VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 21, 2016) - Callinex Mines Inc. (the "Company" or "Callinex") (TSX VENTURE:CNX)(CLLXF) is pleased to provide its year-end letter to shareholders from President and CEO, Max Porterfield:
Dear Shareholders,
I would like to thank you as a shareholder of Callinex for your continued confidence in the Company and support of its management team. Let's take a moment to review 2015, a year in which Callinex was one of the top performing junior resource stocks on the TSX Venture Exchange.
Despite challenging commodity markets in 2015, we remain confident that our focus on high-grade polymetallic deposits within established mining jurisdictions is a strategy for success. We are optimistic about the outlook for copper and zinc as today's prices are below the average cash cost of production and as a result near-term supply deficits are projected. The Company's focus on Volcanogenic Massive Sulphide ("VMS") deposits in the Flin Flon Greenstone Belt also provides exposure to precious metals, where gold and silver have historically comprised 40% of a deposits metal value on average.
Over the past year we have achieved several objectives, most notably the Company raised over $4.5 million to fund exploration programs from new and existing shareholders that share our vision. These proceeds allowed Callinex to complete two successful drilling campaigns that each intersected high-grade VMS mineralization at our Pine Bay Project. Additionally, we bolstered our technical team with some of the world's top experts in VMS exploration including Alan Vowles and James Pickell. Mr. Vowles and Mr. Pickell were each previously awarded Prospector of the Year by the PDAC for major VMS discoveries in the belt.
In 2015 we earned a 100% interest in our Flin Flon Project and the Sourdough area of the Pine Bay Project through the completion of a pre-existing option agreement. Callinex now has 100% ownership of all projects within the Flin Flon Greenstone Belt and many claims are in good standing beyond 2020. We will continue to assess accretive acquisition opportunities to strengthen our project portfolio where we can add value with our world-class technical team and ability to access capital.
With the foundation built in 2015, we are eager to continue working towards achieving our objectives in 2016 and beyond. We recently commenced a two-phase 10,000m drilling campaign and will remain well capitalized upon its completion. I am excited to be drill testing high-quality targets that have the potential to represent significant VMS deposits.
Heading into the New Year, Callinex remains one of North America's leading mineral exploration companies due to its quality project portfolio located within established mining jurisdictions, world-renowned technical team and supportive shareholder base. The Company is positioned to continue to make you a proud shareholder in 2016 and we appreciate and encourage your ongoing support.
Sincerely,
Max Porterfield, President & CEO
About Callinex Mines Inc.
Callinex Mines Inc., a Canadian mineral exploration company, is focused on discovering the next copper-zinc rich VMS mine within Manitoba's prolific Flin Flon mining district. The Company's flagship project is the Pine Bay Project which host significant historic VMS deposits that are within close proximity to a processing facility. The Flin Flon district has yielded more than 145 million tonnes of production from 32 mines.
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 the proposed drill program and the timing and amount of expenditures. Except as required under applicable securities laws, Callinex does not assume the obligation to update any forward-looking statement.