Chibougamau Independent Mines Inc.
TSX VENTURE : CBG
STUT : CLL

Chibougamau Independent Mines Inc.

April 17, 2013 11:35 ET

First Phase Chibougamau Drilling and Geophysical Surveys Completed

ROUYN-NORANDA, QUEBEC--(Marketwired - April 17, 2013) - Chibougamau Independent Mines Inc. ("Independent") (TSX VENTURE:CBG)(STUT:CLL) is pleased to provide shareholders with an update as to work undertaken on several of our wholly owned properties in the Chibougamau Mining Camp of Quebec.

Berrigan Gold, Silver, Zinc Property

Eight relatively short drill holes were undertaken in order to provide Independent with geological, structural and mineralogical information as regards the area of known mineralization. Previous drilling dates back as far as 1948 so fresh core was deemed necessary in order to allow Independent to understand this project area as it is geologically different than all the other areas of know mineralization in the Camp.

Two parallel sections, thirty (30) metres apart, comprised of three and four drill holes respectively from the same drill collar but at progressively steeper angles, were drilled as follows:

Section Hole Azimuth
(degrees)
Dip
(degrees)
Length
(m)
420 N BT-13-02 125 50 199.5
420 N BT-13-01 125 60 223.5
420 N BT-13-03 125 70 250.5
390 N BT-13-08 125 42 200.0
390 N BT-13-05 125 47 220.5
390 N BT-13-06 125 56 215.0
390 N BT-13-07 125 61 248.0

In addition, a hole BT-13-04 was drilled at an oblique angle from the north to cross-cut the two sections with an azimuth of 180° and a dip of 50°. Individual metallic element assays as high as 32.34 g/t Au, 154 g/t Ag and 15.40 % Zn were encountered.

The drilling intersected wide zones of disseminated pyrite with localized pyrrhotite and in certain sections, disseminated stringer and occasionally semi-massive sphalerite. Valuable information was garnered such as that mineralized zones appear to get larger with depth reaching up to 55 metres in hole number BT-13-01 and a combined width of 61 metres in hole BT-13-07.

The limited drilling undertaken over a very short and shallow strike length has indicated that while numerous short to intermediate length intersections of higher grade mineralization were intersected, the more interesting economic model of a lower cost, open pittable, larger tonnage, lower grade, polymetallic deposit may be a better target.

It was observed from drilling that the distribution of gold seems to be tied to the presence of sphalerite and that silver content forms an extensive halo around the principal gold/zinc mineralized sections.

Initially, assaying of split core was done by Laboratoire Expert Inc. of Rouyn-Noranda, Quebec, using standard sample preparation followed by fire assaying for gold and an atomic absorption finish. However, it was found that there were huge variances in the gold assays due to the coarse nature of the gold. It was decided to undertake the more expensive and time consuming metallic sieve assay method for gold with a gravimetric finish as testing of this method by Laboratoire Expert showed good reproducibility. Silver and base metals were done by total acid digestion with an atomic absorption finish.

At the end of this press release, you will find a list of some of the drill intersections.

Shallow and Deep Penetration Induced Polarization Survey

A series of grids were established on some of our lake claims in order to test, among other things, water covered areas of known mineralization, projections of mineralized mine structures from land into the lake, areas where previous limited diamond drilling intersected gold and/or copper in historical drill holes and lastly, prospective areas of geological interest.

In a preliminary review of the IP sections, it is evident that both types of surveys have delineated areas of known mineralization and extensions both along strike and to depth providing Independent with a large number of priority targets. We are awaiting final reports and interpretations as well as the results of corresponding horizontal electromagnetic and magnetic surveys and compilations of the target areas before planning drill programs.

All in all, the initial programs have provided us with an excellent start to our exploration campaigns and we look forward to a productive summer exploration season. Independent intends to spend a minimum of $1,400,000 on exploration on our Chibougamau area properties before year end.

