TORONTO, July 17, 2018 /CNW/ - Namibian lithium developer and emerging lithium concentrate producer Desert Lion Energy Inc. (TSXV: DLI) (OTCQB: DSLEF) ("Desert Lion" or the "Company") is pleased to announce that the Company's off-take partner, Jiangxi Jinhui Lithium Co. Limited ("Jinhui"), has cleared the first 30,000 tonne (t) shipment of lithium concentrate and will shortly begin processing the product at their facility in China.
Desert Lion expects to deliver an additional 60,000 tonnes of lithium concentrate from its sorting operations by the end of Q3 2018, ahead of the anticipated start of production from the floatation plant in Q4 2018.
"The first 30,000t shipment has been accepted and we look forward to processing this material and receiving the next shipment," commented Mr. Lee, Company Secretary, Jiangxi Jinhui Lithium Co. Limited.
Mineral Resource Estimate and Preliminary Economic Assessment Timeline
The Company is currently completing work on its Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA), which is expected to be complete in the second half of August.
The MRE will focus on exploration work conducted at the historic Rubicon and Helikon mines, including the 20,000-metre drill program concluded earlier this year, and the PEA will contain economics on all of the proposed phases of Desert Lion's production plan. For more information on Desert Lion's three-phase production plan, please refer to the Company's July 2018 investor presentation at www.desertlionenergy.com/investors.
About Desert Lion Energy
Desert Lion Energy is an emerging lithium development company focused on building Namibia's first large-scale lithium mine to be located approximately 210km from the nation's capital of Windhoek and 220km from the Port of Walvis Bay. The Company's Rubicon and Helikon mines are located within a 301km2 prospective land package, with known lithium bearing pegmatitic mineralization and the Company is currently in Phase 1 of its production plan, producing and exporting lithium concentrate from stockpiled material. The project site is accessible year-round by road and has access to power, water, rail, port, airport and communication infrastructure.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget" "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved." Forward-looking information includes, but is not limited to: statements and expectations regarding the targeted additional tonnage of lithium concentrate production from Phase 1 operations; the timing for the completion and commencement of production from the floatation plant; the timing for the completion of the MRE and PEA; and the Company's planned work program for the Project and its exploration and development schedule and timetable. Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, lithium and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labour and production costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Project, permitting and such other assumptions and factors as set out herein.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in lithium prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labour and operating costs; general global markets and economic conditions; risks associated with exploration, development and operations of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade for the Project; risks associated with uninsurable risks arising during the course of exploration, development and production; risks associated with the estimation of targeted production tonnages from Phase 1 operations; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at the Project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation.
Although the Company has attempted to identify important factors that cause results not to be as anticipated, estimated or intended, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this presentation and the Company does not undertake to update or revise any forward-looking information this is included herein, except in accordance with applicable securities laws.
NEITHER 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 Desert Lion Energy
For further information: please contact: Desert Lion Energy Inc., Tim Johnston, President & CEO; Salisha Ilyas, VP, Investor Relations, Tel: (416) 309-2953, Email: [email protected]