(TheNewswire)
Toronto, ON, - TheNewswire –April 16, 2024 – Metalite Resources Inc.(CSE:METL) (OTC:JNCCF) (Frankfurt:5VHA) (" Metalite " or the" Company ") is pleased to announce that Osprey Advanced MaterialsInc. (" Osprey "), a wholly-owned subsidiary of Cachee Gold Mines Corp.(" Cachee ") entered into contract mining agreement dated April 7,2024 (" CMA ") with Ferromin Inc. (" Ferromin ") onOsprey's advanced stage critical metals project located in Flett andAngus townships, Ontario (" Titan Project ").
David Melling, Interim CEO and Director of Metalitecommented: " We are verypleased to announce this key milestone, as we continue to move towardsclosing the deal with Osprey. A partnership with a reputableindustry-leading company such as Ferromin is a testament to thehigh-quality of the Titan Project. This partnership providesthird-party validation of the Titan Project potential, and we lookforward to Ferromin commencing contract mining of the high-qualityaggregates at the Titan Project. "
About Ferromin andthe CMA
Ferromin is a leading supplier high-density aggregatesin Eastern Canada specializing in high-weight concrete and looseballast. Ferromin's aggregates have been used successfully in cancertreatment facilities, medical research reactors, nuclear reactors andspent fuel canister production. Its proprietary products are producedfrom a high-quality source of a natural iron oxide called magnetite.Having access to reliable supplies of magnetite, ilmenite and hematiteallows Ferromin to produce aggregates in a range of densities, whilemaintaining concrete gradation specifications.
In connection with the CMA, Ferromin completed anaccess upgrade of the bush trail that connects a local road to theTitan Project. The access upgrade allowed Ferromin access to the TitanProject site to allow Ferromin complete a series of tests to validatethe quality of the material that is hosted by the Titan Project. As apart of its tests, Ferromin extracted a sample of the bedrock materialfrom the patented claims, where over 10,000 m of diamond drilling tookplace in 2004 and 2006 by a previous owner of the Titan Project. Thissample will allow Ferromin to complete the required long-term testsahead of commencing contract mining operations of the aggregatematerials at the Titan Project. Pursuant to the CMA, upon commencementof contract mining operations, Ferromin intends to mine an agreed-uponquantity of aggregate materials to service the needs of their clientsthat require a supply of high-density concrete. The CMA also providescertain royalty provisions that will be payable to Osprey by Ferrominupon commencement of contract mining operations. The CMA isnon-exclusive arrangement for the term of ten (10) years and includescertain renewal provisions.
Pursuant to the provisions of the CMA, Osprey and itsrepresentatives may use the access trail to the Titan Project, whichwill allow Osprey to conduct its exploration program pursuant to theexploration permits that it has received on February 27, 2024 from theOntario Ministry of Mines for a period of 3 years. The CMA alsoprovides that Osprey will have access to a part of the materialremoved from the Titan Project that it intends to use for its ownpurposes, including conducting metallurgical processing tests toconfirm the metal recoveries percentages from the ore extracted fromthe Titan Project.
LOIExtension
By mutual agreement, Cachee and Metalite have extendedthe term of the LOI and the deadline for the completion of thefinancing by Metalite to May 31, 2024. It is expected that thedefinitive agreement will be entered prior to May 31, 2024. All otherterms and conditions of the LOI (as further described in Metalitepress release dated January 19, 2024) remain unchanged.
The technical information contained in this newsrelease has been reviewed and approved by David Melling P. Geo,Metalite's Qualified Person in accordance with the requirements of NI43-101. Mr. Melling is a Professional Geoscientist (P.Geo.) and aregistered member of the Engineer and Geoscientists of BritishColumbia (no. 18999) a Recognized Professional Organization.
For further information please contact: info@metaliteresources.com .
Completion of the transactions described herein aresubject to a number of conditions, including but not limited to,execution of the Definitive Agreement, completion of satisfactory duediligence, acceptance by the Canadian Securities Exchange and receiptof requisite regulatory approvals. Where applicable, the proposedtransaction cannot close until the required shareholder approvals, andany ancillary matters thereto, are obtained. There can be no assurancethat the transactions will be completed as proposed or at all.
The Canadian Securities Exchange has in no way passedupon the merits of the proposed transactions and has neither approvednor disapproved the contents of this news release.
About Metalite Resources Inc.
Metalite Resources Inc. is a Canadian junior mineralexploration issuer with a precious metals focused project in NSW,Australia.
About Cachee Gold Mines Corp.
Cachee Gold Mines Corp. is a private mineralexploration company headquartered in Toronto, Canada. Cachee currentlyhas two projects which are 100% owned by Cachee: 1) Launay GoldProject - comprised of large claims package in the heart of theAbitibi, a world class mining district; and 2) Titan Project –comprised of approximately 5,445 contiguous hectares comprising 17patented claims and 84 unpatented claims in Nipissing District,Ontario, with an inferred resource estimate of 46 million tonnesgrading 48.32% Fe 2 O 3 , 0.24% V and14.88% TiO 2 . Cachee'sleadership team is comprised of seasoned individuals with a trackrecord in mining, technology, life sciences and finance.
Forward-LookingStatements
This news release contains certain"forward-looking statements." All statements, other thanstatements of historic fact, that address activities, events ordevelopments that Metalite believes, expects or anticipates will ormay occur in the future are forward-looking statements.Forward-looking statements are often, but not always, identified bythe use of words such as "seek," "anticipate,""believe," "plan," "estimate,“expect," and "intend" and statements that an eventor result "may," "will," "can,""should," "could," or "might" occur orbe achieved and other similar expressions. These forward-lookingstatements reflect the current expectations or beliefs of Metalitebased on information currently available to Metalite. Forward-lookingstatements are subject to a number of risks and uncertainties that maycause the actual results of Metalite to differ materially from thosediscussed in the forward-looking statements, and even if such actualresults are realized or substantially realized, there can be noassurance that they will have the expected consequences to, or effectson Metalite. Forward looking statements in this press release includestatements regarding the proposed transactions with Cachee and betweenOsprey and Ferromin and the timing thereof. Factors that could causeactual results or events to differ materially from currentexpectations include, among other things, failure to obtain allnecessary approvals for the completion of the transactions discussedherein. Any forward-looking statement speaks only as of the date onwhich it is made and, except as may be required by applicablesecurities laws, Metalite disclaims any intent or obligation to updateany forward-looking statement, whether as a result of new information,future events or results orotherwise. Although Metalite believes that the assumptions inherent inthe forward-looking statements are reasonable, forward-lookingstatements are not guarantees of future performance and accordinglyundue reliance should not be put on such statements due to theinherent uncertainty therein. Neither the Canadian Securities Exchangenor its Regulation Services Provider accepts responsibility for theadequacy or accuracy of this release.
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