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    CBG   CA1671012039

CHIBOUGAMAU INDEPENDENT MINES INC.

(CBG)
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Chibougamau Independent Mines : Drilling Starting on Chibougamau Independent's C-3 Copper/Gold Zone

02/06/2020 | 08:23am EDT

Chibougamau Independent Mines Inc. (CBG-TSX-V in Canada, CLL1- Frankfurt, Stuttgart and Lang & Schwarz Stock Exchanges in Germany, CMAUF-OTC in the US) wishes to provide shareholders with an update regarding exploration on our C-3 copper/gold zone, located in McKenzieTownship, east of the town of Chibougamau, Quebec.

Previously, in a series of press releases dated April 4, 2019, April 22, 2019, August 7, 2019 and August 8, 2019, significant intersections of copper, gold, silver and cobalt were reported. The deepest intersection was in Hole BJ-19-18 at a depth of 450 metres vertical which returned 7.7% Cu and 3.58 g/t Au over a core length of 9.20 m. The C-3 zone was exposed by stripping near the north shore of Lac aux Dores and was followed by drilling down plunge to the southeast.

In December 2019, lines were cut on the land portion of the property and covered by an IP survey which demonstrated a potential extension of the C-3 zone along strike to the northwest. Ice conditions on Lac aux Dores were too dangerous to allow for extension of the grid and IP survey over the projected extension of the C-3 Zone beneath the lake to the southeast. Recently, the ice conditions have somewhat improved allowing the grid to be extended over Lac aux Dores and the IP survey has just been completed in order to test for additional mineralized zones within 250 meters vertical of the ice.

Drilling is starting this week to test the down plunge of the C-3 copper/gold zone. The drilling will be land based due to the poor ice conditions. This will necessitate longer drill holes, and result in oblique intersections and potentially more difficulty in intersecting the target areas but we expect to succeed in controlling the holes projected paths.

Contact:

Tel: 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.

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2020 - - -
Net income 2020 -0,25 M -0,20 M -0,20 M
Net cash 2020 1,19 M 0,94 M 0,94 M
P/E ratio 2020 -30,7x
Yield 2020 -
Capitalization 11,0 M 8,58 M 8,60 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 72,5%
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Managers and Directors
Jack Stoch President, Chief Executive Officer & Director
Marie-JosÚe Audet Chief Financial Officer
Rimant V. Zalnieriunas Independent Director
Samuel R. Bosum Independent Director
David J. Leclaire Independent Director
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