RB Energy Operations Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 5, 2014) - RB Energy Inc. (the "Company" or "RBI" or "RB Energy") (TSX:RBI)(OTCQX:RBEIF) is pleased to report that the scheduled shutdown and restart of both the concentrate and hydromet circuits at the Quebec Lithium operation occurred on schedule. The plant was shut down on April 29th to enable modifications towards the installation of the first optical ore sorter. The commissioning of the ore sorter is on target to commence by the end of June. With the successful completion of these modifications the plant was restarted on May 2nd, and production is now ramping up towards the first sales of lithium carbonate by the end of May. Production will continue to increase towards commercial production levels by the end of Q3 and name plate levels (20,000 tpa) by year end.
Commenting on the progress at the Quebec Lithium operation, Rick Clark, President and CEO, stated, "With the winter behind us, we are now aggressively pushing forward to achieve initial sales and commercial and name plate production levels. We are very excited about the potential of Quebec Lithium to be a significant supplier to the rapidly growing market of electric and hybrid vehicles. With initial sales to our main offtake partner Tewoo scheduled for the end of this month, we will enter the lithium carbonate market as the newest North American supplier in over 20 years. By the end of 2014, having achieved name plate production, our focus will turn to expanding our operations into lithium hydroxide production and lithium metal."
About RB Energy Inc.
RBI is a Canadian company formed pursuant to the arrangement involving Sirocco Mining Inc. and Canada Lithium Corp. It currently owns Aguas Blancas, an iodine producing mine in northern Chile, and the Quebec Lithium Project near Val d'Or, the geographical heart of the Quebec mining industry. The Aguas Blancas mine is currently in production. The Quebec Lithium Project has completed construction and is in the commissioning phase. For more information regarding RBI, please refer to its public filings available at www.sedar.com.
The technical contents of this release have been reviewed by Mr. Kevin Ross, Eur. Ing., a Qualified Person pursuant to NI-43-101. Mr. Ross is Chief Operating Officer of the Company and a Member of The Institute of Materials, Minerals and Mining.
Forward-Looking Statements
Certain information contained in this news release, including any information relating to the state of the lithium and iodine industries; statements regarding our ability and the timing to achieve and sustain commercial production and name-plate production levels of iodine; our ability to secure commercial orders from our customers; and our ability to become a material player in the lithium market are "forward-looking statements". These forward-looking statements relate to future events or future performance and reflect the Company's expectations regarding the future growth, results of operations, business prospects and opportunities of RBI. These forward-looking statements also reflect the Company's current internal projections, expectations or beliefs and are based on information currently available to the Company. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. The estimates and assumptions of RBI underlying the forward-looking statements in this news release may prove to be incorrect. Assumptions upon which such forward looking information include, among other things, successful and timely commissioning, ramp-up and production at the Québec Lithium Project; the lack of any further significant capital expenditures during the commissioning stage or to bring the hydrometallurgical process plant into production; the continuing support and cooperation of RBI's off-take partners; as well as financial predictions premised on such assumptions. Although the Company believes that the forward-looking information contained in this news release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. RBI expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
On behalf of the Board,
Richard P. Clark, President and CEO