Chibougamau Independent Mines, East Block Transaction

ROUYN-NORANDA, Quebec, April 12, 2024 (GLOBE NEWSWIRE) -- Chibougamau Independent Mines Inc. (CBG-TSX-V in Canada, CLL1-Frankfurt, Stuttgart, Berlin and Lang & Schwarz Stock Exchanges in Germany, CMAUF-OTC in the US), herein called Chibougamau, wishes to inform shareholders that TomaGold Corporation (Lot-TSXV, TOGOF-OTCQB) have announced in a press release today, that they are finalizing the financing to acquire Chibougamau’s East Block of copper-gold properties. In order to allow TomaGold to complete the complicated procedures of legal and regulatory paperwork and approvals, Chibougamau has extended the date to finalize the transaction to April 30, 2024.

Shareholders can refer to the Chibougamau Independent press release dated August 14, 2023 for the terms of the transaction. Apart from the purchase price which has been adjusted upward by $500,000, both Chibougamau Independent Mines Inc. and Globex Mining Enterprises Inc. will each retain a 2% Gross Metal Royalty on all the East Block claims subject to a 0.5% buyback option.

This press release was written by Jack Stoch, P. Geo., President and CEO of Chibougamau Independent Mines Inc. in his capacity as a Qualified Person (Q.P.) under NI 43-101.

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 the release.

We Seek Safe Harbour.
CUSIP Number 167101 203
LEI 529900GYUP9EBEF7U709

For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Chibougamau Independent Mines Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Tel.: 819.797.5242
Fax: 819.797.1470

Forward Looking Statements

Except for historical information this News Release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Companies expectations and projections. A more detailed discussion of the risks is available under “disclaimer” on the Company’s website.