Pure Energy Settles with Former Management
Denver, April 1, 2019 - Pure Energy Minerals Ltd. (TSXV: PE) (OTCQB: PEMIF) (the "Company" or "Pure Energy") announces that subject to regulatory approval, it will be issuing 1,086,441 shares at a deemed value of $0.13 per share to settle payments owing for former management services and out of pocket expenses.
Pure Energy's board of directors is focused on the successful advancement and development of the Clayton Valley ("CV") Project and is engaged in discussions with interested potential strategic partners and funding parties. The Company appreciates the continued support of its shareholders, and the companies and individuals who are working closely with Pure Energy towards achieving this goal.
Pure Energy is seeking a partner with technical and financial resources, the critical elements required to building the pilot plant and the future development of lithium production capacity at the CV Project.
About Pure Energy Minerals Limited
Pure Energy Minerals is a lithium resource developer that is driven to become a low-cost supplier for the growing lithium battery industry. Pure Energy has consolidated a pre-eminent land position at its CV Project in the Clayton Valley of central Nevada for the exploration and development of lithium resources, comprising 948 claims over 23,360 acres (9,450 hectares), representing the largest mineral land holdings in the valley. Pure Energy's CV Project adjoins and surrounds on three sides the Silver Peak lithium brine mine operated by Albemarle Corporation.
The Company has completed a Preliminary Economic Assessment ("PEA") for the CV Project (news releases of June 26, 2017 and April 5, 2018) which includes an updated resource calculation and a preliminary economic evaluation. The Company and its technical consultants have also completed the basic design for the proposed pilot plant (news release of May 31, 2018). The lithium-bearing brines identified at the CV Project are of high quality with very low impurity levels, and have been shown by small scale pumping tests to be amenable to conventional extraction. Pure Energy has received a finite-term water right permit from the Nevada Department of Water Resources ("NDWR") which is sufficient for construction and operation of the envisioned pilot plant and testing of brines (news release of January 3, 2019).
On behalf of the Board of Directors,
"Mary L. Little"
Director, Pure Energy Minerals Ltd.
CONTACT:
Pure Energy Minerals Ltd. (www.pureenergyminerals.com)
Email: info@pureenergyminerals.com
Telephone - 604 608 6611
Cautionary Statements and Forward-Looking Information
The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release may include future exploration and development on the CV Project. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
The Company does not undertake to update any forward-looking information, except as required by applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined under the U.S. Securities Act) absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43788