Tickers: XTSX:AA, PINX:AXVEF, XTSX:AA.H, XTSX:AA'H-V
Tags: None
February 22, 2017 / TheNewswire / Vancouver, British Columbia - Alba Minerals Ltd. ("Alba or The Company") (TSX-V: AA.H AXVEF:US) is pleased to announce the signing of a definitive Property Option Agreement (the "Agreement") with ("Noram Ventures or The Company") to acquire up to 50% of Noram's wholly-owned subsidiary Green Energy Resources Inc., which holds lithium brine/clay claims at Clayton Valley, Nevada and the Hector Lode claims in San Bernardino County, California.
Clayton Valley Lithium Project:
Green Energy has amassed one of the largest land packages in Nevada's Clayton Valley. Its non-contiguous North and South Blocks now total 888 claims (17,738 acres) and are positioned both north and south of Albemarle Corp.'s Silver Peak mine, North America's only lithium producer.
The perimeter of the Clayton Valley claims is located within 1 mile (1.6 kilometers) of Albemarle's operations, where lithium is produced from deep wells that pump brines from the basin beneath the Clayton Valley playa. The plant is the only lithium producer in the United States and has been producing lithium at this location continuously since 1967.
Hector Lode Lithium Project:
The Agreement also includes the 100%-owned Hector Lode property encompassing 116 lithium mineral claims (2,320 acres) in San Bernardino County, California, where surface sampling has confirmed the presence of lithium in hectorite clays. Material is currently being mined on adjacent ground as bentonite/hectorite clays. An initial core drilling program is now under consideration for the property.
Terms of the Option Agreement:
In order to keep the Option in good standing and in force and effect, Alba shall subject to Exchange and regulatory approval:
(a)Make mandatory payments in the aggregate of CAD$255,000 to Green Energy on completion of the Phase 1 drilling program in Clayton Valley, to earn a 25% interest in the Claims. For greater certainty, this payment is an obligation and not optional and upon payment of the said amount Alba will become the owner of the said 25% interest without having to give Exercise Notice;
(b)Make a certain second payment of CAD$200,000 to Green Energy on or before March 30th, 2017 or at such time as the National Instrument 43-101 Technical Report on the Phase 1 drilling results is completed, whichever is later, to earn an additional 5% for a total 30% interest in the Claims;
(c)Make a third payment of CAD$200,000 to Green Energy on or before May 30th 2017, in order earn an additional 5% for a total 35% interest in the Claims;
(d)Make a fourth payment of CAD$289,500 to Green Energy on or before August 25th 2017, in order to earn an additional 10% for a total 45% interest in the Claims;
(e)Make a fifth payment of C$155,500 to Green Energy and issue an aggregate of 1,000,000 share capital of Alba (the "Alba Shares") to Noram on or before November 30th 2017, in order to earn
The technical information contained in this news release has been reviewed and approved by Bradley Peek, MSc and Certified Professional Geologist, who is a Qualified Person with respect to Noram's Clayton Valley Lithium and Hector Lode Lithium Projects as defined under National Instrument 43-101.
Sandy MacDougall said, "We are extremely pleased with this agreement, and the results to date.
The technical information contained in this news release has been reviewed and approved by Bradley Peek, MSc and Certified Professional Geologist, who is a Qualified Person with respect to Noram's Clayton Valley and Hector Lode Lithium Project's as defined under National Instrument 43-101.
For further information, please contact:
Alba Minerals Ltd
Sandy MacDougall
Chairman
Phone: 778-999-2159
Website: www.albamineralsltd.com
Forward-looking Information
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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 this release.
Copyright (c) 2017 TheNewswire - All rights reserved.
