Clean Commodities Corp. Announces Exploration Plans at Quebec Lithium Project by Earn-In Partner Cameo Resources Corp.
Dec 18, 2017, 03:05 ET
VANCOUVER, Dec. 18, 2017 /CNW/ - Clean Commodities Corp. (TSX VENTURE: CLE)(FRANKFURT: A2ALYM)("Clean Commodities" or the "Corporation") is pleased to report that it has been advised by Cameo Resources Corp. ("Cameo Resources") of their 2018 exploration plans at the Dumont and Spodumene Lake Lithium Projects under option to Cameo Resources. The planned work advised by Cameo Resources is to consist of traverses, mapping and sampling designed to identify potential lithium-bearing pegmatites and is expected to commence in mid-2018 once ground conditions permit (see also news release by Cameo Resources dated same).
"Clean Commodities is pleased to have partnered with Cameo Resources on our Whabouchi Regional Lithium project located near the advanced lithium deposit being moved forward by Nemaska Lithium. The option agreement with Cameo Resources is part of our overall strategy of unlocking project value that already sits within Clean Commodities. We have assembled an attractive portfolio of energy metals (Lithium, Cobalt, Uranium) which we believe can be further advanced to deliver shareholder value. Our arrangement with Cameo Resources, which proposes to spend $5 million in exploration over 4 years is a non-dilutive mechanism to advance our Spodumene Lake and Dumont lithium projects. Clean has also recently completed a $1.5 million dollar oversubscribed financing and is well funded for 2018. With electric cars coming into the mainstream, Clean Commodities should enjoy an active year of exploration ahead given upward market pressure on battery metals," stated Ryan Kalt, CEO of Clean Commodities.
Under the arrangement, Cameo Resources has the option to acquire an 80% interest in the Dumont and Spodumene Lake projects (the "Whabouchi Regional Lithium Project") by completing $5,000,000 of exploration work over a four year period (being the completion of $500,000 of work in year one, $1,000,000 of work in year two, $1,500,000 of work in year three and $2,000,000 of work in year four), issuing 500,000 common shares of Cameo Resources to Clean Commodities and payment of $25,000 related to certain expenses (see news release dated November 30, 2017, Clean Commodities Corp. Announces Option Partner at Dumont and Spodumene Lake Lithium Projects Under $5M Exploration Earn-In Arrangement).
Subject to completion of the earn-in by Cameo Resources, the parties would form a joint-venture related to the Whabouchi Regional Lithium Project with Cameo Resources to serve as the operator.
Full information on the Dumont and Spodumene Lake projects is available at:
About Clean Commodities Corp.
Clean Commodities Corp. (TSXV:CLE) is an exploration company involved in a diverse portfolio of clean commodity assets including lithium and uranium projects. For more information, please visit www.cleancommodities.com.
Ryan Kalt, Chief Executive Officer
This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently expected or forecast in such statements.
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.
SOURCE Clean Commodities Corp.
For further information: Ryan Kalt, Chief Executive Officer, 1-604-652-1710, [email protected], www.cleancommodities.com
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