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Calgary, Alberta--(Newsfile Corp. - December 16, 2024) - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") hereby confirms that it now holds 26,837,388 shares in XXIX Metal Corp. (previously named QC Copper and Gold Inc.) (TSXV: XXIX) representing 10.4% of the issued and outstanding shares of XXIX.
XXIX recently announced the closing of its acquisition of a 100% interest in Cuprum Corp ("Cuprum") (see XXIX press release dated December 9, 2024, on Sedar Plus). Cuprum was a private company that held a 100% interest in the Thierry copper-nickel project ("Thierry") near Pickle Lake, Ontario. Previously CCMI held a 29.5% interest in Cuprum. Thierry has one of the largest known copper resources in Northwestern Ontario with over 1.3 billion lbs of copper. XXIX also owns a 100% interest in the Opemiska copper project in the Chapais-Chibougamau region of Quebec. With the acquisition of Thierry, XXIX now controls two of the largest copper projects in Eastern Canada.
Based on the closing price for XXIX on Friday, December 13, 2024, of $0.135 per share, CCMI's interest in XXIX is currently valued at approximately $3.62 million. As of July 31, 2024, interim financial statements for XXIX show a cash position of $4.60 million (see XXIX press release dated September 30, 2024, on Sedar Plus). The current cash position with XXIX should allow it to continue drilling at the Thierry project in 2025 where CCMI previously encountered significant copper mineralization at the K1-1 near surface deposit in July 2023. Under the terms of the Cuprum acquisition, all former Cuprum shareholders are entitled to sell up to 10% of their shareholding in XXIX on closing with the remaining shares held in escrow for up to 18 months.
About Canadian Critical Minerals Inc.
CCMI is a mining company primarily focused on copper production in Canada. CCMI's main asset is the 100% owned Bull River Mine project (>135 million lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. The mine has a fully developed underground infrastructure to a depth 350 metres below surface with 21,000 metres of underground workings. The mine is being maintained in a dewatered condition. The mine is connected to grid power and is accessible by paved and all-weather roads. The property is near the towns of Fernie, Cranbrook and Kimberley in the East Kootenays of British Columbia. The Company is currently generating revenues from the sale of concentrated ore from a large surface stockpile.