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Canadian Metals Provides Bi-Weekly Update on Status of MCTO

MONTREAL, QUEBEC -- (Marketwired) -- 09/23/16 -- Canadian Metals Inc. (the "Corporation") (CSE:CME) announces that further to its application for a Management Cease Trade Order ("MCTO"), which was granted on July 29, 2016, the Corporation has been required to provide bi-weekly status reports in accordance with National Policy 12-203, until such time as the Corporation files its amended technical report (the "Amended Report").

The Corporation reports that, since its most recent press release, there has not been any failure, by the Corporation to fulfill its intentions with respect to satisfying the provisions of the alternative information guidelines, and there have been no additional defaults subsequent to such announcement. Further, other than the information provided below, there has been no additional material information concerning the Corporation and its affairs since its most recent press release that has not been disclosed.

The Amended Report will include a re-scoping of the PEA for a Hybrid Flex plant base case 100% ferrosilicon rather than a base case 100% silicon metal. It is expected that this will impact the values attributed to the project announced previously. Therefore, until the filing of an Amended Report, the press release dated April 28, 2016 and the technical report filed June 22, 2016 should not be relied upon.

Canadian Metals is pleased to announce positive updates for the Langis Preliminary Economic Assessment (PEA) revision, conducted by CIMA+.

The work is progressing well and the Corporation still expects to file the Amended Report on time and within the expected budget with the challenge with the Geology/Resources areas, in receiving timely vital input data on the Block model, namely, database, drawings, and certificates of analysis.

The latest updates of the work progress are as follows:


--  Compliance with the requirements from the Autorite Des Marches
    Financiers (AMF) - comments from AMF were addressed in the report 
--  Geology and Resource Model review - the QP Claude Duplessis received the
    data required to be reviewed on Monday, September 19, 2016. His site
    visit is expected to occur early in the week of September 26, 2016. 
--  Beneficiation Plant design review and optimizations - the work has been
    completed with the main strategy being to replace the originally
    proposed plant equipment with mobile ones, placed on a chassis and
    wheeled so that the need of extensive civil work and structural design
    and steel materials is eliminated. This is leading to significant
    reduction of the Capital costs required for that part of the project,
    while facilitating the closure procedures and improve environmental
    conditions on site at closure 
--  Metallurgical Plant review and optimizations - Viridis IQ completed the
    revision of the Section 17 related to the HF Plant design and revised
    Operating costs to accommodate the new base case of production of FeSi
    instead of mgSi. 
--  Capital and Operating costs structure optimization and adhering to the
    local standards and specifics - the work is completed with a lot of cost
    items being optimized to reflect the new changes to FeSi production and
    to reflect more thoroughly the working conditions in the region. 
--  Revised project economics including a new Financial Model, based on the
    optimized Capital and Operating costs completed in Canadian Dollars
    (CAN$) - the process is near completion with only the sensitivity
    analysis left 
--  Updates in the Conclusions and Recommendations area - the work is almost
    completed 
--  Complete National Instrument 43-101 Preliminary Economic Assessment
    Report - the overall original report has been placed in the CIMA+ report
    template and was revised for the most part, with the input from the
    delayed Geology and Resources sections pending only. A draft report
    (without sections 7, 8,9,10,11,12,14, and 23) is ready for a review. 
--  Introduction of new Qualified Persons (QP) under the National Instrument
    43-101, qualified to perform the respective mandates with deep
    understanding and vast experience in their respective fields.

About Canadian Metals

Canadian Metals Inc. is focused exclusively on the development of its Langis Project, a high-purity silica deposit located in the province of Quebec. The Company is rapidly positioning itself to eventually become a North American ferrosilicon producer.

Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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