VANCOUVER, Dec. 4, 2012 /PRNewswire/ - Callinex Mines (TSX.V-CNX) (OTCQX-CLLXF) has begun drilling on its Sneath Lake claims in the Snow Lake region of Northern Manitoba, and is currently mobilizing a second drill to its Moak Lake Project in Thompson, Manitoba.
The Sneath Lake Project is a 1,400 hectare claim block is located 6 kms away from HudBay Minerals Inc.'s Lalor Lake Mine, which began production in 2012. Three deep targets have been defined by Callinex, using a high energy Deep Penetrating Electro Magnetic Survey (DPEM) which is able to define anomalies at depths greater than 500 metres. HudBay Minerals Inc. ("HudBay") has reported that its Lalor Lake Mine contains mineral reserves of more than 14 million tonnes of 0.6% Copper, 6.96% Zinc, 1.86g/t Gold, and 23.55g/t Ag (reference is made to HudBay's press release, dated April 02,2012 entitled "Hudbay Announces Increases in Metals Reserves and Resources"). .The mineralization at Lalor was originally encountered at a depth greater than 500 metres, utilizing the DPEM system (reference is made to HudBay's press release dated March 20,2007 entitled "HudBay's First Lalor Lake Drill Hole Intersects Zinc"). Although much drilling has been conducted at Sneath Lake, no drilling is known to have extended below 500 metres in depth, and Callinex's Deep Pulse EM survey is the first known to have been used on the claims.
The company is also in receipt of drilling permits for their Moak Lake program in the Thompson Region of Manitoba. The 425 hectare Moak Lake claim is located 30 kms north of the town of Thompson and 75 kms east of Nelson House, Mb. The area has been explored for nickel since the 1950s with varying degrees of success. An examination of public assessment records filed with the Manitoba government has shown that geological formations prospective for nickel sulphides exist at the Moak Lake claims. Through interpretation of an airborne electromagnetic survey (conducted by the company), Callinex' exploration team has defined four drill targets, which will be tested as part of this year's program. The company will also perform geophysical surveys, both on surface and borehole based, to further define targets.
Changes to Board of Directors
The Company is pleased to announce that President and Chief of Operations J.J. O'Donnell will take on the role of Chief Executive Officer from Anna Stylianides at the beginning of 2013. Management and the board of directors is confident that Mr. O'Donnell's experience in the Flin Flon / Snow Lake VMS belt, and familiarity with all aspects of the mining business make him the very best choice to lead Callinex going forward.
Additionally, Frank Dembinsky, Brian Irwin and Anna Stylianides have left the board of directors. The company thanks them for their years of loyal service and wishes them well.
On behalf of the Board of Directors,
All of Callinex's exploration programs are conducted under the direction of J.J. O'Donnell, P.Geo, a qualified person as defined by national instrument 43-101, who has reviewed and approved the contents of this release. 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 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. Callinex does not assume the obligation to update any forward-looking statement.
SOURCE Callinex Mines Inc.