"By separating the Manitoba gold projects into a dedicated subsidiary, Callinex aims to continue its focus on its flagship Point Leamington Project while positioning Osawi to capitalize on the strong gold market, ultimately delivering value to shareholders without dilution," said the company in a statement.

The Gossan Hill Gold project includes the formerly producing high-grade gold and silver Gurney Gold Mine. The Island Lake Gold project covers over 70 kilometers of strike extent of the Island Lake Greenstone Gold Belt and encompasses the historic high-grade gold Ministik deposit.

Shares of the company were last seen down $0.02 to $0.66 on the TSX Venture Exchange.

Price: 0.66, Change: -0.02, Percent Change: -2.94

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