Summary - Berrigan Drilling

DDH # Width
(m)
Au
(g/t)
Ag
(g/t)
Zn
%
Cu
%
BT-13-01 66.8 m 122.4 m 55.6 m 0.90 8.05 0.89 0.04
including 66.8 m 72.4 m 5.6 m 0.99 17.25 0.76 0.08
75.6 m 79.5 m 3.9 m 5.20 23.59 5.23 0.08
92.0 m 94.4 m 2.4 m 1.94 12.33 2.16 0.07
105.0 m 111.5 m 6.5 m 2.39 13.54 1.72 0.06
121.1 m 122.4 m 1.3 m 2.55 23.54 5.17 0.18
138.7 m 141.4 m 2.7 m 1.44 27.41 2.02 0.07
198.0 m 198.8 m 0.8 m 8.60 8.00 1.98 0.14
BT-13-02 66.5 m 67.0 m 0.5 m 4.64 14.00 8.10 0.05
74.3 m 74.9 m 0.6 m 2.53 30.00 5.50 0.05
111.4 m 111.8 m 0.4 m 1.27 14.00 5.30 0.07
122.8 m 123.3 m 0.5 m 4.15 12.00 2.60 0.29
172.2 m 173.2 m 1.0 m 2.42 46.00 5.00 0.09
187.9 m 187.9 m 0.3 m 4.57 38.00 8.30 0.08
BT-13-03 74.5 m 84.6 m 10.1 m 1.87 9.05 1.28 0.06
Including 76.8 m 77.7 m 0.9 m 16.94 48.00 9.50 0.35
117.9 m 144.8 m 26.9 m 1.51 28.06 1.14 0.05
including 117.9 m 133.7 m 15.8 m 1.92 31.08 1.94 0.08
including 117.9 m 122.3 m 4.4 m 2.66 37.4 4.99 0.06
124.3 m 127.0 m 2.7 m 1.95 26.59 1.91 0.06
128.8 m 131.2 m 2.4 m 2.63 44.58 0.35 0.06
133.0 m 133.7 m 0.7 m 5.63 32.00 3.30 0.08
156.5 m 157.6 m 1.1 m 5.72 4.00 4.00 0.07
196.4 197.6 1.2 m 4.97 6.00 1.36 0.10
BT-13-04 57.8 m 58.8 m 1.0 m 3.61 18.00 0.34 0.01
65.4 m 66.8 m 1.4 m 1.67 10.00 1.21 0.02
111.9 m 135.0 m 23.1 m 0.99 5.43 0.64 0.03
including 111.9 m 113.9 m 2.0 m 2.76 12.00 2.74 0.06
128.1 m 135.0 m 6.9 m 1.78 8.09 0.95 0.04
Including 133.8 m 135.0 m 1.2 m 5.92 20.00 4.20 0.06
147.2 m 148.1 m 0.9 m 4.46 16.00 4.50 0.12
BT-13-05 129.0 m 129.6 m 0.6 m 32.34 154.00 9.30 0.35
143.5 m 158.9 m 15.4 m 1.86 13.79 2.73 0.06
including 143.5 m 144.9 m 1.4 m 2.73 21.71 3.53 0.08
150.3 m 150.8 m 0.5 m 2.19 20.00 9.00 0.09
153.8 m 157.3 m 3.5 m 7.72 44.34 9.15 0.13
BT-13-06 132.7 m 133.0 m 0.3 m 2.58 18.0 10.50 0.05
145.4 m 175.7 m 30.3 m 0.91 13.47 1.31 0.03
including 145.4 m 148.2 m 2.8 m 3.03 21.36 3.39 0.07
159.8 m 161.0 m 1.2 m 2.80 8.67 1.81 0.07
168.9 m 175.7 m 6.8 m 2.03 25.71 3.66 0.09
BT-13-07 147.0 m 195.4 m 48.4 m 1.30 20.81 1.91 0.05
including 147.0 m 159.4 m 12.4 m 2.15 18.92 3.10 0.06
including 147.0 m 149.9 m 2.9 m 4.74 23.03 6.36 0.08
151.7 m 154.0 m 2.3 m 2.00 19.39 2.91 0.04
157.2 m 159.4 m 2.2 m 3.16 23.09 2.89 0.04
176.2 m 179.0 m 2.8 m 2.05 23.07 2.31 0.05
182.3 m 195.4 m 13.1 m 2.00 35.07 3.32 0.05
including 182.3 m 186.7 m 4.3 m 2.20 43.86 3.71 0.05
187.6 m 189.5 m 1.9 m 3.02 35.15 2.32 0.08
191.0 m 195.4 m 4.4 m 2.33 27.91 3.58 0.06
BT-13-08 153.0 m 154.6 m 1.6 m 5.44 22.00 4.30 0.07

Depending upon the angle of the drill holes, going from shallower to deeper, true widths vary from 85% to 75% of intersection width.

The Berrigan drilling program was planned and supervised by Claude Larouche, B.Sc. Eng., M.Sc., Geol., ing.

Jack Stoch, P.Geo. President and CEO of Chibougamau Independent Mines Inc. wrote this press release. Claude Larouche, B.Sc. Eng., M.Sc., Geol., ing in the capacity as Qualified Person has reviewed and approved the content of this press release.

We Seek Safe Harbour. CUSIP Number 167101 10 4

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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