Fort Chimo Minerals Inc.
CNSX : FCM

May 13, 2011 15:08 ET

Fort Chimo Acquires Mag Copper

TORONTO, ONTARIO--(Marketwire - May 13, 2011) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Fort Chimo Minerals Inc. (the "Company") (CNSX:FCM) announces that, further to its press release of April 28, 2011, it has acquired all of the outstanding common shares of Mag Copper Inc. ("Mag Copper"), pursuant to an arm's length securities exchange offer dated April 28, 2011, between the Company and the shareholders of Mag Copper.

Globex Mining Enterprises Inc. ("Globex") has granted Mag Copper an option to acquire a 100% interest in the Magusie and Fabie Bay properties located near Rouyn-Noranda, Quebec. The Fabie Bay and Magusie River properties comprise one hundred and sixty-one unpatented, contiguous, map staked claims and one mining lease. The properties are located approximately 35 km northwest of Rouyn-Noranda and 11 km due east of the Ontario-Quebec boundary.

John Cullen and Irwin Professional Corporation, a company controlled by Chris Irwin, each acquired 8,500,000 common shares in the capital of the Company in connection with the transaction. After giving effect to the above acquisition, John Cullen and Irwin Professional Corporation, beneficially own an aggregate of 8,500,000 and 8,650,000 common shares of the Company, respectively, representing approximately 10.4% and 10.6% of the outstanding common shares of the Company, respectively.

John Cullen and Irwin Professional Corporation have acquired the above-noted common shares for investment purposes and may, depending on market and other conditions, increase their respective beneficial ownership, control or direction over the common shares or other securities of the Company, through market transactions, private agreements, treasury issuances or otherwise.

A copy of the early warning reports for each of John Cullen and Irwin Professional Corporation have been filed on SEDAR at www.sedar.com under the Company's profile.

Shares Outstanding: 81,910,178

The Canadian National Stock Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Fort Chimo Minerals Inc.
    James M. Brady
    President
    (416) 361-2832
    (416) 423-9325 (FAX)