|By Marketwired .||
|August 28, 2014 04:15 PM EDT||
ROUYN-NORANDA, QUEBEC -- (Marketwired) -- 08/28/14 -- Chibougamau Independent Mines Inc.("Chibougamau Mines") (TSX VENTURE: CBG)(STUT: CLL) intends to proceed with its previously-announced private placement of up to 4,000,000 Quebec "flow-through" shares at a price of $0.10 per share and up to 2,500,000 units at a price of $0.08 per unit, each unit being comprised of one common share and one-half of a common share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional common share of Chibougamau Independent Mines at a price of $0.16 for a period of twelve months.
The maximum proceeds from the placement will be $600,000. Chibougamau Independent Mines will use the net proceeds from the placement to drill previously-defined copper gold targets, for stripping to test the potential extension to surface of a zone of copper-gold mineralization and to trench and assay, on a systematic basis, areas of massive iron, titanium and vanadium mineralization at the company's historical Mont Sorcier deposit east of Chibougamau.
Chibougamau Independent Mines is one of the largest property holders in the Chibougamau Mining Camp. Assets include a first-class, 9,326 hectares exploration package including numerous former copper gold mines.
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.
Jack Stoch, P.Geo. President and CEO of Chibougamau Independent Mines Inc. wrote this press release. Claude Larouche, B.Sc. Eng., M.Sc., Geol., ing in the capacity as Qualified Person has reviewed and approved the content of this press release.
We Seek Safe Harbour. CUSIP Number 167101 10 4
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.
32,477,248 shares issued and outstanding
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