VANCOUVER, Sept. 20, 2018 /CNW/ - Maxtech Ventures Inc. (CSE: MVT) (Frankfurt: M1N) (OTC: MTEHF) ("Maxtech" or the "Company") announces it has signed a letter of interest for an option to purchase 100% of American Strategic Metals ("ASM") and their Lost Sheep Fluorspar Project and the Lost Sheep Mine in Utah.
AMG's properties are located in Juab County, Utah. All claims, leases, licenses, permits, exploration permits, exploitation concessions, concessions, easements, rights-of-way, certificates and other approvals obtained either before or after the effective date of the signed agreement are included.
Over the last two years, ASM has been focused on proving and producing its Spore Mountain Lost Sheep mine. Additionally, both federal and state permits have been reactivated along with new drilling and geological work.
A US strategic metal, fluorspar has three main markets defined by the purity of the fluorite, 4% makes up ceramic grade fluorite purity 85% to 95%. 47% makes up metspar-CaF2 purity of 60% to 85%. 49% makes up acidspar-florite purity of 85% to 99%. The US Government has taken steps to support the production of strategic domestic production of florite with geological support and the expediting of permits for the national important mineral. A renewed sense of domestic solidarity find industries looking for domestic sources for purchase creating a renewed demand for this non-recyclable essential and strategic mineral.
The due diligence process on the ASM acquisition will commence immediately and shall continue for 90 days until signing of a definitive agreement between MVT and ASM no later than December 15th 2018. MVT agrees to purchase the Lost Sheep Fluorspar Project and the Lost Sheep Mine and pay the consideration in common shares of MVT to ASM. The exact amount of shares shall be agreed upon between MVT and ASM after completion of the due diligence process.
During the due diligence process ASM retains the ability to raise capital through the sale of its corporate stock by way of a subscription agreement. Any funds raised will be used for the sole purpose of developing the Spore Mountain project with the purchase of equipment, development, drilling and permitting.
Peter Wilson, CEO Maxtech stated "Fluorspar is classified by the European Commission as a critical raw material with-high risk of supply shortage and great impact on their economies. The USA considers fluorspar as a strategic mineral, and China listed fluorspar as a strategic mineral in 2017. This acquisition will not only add revenues to the bottom line of the Maxtech quickly but help create for the Company a global footprint of strategic metals: manganese, vanadium and fluorspar."
About Maxtech Ventures Inc.
Maxtech Ventures Inc. is a Canadian-based diversified industries corporation focused primarily on manganese mineral properties.
Further information about the Company is available on http://www.SEDAR.com under the Company's profile.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
For additional information see the Company's web site at http://www.maxtech-ventures.com
SOURCE Maxtech Ventures Inc.
For further information: Email to [email protected], Phone: +1- 604-484-8989