Vancouver, British Columbia–(Newsfile Corp. – November 4, 2024) – Inomin Mines Inc. (TSXV: MINE) (“Inomin” or the “Company“) is pleased to announce that it has entered into a non-binding term sheet (the “Term Sheet”) with Sumitomo Metal Mining Canada Ltd. (“Sumitomo”) dated November 1, 2024 which sets forth the key terms of a proposed earn-in and joint venture agreement (“Definitive Agreement”) to be entered into on the Company’s Beaver-Lynx project in south-central British Columbia (the “Project”). The non-binding Term Sheet provides Sumitomo the right to earn up to an 80% interest in the Project’s mineral claims by incurring a minimum of $8,000,000 in exploration expenditures.
Key Term Sheet Terms
- Sumitomo granted an initial option (phase 1) over two years to earn a 60% interest in the Project by incurring minimum exploration expenditures of $3,000,000;
- Sumitomo granted a second option (phase 2) over a period of up to three years to earn an additional 20% interest in the Project by incurring minimum exploration expenditures of $5,000,000;
- Inomin will be the operator of the Project during at least the initial earn-in period, entitling the Company to a fee equal to 10% of Project exploration expenditures; and
- Inomin will be reimbursed by Sumitomo a portion of exploration expenditures the Company incurs at the Project during Term Sheet exclusivity period, provided a Definitive Agreement is entered into.
Sumitomo is conducting due diligence on the claims comprising the Project. Upon successful due diligence, the parties will work towards finalizing and executing a Definitive Agreement.
John Gomez, President of Inomin comments, “We are delighted to partner with Sumitomo, a leading international resource project developer and producer, to advance Beaver-Lynx. With Sumitomo’s involvement, we believe Beaver-Lynx’s large mineral resource potential will be realized, and the property could develop into another major mine in a mineral and infrastructure-rich district.”
About Beaver-Lynx
The Beaver-Lynx property comprises 25,350 hectares and is ideally located in south-central British Columbia, 50 kilometres from the city of Williams Lake and adjacent to Taseko Mines’ Gibraltar mine project, one of the largest open-pit copper mines in Canada. Beaver-Lynx is easily accessible by good all-season roads, and is close to hydro-electric power, as well as active railway lines.
The Company owns a 100% interest in the Project with no royalties. Exploration including drilling has demonstrated the Project hosts large volumes of nickel. Given positive initial drilling and metallurgical test results – as well as district-scale size – the Beaver-Lynx project has the potential to be a major nickel source. For further information about Beaver-Lynx, visit Inomin’s website www.inominmines.com.
Google Earth satellite image of 25,350-hectare Beaver-Lynx project between Gibraltar and Mount Polley mines, two of the largest mining operations in British Columbia. Beaver is the northern property area connected to southern Lynx block. The project has excellent infrastructure nearby including roads, railway, and hydropower. The neighbouring resource communities offer comprehensive services and skilled mining work force.
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About Inomin Mines
Inomin Mines is focused on the identification, acquisition, and exploration of mineral properties with strong potential to host significant resources, especially critical minerals, as well as gold and silver projects. Inomin trades on the TSX Venture Exchange under the symbol MINE. For more information visit the Company’s website: www.inominmines.com.
Inomin Mines Director, L. John Peters, P.Geo., a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information in this news release.
On behalf of the board of Inomin Mines:
Inomin Mines Inc.
Per: “John Gomez”
President and CEO
For more information and project partner opportunities please contact:
John Gomez
Tel. 604-643-1280
Email: info@inominmines.com
