Coronet Enters Letter of Intent to Move Liberty Mill Forward
Vancouver, British Columbia--(Newsfile Corp. - September 30, 2014) - Coronet Metals Inc. (TSXV: CRF) (FWB: 2CM) (OTCQX: CORMF) ("Coronet" or the "Company") today announced that it has entered into Letter of Intent ("LOI") to sell a 50% operational interest in Coronet Metals US Inc. ("Coronet US") which operates the Liberty Precious Metals Processing Facility (the "Liberty Mill") to First Liberty Power Corp. ("FLPC"). The Liberty Mill is fully permitted to process up to 50 tons of feed material per day from Nevada, as well as out-of-state supply.
The LOI provides that the parties will enter into a definitive share purchase agreement (the "Definitive Agreement") on or before October 6, 2014. In the event the Definitive Agreement is not entered into before such date, the LOI will terminate and be of no further force and effect.
Coronet President, Theo van der Linde, provided details of this development "Over the last year, the FLPC management team has increased their mineral properties to more than 1200 acres, including a gold (Au) mineral exploration operation on their Rose Creek Properties with near-term expectations of gold production to improve the FLPC balance sheet. Joining forces with FLPC will not only ensure the Liberty Mill gets back on line, but Coronet has now taken steps that immediately enhances the prospects of the Company's refining business by providing a near-term solution to feed material constraints. Moreover, this partnership advances another Coronet objective of having access to feed material. With relatively straight-forward enhancements, the Liberty Mill will be able to host a dedicated operational line to produce high grade stibnite (antimony) concentrate and Gold Dore sourced from FLPC's properties Coronet is excited about partnering with FLPC and drawing upon their expertise and resources to allow the Liberty Mill to finally recognize its full potential."
Forward Looking Information
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the execution of a Definitive Agreement for the Liberty Mill and the future operations at the Liberty Mill, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
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.
FOR FURTHER INFORMATION AND ENQUIRIES:
Theo van der Linde
President and CFO
Tel: +1 902 403 7258
Email: tvanderlinde@coronetmetals.com
Web: www.coronetmetals.com