VANCOUVER, Nov. 30, 2017 /CNW/ - Clean Commodities Corp. (TSX-V: CLE) ("Clean Commodities" or the "Corporation") is pleased to report that the Corporation has agreed to an arrangement with Cameo Resources Corp. ("Cameo Resources") whereby Cameo Resources may earn an 80% interest in the Dumont and Spodumene Lake lithium projects (the "Whabouchi Lithium Project").
"As we actively work to advance our premier portfolio of hardrock lithium assets in Canada, we are pleased to be working with Cameo Resources at the Dumont and Spodumene Lake lithium projects in Quebec. Our recent exploration at the properties provides Cameo with a breadth of opportunities and we are excited to see the continuance of work at the project which is of course in close proximity to Nemaska Lithium," noted Ryan Kalt, CEO of Clean Commodities.
Under the arrangement, Cameo Resources will have the option to acquire an 80% interest in the Dumont and Spodumene Lake projects 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), the issuance of 500,000 common shares of Cameo Resources to Clean Commodities at closing, and the payment of $25,000 related to certain expenses.
Subject to completion of the earn-in by Cameo Resources, the parties would form a joint-venture related to the Whabouchi Lithium Project with Cameo Resources to serve as the operator.
Full information on the Dumont and Spodumene Lake projects is available at:
The proposed transaction remains subject to regulatory approval and the completion of certain customary documentation.
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, 604-652-1710, firstname.lastname@example.org, www.cleancommodities.com