Chibougamau Independent Mines Inc.
TSX VENTURE : CBG
STUT : CLL
OTC PINK : CMAUF

Chibougamau Independent Mines Inc.

November 22, 2016 09:30 ET

Chibougamau Independent Encounters High Grade Gold, Zinc and Lead on Surface at its Berrigan Property

ROUYN-NORANDA, QUEBEC--(Marketwired - Nov. 22, 2016) - Chibougamau Independent Mines Inc. (TSX VENTURE:CBG)(STUT:CLL)(OTC PINK:CMAUF) is pleased to report the results of recent surface grab and channel sampling on several areas of our 100% owned Berrigan property located immediately northwest of the town of Chibougamau in McKenzie Township, Quebec. Globex Mining Enterprises Inc. (GMX - Toronto Stock Exchange, G1M - Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF - OTCQX International) retains a 3% Gross Metal Royalty (GMR) on the property and surrounding claims. The sampling was initiated following the work of Globex's in-house structural geologist who identified several new geological structures and environments on the property. Following upon his interpretation, in combination with our previous geophysical work and historical drilling, we test sampled several surface rock exposures which displayed mineralization and alteration often found with the newly identified geological model. The 26 samples returned assays as listed below. Chibougamau is currently drilling on the Berrigan property and will release assay results once they are available.

Sample # Sample Type (m) Lead
(Pb %)
Zinc
(Zn %)
Silver
(gpt Ag)
Gold
(gpt Au)
713714 Channel 0.8 m n.s.v. 3.08 6.0 1.06
713715 Channel 1.0 m n.s.v. 1.37 11.0 1.42
713716 Channel 1.2 m n.s.v. 1.27 6.0 0.18
713717 Grab n.s.v. 0.63 10.0 0.04
713718 Channel 0.8 m n.s.v. 0.81 5.0 0.22
713719 Channel 1.2 m n.s.v. 4.00 7.0 0.20
713720 Channel 0.7 m n.s.v. 2.33 4.0 0.12
713721 Channel 0.5 m n.s.v. 7.54 12.0 1.36
713722 Channel 0.4 m n.s.v. 4.49 15.0 0.51
713723 Channel 0.5 m n.s.v. 4.24 13.0 1.82
713724 Grab n.s.v. 2.98 17.0 1.69
713725 Channel 1.5 m 2.31 4.42 41.0 0.45
713726 Channel 0.5 m 2.30 9.98 131.0 17.91
713727 Channel 0.4 m 6.68 6.17 87.0 5.59
713728 Channel 0.9 m 6.79 6.78 133.0 10.77
713729 Channel 0.75 m 0.15 4.44 19.0 0.73
713730 Channel 0.75 m 1.02 4.26 25.0 1.02
713731 Channel 1.0 m 1.40 8.36 26.0 2.06
713732 Channel 1.0 m 2.36 5.92 52.0 5.17
713733 Channel 0.8 m 0.09 0.48 2.0 0.10
713734 Channel 0.8 m 2.38 14.34 43.0 3.19
713735 Channel 0.5 m 1.30 0.98 15.0 34.37
713736 Chip 1.5 m 1.42 8.03 26.0 1.16
713737 Chip 1.5 m 2.12 2.22 9.0 0.89
713738 Chip 0.5 m 0.72 6.23 6.0 3.49
713739 Chip 1.0 m n.s.v. 0.02 <1.0 0.03
n.s.v.: No Significant Value

Grab samples are selective by nature and are unlikely to be representative of average grades.

Contiguous Channel Samples
Samples Length Average Zinc (Zn) Average Gold (Au)
Samples 713714 and 713715 1.8 m 2.13 % Zn 1.26 gpt Au
Samples 713718, 713719, 713720 2.7 m 2.62 % Zn
Samples 713721, 713722, 713723 1.4 m 5.49 % Zn 1.28 gpt Au
Samples 713726, 713727, 713728 1.8 m 7.53 % Zn 11.6 gpt Au
Samples 713729, 713730, 713731, 713732 3.5 m 5.95 % Zn 2.44 gpt Au
Samples 713733, 713734 1.6 m 7.41 % Zn 1.64 gpt Au

All samples were delivered to Accurassay Laboratories located at 165 Jacques Bibeau Street, Rouyn-Noranda, Quebec. The samples are dried and crushed to 70 % passing 2mm. A 1025 g sub-sample is pulverized to 85% passing <200 mesh. The sub-samples are then transferred to Accurassay Laboratories located at 1046 Gorham St., Thunder Bay, Ontario for analytical procedures.

Gold was measured by metallic pulp method. A 1000g pulverized sub-sample is screen to separate the -150 mesh pulp portion to the +150 metallic portion. Two 30 g samples are taken from the -150 mesh portion and the whole +150 mesh is used in the calculation of the final gold calculation done by ICP-OES (AA) finish.

Zinc and lead were measured using multi-digestion (4 acid) on a 2.5 g of the 25 g pulverized sub-sample. The final Zn and Pb determination was done by ICP-OES (AA) finish.

Accurassay Laboratories employs an internal quality control system that tracks Certified Reference Materials. Standard Quality Control practices include Certified Reference Material, Silica Blank and duplicate pulp analyses.

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.

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.

We Seek Safe Harbour.

CUSIP Number 167101 203

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.

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