|By Marketwired .||
|August 14, 2013 11:43 AM EDT||
ROUYN-NORANDA, QUEBEC -- (Marketwired) -- 08/14/13 -- Chibougamau Independent Mines Inc. ("Chibougamau") (TSX VENTURE:CBG)(STUT:CLL) is pleased to provide shareholders with a short update as to ongoing field work undertaken on our wholly owned properties in the Chibougamau Mining Camp of Quebec.
A grid has been established over the heart of the Berrigan Zn, Au, Ag property as a control for exploration mapping activities and up-coming diamond drilling. Last winter's diamond drill results have been integrated with known historical results and a priority down-plunge target has been identified for further investigation.
Line cutting is currently also being carried out north of Lac Elaine (west of Berrigan) and on the Kokko Creek - Virginia Option properties, as a prelude to combined induced polarization (IP) and resistivity surveys.
Prospecting and limited quartz vein sampling has been completed on the Berrigan South claim block in order to assess several historical gold showings. Assay results are pending. Prospecting is slated to be undertaken on our northern Grandroy claims in an area of reported historical mineralization.
The Corporation expects to mobilize a drill rig this month to begin investigating and expanding several known polymetallic zones, including the No. 3 Zone on the Bateman Bay property and the Magnetite Bay iron-vanadium-titanium deposit and the close by Sulphur Converting sulphide horizon.
Extensive compilation work has been completed on a number of prospective areas in order to develop an understanding of local geology and structure. Priority drill targets have been outlined.
On August 9, 2013, the Board of Directors granted 600,000 common share stock options to our three independent directors, 100,000 to an officer of the Corporation and 25,000 to an employee. The options were issued at an exercise price of $0.10 per share, vest immediately and will expire on August 8, 2018.
These options are subject to the terms and conditions of the Corporation's 2012 Stock Option Plan. The grants increase Chibougamau's outstanding options to 1,862,900
32,477,248 shares issued and outstanding
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. has written this press release in his capacity as Qualified Person.
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.