too fine to be effectively separated by the ore sorter. The OPA does not currently contemplate sending Fines to New Afton, but the Company may elect to send some of this material to New Afton in addition to the higher-grade material separated by the ore sorter.
Darrell Remple, Regional Manager Mining and Aggregates at Arrow commented, "Arrow is thrilled to work with Canadian Critical Minerals Inc. on this exciting opportunity, building out a logistics network to support the success of their Bull River Mine operation".
Ian Berzins, President and CEO commented, "Now that we have the OPA in place with New Afton and secured a trucking contract with Arrow for an interim period of time, we are in a position to generate revenues from the stockpiled material on surface at the Bull River Mine in the near future".
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
About Arrow Transportation Systems Inc.
Established in 1919, Arrow Transportation Systems Inc. is one of the oldest and most respected transportation companies in Canada. Arrow specializes in commodity hauling, facilities management, logistics management, marine services, manufacturing, product distribution and technology development. Arrow is valued for its integrity, technology and innovative transportation solutions. arrow.ca
Arrow Transportation Systems Inc. Media Contact
Amelia Hillyard
ahillyard@arrow.ca
1-250-819-9753
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.
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