(TheNewswire)
Vancouver, BC. / TheNewswire / June 1, 2017 - CMC Metals Ltd. - (the "Company") - is pleased to announce that its Class 1 Notification of planned drilling activities at the Company's 100% owned Silver Hart silver-zinc-lead deposit has received Notice that the program is Allowed to Proceed. The Allowance has been granted by the Mineral Resources Branch of the Yukon Department of Energy, Mines and Resources. The Department has specifically allowed for the use of a low-impact (24.8 kPa ground pressure) diesel hydraulic track mounted core drill rig, subject to certain track imprint remediation by the Company. The Allowance permits the Company to drill all of its planned holes, to include up to 1,000m of confirmatory and exploration drilling. The Company intends near-term mobilization of the drill rig, and targets the completion of field-based work by June 30th.
"We are pleased to be returning to work at Silver Hart, where the Company previously delineated a number of high-grade silver-lead-zinc showings that historically produced certain high-value concentrates. Prior to ceasing activity in 2013, the Company recovered three bulk samples totalling 513.5 tonnes: these were sold (2011, 2012 and 2013) for total proceeds of $962,286 USD," said Ian Graham, CEO.
The Company further wishes to announce that it has agreed to issue up to 3,500,000 Units at $0.12 per unit, each unit consisting of one flow-through common share and one transferable share purchase warrant. Each transferrable warrant will be exercisable into one additional, non-flow-through common share at $0.12 per share for a one-year period. The warrants granted pursuant to this placement will have an acceleration clause on exercise, for exercise to a 30-day period from the seventh calendar day after the Company's shares have closed with a trading price of $0.20 per share for a consecutive ten-day period. The proceeds of this private placement will be used to pay for the Company's drill program at the Silver Hart Property, Yukon. A finder's fee may be payable in relation to this private placement. This transaction is subject to TSX Venture Exchange approval.
The Company further wishes to announce that it will not be proceeding at this time with the grant of 814,000 incentive stock options reserved at $0.12 per share and set to expire on May 22, 2019, as set out in its May 24, 2017 Press Release.
About CMC Metals.
CMC Metals Ltd. is a mineral exploration company focused on opportunities in the United States and Canada that offer potential for near-term cash flow. The Company is led by a seasoned team with experience developing assets to production. CMC hold a 50% interest in the Radcliff Gold property (formerly the World Beater Mine) in California located 9 Miles (14 km) north of the Briggs Gold Mine in the Panamint range in Inyo County, Southwestern California. The Radcliff covers 1,654 acres (670 Ha) comprising 10 patented claims, 5 unpatented mill sites and 84 unpatented mine claims. The Company's Silver Hart Property is a Silver-Lead-Zinc asset located in the Yukon, 132 km West of Watson Lake, and covers 2,200 hectares and 116 Contiguous and partial claims.
On behalf of the Board:
_"Michael C. Scholz" _____________
CMC METALS LTD.
For further information please contact Mr. Michael Scholz at Tel: 604-605-0166 email: info@cmcmetals.ca
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.
"This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosure regarding near-term mobilization of the drill rig, and targets the completion of field-based work by June 30th comprises a forward looking statement. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation."
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