Chibougamau Independent Mines Inc., also known as CIM, is a junior mining firm focused on precious metal and base metal resources. The firm is engaged in the discovery, acquisition, exploration and development of mineral projects, particularly based in Chibougamau, Quebec.
The firm was incorporated in December 2010 according to the Canada Business Corporations Act as a 100 per cent owned subsidiary of Globex Mining Enterprises Inc. with headquarters in Quebec. In September 2012, CIM signed an arrangement with its parent company, Globex, that led to reorganization and relative adjustments within the organization.
As result of the arrangement, Globex transferred ten mineral projects (effective December 2012) to CIM which were subjected to three per cent of gross metal royalty to the parent firm. In 2016, the parent decreased the gross metal royalty for the Mont Sorcier Property to one per cent but continued royalty interest on the other mining claims acquired by CIM.
These ten mineral projects are situated within the Abitibi region in the Chibougamau Mining Camp. CIM owns a 100 per cent stake in each of the following mineral properties that lie on the Chibougamau Mining Camp:
• Bateman Bay
• Berrigan Mine
• Lac Antoinette
• Lac Chibougamau
• Berrigan South
• Buckell Lake
• Copper Cliff Extension
• Baie Malouf
• Kokko Creek
• Quebec Chibougamau GoldFields
• Virginia Option
• Lac David Sud
• Lac Élaine
• Lac Simon
• Mont Sorcier
The mineralization at the project sites contains multiple elements, including gold (Au), copper (Cu), silver (Ag), zinc (Zn) and iron (Fe). The Chibougamau properties are equipped with good infrastructure, which includes forestry roads, rail lines, commercial flights, hydropower supply, and availability of a workforce. The company is working on exploration and drilling operations to identify, evaluate and expand the full mineral potential for further development and advancement of its precious metal and base metal properties.
Chibougamau Independent Mines is a public company listed on the TSX Venture Exchange where its ordinary shares are traded under the stock quote CBG. The natural resource miner is also listed on the US OTC market with the trading symbol CMAUF. Additionally, its common shares are also traded on the Germany based Stuttgart and Frankfurt exchanges under ticker symbol CLL1.