Pure Energy Minerals Limited Announces Commencement of Exploration Drilling On Nevada Lithium Brine Projects and Private Placement
August 21, 2014 (Source: Accesswire) — Pure Energy Minerals Limited. (TSXV-PE) (TSX VENTURE: PE (“Pure Energy” or the “Company”) is pleased to report the commencement of its exploration drilling program at its Lithium brine project (the “Project”) in Esmeralda County Nevada. The Project is located in the Clayton Valley region and consists of two placer mineral claim blocks, the 5,000 acre CV/DB property is located contiguous and to the south east of Rockwood Lithium’s producing Silver Peak mine, and the 2,000 acre AF property located approximately 10 miles to the east.
A historical exploration drill target has been identified on the CV/DB property and will be twinned. Extensive well brine sampling and geo-hydrological surveys will be conducted in conjunction with this drilling along with analysis of historical data with the goal of proving up historical data. Additionally bulk samples from this exploration program will be used to evaluate new evaporation and processing technologies for lithium recovery currently under review by Pure Energy.
The initial exploration well on the AF property is planned to test a specific target identified by detailed geophysical surveys conducted on the property. Based on success in finding brine aquifers and anomalous lithium contents, additional geophysical surveys and further drilling may be planned to expand on the information about hydrogeology and lithium mineralization that might be discovered.
Gerhard Jacob, a Qualified Person under NI 43-101, has reviewed and approved the scientific and technical information in this press release.
Further updates on the projects will follow as they develop.
The Company also announces that it will conduct a non-brokered private placement (the “Private Placement”) of up to 9,000,000 units of the Company (each a “Unit”) at a price of $0.10 per Unit to raise gross proceeds of up to $900,000. Each Unit will consist of one common share of the Company and one transferable share purchase warrant (a “Warrant”). Each Warrant shall be exercisable to acquire one additional common share of the Company for a period of three years at a price of $0.15 per common share. The Warrants will have an acceleration provision pursuant to which the term of the Warrants will be reduced to 30 days from the date of the notice to the holders of the Warrants if the closing price of the Company’s common shares is $0.35 or more for 21 consecutive trading days.
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The Private Placement is subject to TSX Venture Exchange (the “Exchange”) approval. The Company may pay finder’s fees in accordance with the Exchange policies and applicable securities legislation. The Private Placement is subject to regulatory approval.
The proceeds of the Private Placement will be used for the Company’s prospective lithium brine properties located in Esmeralda County, Nevada, USA and for general working capital.
PURE (TSX VENTURE: PE) is an innovative hybrid lithium exploration and processing technology company based in Vancouver, British Columbia. PURE is engaged in the exploration and development of innovative environmentally friendly mineral processing technologies to test and develop in conjunction with the Company’s prospective lithium brine properties located in Esmeralda County Nevada.
On behalf of the Board of Directors
Chief Executive Officer
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>