Vancouver, British Columbia – July 10, 2023 – Callinex Mines Inc. (the “Company” or “Callinex”) (TSX-V: CNX; OTC: CLLXF) is pleased to announce a high-grade copper maiden mineral resource estimate for its 100% owned Pine Bay Project (the “Project”) in Manitoba. The Project hosts the high grade copper, zinc, gold and silver Rainbow deposit which is open for expansion in addition to the Pine Bay deposit that sits in close proximity.  The deposits at the Pine Bay Project are Volcanogenic Massive Sulphide (“VMS”) which contain significant copper, zinc, gold and silver that the Flin Flon Mining District is well known for.  The resource estimate was prepared by Kirkham Geosystems Ltd. (“Kirkham”) for the Company.

Highlights:

    • Rainbow deposit Indicated Mineral Resource of 3.44 Mt at 3.59% CuEq and Inferred Mineral Resource of 1.28 Mt at 2.95% CuEq;
    • Pine Bay deposit Inferred Mineral Resource of 1.0 Mt at 2.62% Cu;
    • Fully funded 20,000m drilling is ongoing to explore in depth and to further define parallel deposit targets at the Project; and
    • Table 1 and Table 2 below provide further information of the mineral resources estimate together with sensitivity to cut-off grades and determination of CuEq.

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