Canadian Mining Sources Potential Mill, Will Engage Local Drilling Contractor for NI 43-101 Drill Program; Shares Drop 17%

By MT Newswires,  August 14, 2012, 03:08:24 PM EDT

Canadian Mining Company Inc. (CNG.V) has recently acquired consent to the use of data as reported in the historic non-compliant 1994 Exploration Programme Reserve Estimate and Mine Feasibility Review and Recommendation Report and the historic non-compliant 2001 Exploration Program and Resource Evaluation Report on the Sun Group of Claims. This historic data is beneficial for Canadian Mining's upcoming NI 43-101 drill program and will significantly reduce the related costs.

NI 43-101 Drill Program

On the recommendation of the Company's Qualified Person, John Beck of Beck and Associates, the Company will be engaging a local driller to carry out the drill program. Having a compliant NI 43-101 Resource Report will not only establish the size and grade of the zeolite deposit, but it will also assist the Company in getting its zeolite certified for use by municipalities, organic growers and companies engaged in radiation containment. The 43-101 paves the way for a 10,000 tonne bulk sample and near term sales to local markets, such as organic growers, vineyards, composting, animal waste treatment, livestock poultry and swine producers.

Sourcing Processing Mill

For several months Canadian Mining has been sourcing an appropriate mill to process its zeolite, which will allow the Company to command market prices from customers who have very specific requirements. Processed zeolite is used in applications such as radiation containment and concrete infrastructure applications. The Company is pleased to report a mill has been sourced and it is currently being evaluated by the Company's qualified person, following a recent on-site inspection. Predicated on securing financing, the Company is targeting to have the mill operational in early 2013.

About 122,000 shares have changed hands so far.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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