Vancouver, British Columbia - June 14, 2017 (Newsfile Corp.) (Investorideas.com Newswire) Canadian Mining Corp. (TSXV: CNG) ("Canadian Mining" or the "Company") is pleased to announce that management is focusing efforts on the Company's 100% owned Bullard Pass Project.
The regional setting of the Bullard Pass gold project is typical of detachment fault gold deposits and has geological, mining and metallurgical similarities to the Mesquite Mine in California. In a 1992 Arizona geological Open-File Report 92-1, the authors state, "the mineralogic and structural similarities of the Bullard and Copperstone districts suggests that potential exists for a major gold deposit in the area of the Bullard district."
The Company is in the process of compiling historic data on the property that includes recent drilling by Canadian Mining of Arizona Inc. a wholly owned U.S. subsidiary of Canadian Mining. The Company is planning an exploration program for the summer of 2017 and expects to update the market in the coming weeks.
Simultaneous with the Bullard Pass development, the Board of Directors is actively reviewing and pursuing new opportunities for project generation and continued financing to create shareholder value.
On May 26, 2017, the Company closed an oversubscribed private placement of 11,004,967 Units for gross proceeds of $990,447. Each Unit consists of one common share and one common share purchase warrant. Each common share purchase warrant is exercisable at $0.25 for a one-year period.
Of particular interest with this private placement, is that all participants of the financing have signed a voluntary pooling agreement that subjects the shares acquired, and any shares acquired on exercise of the share purchase warrants, to a 16-month staged release of 25% of the shares becoming free trading every 4 months.
ON BEHALF OF THE BOARD OF DIRECTORS
Brian G. Thurston, President
For further information please contact:
Brian G. Thurston
Canadian Mining Corp.
Neither 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, the ability to complete contemplated work programs and the timing and amount of expenditures. Canadian Mining does not assume the obligation to update any forward-looking statement.
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