Chibougamau Independent Mines Inc. ("Chibougamau Mines") (TSX
VENTURE:CBG)(STUT:CLL) is pleased to provide shareholders with the analytical
results of two drill holes completed in order to cross section our 100% owned
Mont Sorcier North and South iron, titanium, vanadium property, 17km east of the
Town of Chibougamau.


Mont Sorcier North

Hole MS-13-17 was drilled northward and for a length of 602 metres at a dip
angle of 45 degrees. Overburden depth was 2.6 metres. Magnetite bearing rock was
intersected from the beginning of the drill hole to a depth of 328.4 metres
(1,077.4 feet). The hole was continued in order to also cut the Sulphur
Converting Sulphide horizon of pyrite and pyrrhotite which has reported erratic
copper and gold values. The magnetite body was intersected as follows based upon
sulphur cut offs of -1% and -2%.




----------------------------------------------------------------------------
Sulphur (S)                            Core Length                          
 Content        From (m)      To (m)           (m)    True Width      Fe203%
----------------------------------------------------------------------------
-1%                                                       155.7m            
                     2.6         225         222.4    (510.8 ft)       41.00
----------------------------------------------------------------------------
-2%                                                       220.8m            
                     2.6         318         315.4    (724.4 ft)       43.19
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Sulphur (S)                                                                 
 Content              Fe%(i)           Ti02%           V205%     Magnetite %
----------------------------------------------------------------------------
-1%                     28.6            1.12            0.23           38.14
----------------------------------------------------------------------------
-2%                     30.2            0.96            0.22           38.53
----------------------------------------------------------------------------
                                                                            
(i)Calculated                                                               



Magnetite content was determined by Satmagan analysis by Actlabs in Ancaster,
Ontario and represents the percentage of magnetite by weight. Oxides were
analysed by XRF. Details of analytical methods used are available on our
website, under Technical, Technical Information, Assay Methods (Actlabs)


The Mont Sorcier North Iron Property was subjected to cross sectioned drilling
and metallurgical test work by Campbell Chibougamau Mines Limited, the major
producing mining company in the area, which published an open pittable resource
of 171,571,000 tons with a head grade of 30.0% Fe and 1.06% Ti02 which
corresponds well with the analysis from our recent drill hole. The full
historical report is available on the Quebec Government E-Sigeom (Examine) site
under GM31867. Additional test work by the Quebec Government Mines Laboratory in
1975 using Davis Tube testers indicated an average grade of 66.2% Fe, 1.32%
Ti02and 0.57% V205 in concentrate with P205 (an impurity) content at less than
0.001%.


Mont Sorcier South

Also recently, Chibougamau Mines acquired a number of claims covering much of
the nearby South Iron Zone which was also drilled and outlined by Campbell
Chibougamau Mines Ltd. and described in the report indicated above. A historical
non-NI 43-101 resource of 102,800,000 tons grading 27.4% Fe and 1.05% Ti02 was
reported with subsequent Davis Tube tests producing concentrates with 67.8% Fe,
0.95% Ti02 and 0.68% V205.


Globex recently completed hole MS-13-19 across the South Iron Zone drilling
southward with a dip of 45 degrees for a core length of 102m. The hole
intersected the following:




----------------------------------------------------------------------------
                                       Core Length                          
From (m)                      To (m)           (m)    True Width      Fe203%
----------------------------------------------------------------------------
                                                             54m            
25                               102            77      (177 ft)        45.5
----------------------------------------------------------------------------

----------------------------------------------------------------------------
From (m)                          Fe%        Ti02%        V205%  Magnetite %
----------------------------------------------------------------------------
25                               31.8         0.75         0.44         41.4
----------------------------------------------------------------------------



Sulphur content was negligible over the entire core length.

The assay results correlate well with the values intersected in the historical
drilling on the companies' claims.


It was projected by Campbell Chibougamau Mines Ltd. that the North Zone and
South Zones within the area defined by historical drilling could generate 95.2
million tons of concentrate. The zones are open to depth.


Chibougamau Mines has not done the detailed work required to verify the
historical grades and tonnages nor the metallurgical test work by Campbell
Chibougamau mines Ltd and the Quebec government laboratory referred to above as
the core and sample material no longer exists. The resources and metallurgical
studies should be treated as historical, non NI 43-101 compliant and should not
be relied upon.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of the release.


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 and Michel
Leblanc, P. Geo. in their capacity as Qualified Persons have 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.


32,477,248 shares issued and outstanding

FOR FURTHER INFORMATION PLEASE CONTACT: 
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Chibougamau Independent Mines Inc.
819.797.5242
819.797.1470 (FAX)
info@chibougamaumines.com
www.chibougamaumines.com
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