NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
January 30, 2020 – Pure Energy Minerals Limited (TSX VENTURE:PE) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) is pleased to announce the appointment of Ms. Ann Fehr as Interim Chief Financial Officer, effective February 1, 2020.
Ms. Fehr is a Chartered Professional Accountant, CGA with more than 25 years’ experience which includes experience in mergers, corporate finance, financial reporting, governance, compliance, and management. She has held part time officer positions for venture listed companies since 2009 and is the founder and president of Fehr & Associates, which provides consulting services to a number of mineral exploration company clients. Ms. Fehr currently serves as CFO for two other TSX Venture listed corporations.
Pure Energy Minerals wishes to thank Mr. Frank Wells who has acted as Interim CFO since November of 2018. The Company appreciates the important services provided by Mr. Wells in the past year and during its transaction with Pure Energy’s strategic partner, Schlumberger Technology Corporation, which closed May 28, 2019. Mr. Wells plans to continue as a director of Pure Energy and chair of the audit committee.
The Company also reports that a payment of US$250,000 to GeoXplor Corp. for option of its Clayton Valley mineral properties was made, as required by the underlying option agreement.
About Pure Energy
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 Clayton Valley Project (“CV Project”) in the Clayton Valley of central Nevada 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 Clayton Valley Project (news releases of June 26, 2017 and April 6, 2018) which includes an updated resource calculation and a preliminary economic evaluation. The economic analysis presented in the PEA is based upon inferred mineral resources only. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that the Project envisioned by the PEA will be realized.
In May of 2019, Pure Energy signed an Earn-In agreement with Schlumberger Technology Corporation (“SLB”), over the CV Project, which requires significant investment by SLB to include the design and construction of a pilot plant capable of processing lithium-bearing brines for high-quality lithium hydroxide monohydrate and/or lithium carbonate products at a specified rate. SLB will act as operator of the CV Project and will assume all costs and direction related to the project during the earn-in period. SLB has a 3- year period in which to achieve the goals to execute the Earn-In Agreement. SLB’s costs, technical parameters and ultimate technology are anticipated to differ from Pure Energy’s published PEA study. For further details, refer to Pure Energy’s Annual General and Special Meeting Management Information Circular dated April 4, 2019, available on Sedar.com.
Quality Assurance
Walter Weinig, Professional Geologist and Qualified Person as designated by the Mining and Metallurgical Society of America (MMSA registration #01529QP), is a qualified person as defined by National Instrument 43-101 and supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Weinig is not independent of the Company, as he is a former officer.
On behalf of the Board of Directors,
“Mary L. Little”
Director, Pure Energy Minerals Ltd.
CONTACT:
Pure Energy Minerals Limited (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.
