Electra Stone Limited: Enters into Jade Purchase Arrangement
25.08.2016 | Accesswire
VANCOUVER, August 25, 2016 - Electra Stone Ltd. (TSX Venture: ELT) ("Electra") or ("the Company") is pleased to announce that the Company has entered into an arrangement for the purchase of up to 540,000 kilograms of carving and industrial grade jade from Quartz Creek Developments Ltd "QCD", contingent on certain rock quality characteristics being met by QCD as required by Electra.As an initial stage, a deposit of $50,000 CAD has been made to secure a portion of and an exclusive right to the remaining jade at the QCD jade quarry located 30 km north of Dease Lake, BC. Quarried, dimensional stone blocks, of approximately 10,000 kilograms will be moved from site to facilities in Vancouver for further processing. The first stage will act as the proof of concept of a new low-cost method of extraction and on-site processing which incorporates shallow drilling and industrial wire saws to facilitate the removal of measured rectangular blocks of Jade. Upon the success of the first stage, Electra will retain the exclusive right to purchase Jade at the negotiated price up to a total of 540,000 kilograms.
"This agreement will open the door to new jade markets and applications never fully exploited by the BC jade industry. We have successfully secured enough tonnage of a unique jade product at a low enough cost to pursue a competitive sales strategy of dimensional stone products in Canada and internationally," states John Costigan, President & CEO of Electra.
About Electra Stone
Electra Stone Ltd. is building a vertically integrated public Nephrite Jade mining, trading & marketing company. Electra is focused on international market growth and trade of Nephrite Jade from British Columbia into Asian markets with a specific focus on China.
About Quartz Creek
Quartz Creek Development Ltd. provides innovative technical solutions for exploration and development of nephrite jade resources in British Columbia. Quartz Creek is addressing the major shortcomings of resource delineation and extraction in the jade industry, working with new and current stakeholders to advance an under-served market for dimensional jade products. For more information on Quartz Creek please visit www.quartzcreekdevelopment.com
For further information and sales enquires on Electra Stone Ltd. please visit www.electrastone.com
Or contact: Tyler Lowes at tyler@electrastone.com or call 604-620-8589.
On behalf of the Board of Directors,
"John Costigan"
President and Director.
Forward Looking Statement
This document contains forward-looking statements. Forward –looking statements in this news release include the successful delivery of 10,000 kilogram blocks of jade by QCM to Electra, that Electra will be able to purchase more or all of the 540,000 kilograms of jade regardless of its exclusive right and that we will be able to sell dimensional stone jade once purchased. Forward information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Factors which may prevent the forward looking statements from coming to fruition include that QCM may not be able to produce 10,000 kilogram blocks to the approval of Electra. Even if we do complete the initial purchase, we may not be able to finance our plans, markets may not develop as expected, we may not be able to develop markets for dimensional or industrial jade and competitors may sell better or less expensive products and take our expected market share. Forward-looking information is provided as of the date hereof and is based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. We assume no responsibility to update, or revise them to reflect new events or circumstances, except as required by law. For a detailed list of risks and uncertainties as it relates to Electra Stone Ltd., please refer to the Company's 2015 financial statements filed with SEDAR.
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 news release.