VANCOUVER -- Callinex Mines Inc. (TSX.V-CNX) (OTCQX -- CLLXF) is pleased to announce that it has completed the required work commitment to acquire the Gossan Hill property, near Cranberry Portage, Manitoba. The most recent drill program completed on the property this past March successfully expanded the known mineralization both along strike and at depth (see Callinex news announcement May 10, 2013). As disclosed, this drill program produced core drilling results at very good grades over widths amenable to current mining methods, including a 4.70 metre interval grading 12.99 g/t gold, beginning at a depth of 104.00 metres. Callinex is very encouraged by the work done on the Gossan Hill property to date, and intends to further pursue the property's development.
Pursuant to an amending agreement with the property's vendor, subject to regulatory approval, Callinex will issue 430,000 of its shares, deliver 70,000 shares of Callinan Royalties Corporation (currently held by Callinex for purposes of completing property transactions) and pay $100,000 to the vendor. Once these shares are issued / delivered, and the payment has been made, Callinex will hold a 100% interest in the Gossan Hill property, subject to a 2% NSR, (50% of which NSR can be purchased from the vendor by Callinan Royalties Corporation).
On Behalf of the Board of Directors,
President and CEO