(TheNewswire)
Vancouver, BC, Canada - TheNewswire – December 10, 2020 – Rock TechLithium Inc. (the "Company" or “Rock Tech”)(TSXV:RCK ) ( Frankfurt:RJIB) announces that, as a result of a review bythe British Columbia Securities Commission, the Company is issuing thefollowing news release to clarify its disclosure.
In its November 4, 2020 news release, the Company made statements thatare misleading and contrary to NI 43-101. Accordingly, the Company hasretracted and restated certain statements contained in the November 4,2020, news release and advises the public to not rely on the retractedstatements.
The Company states that the PEA shows the potential of a verticallyintegrated lithium hydroxide converter located in Thunder Bay,Ontario, exclusively utilizing feed from the Company’s nearby100%-owned Georgia Lake lithium project.
Furthermore, the Company’s chairman, Dirk Harbecke states, “We arepleased to complete the first-ever PEA on a vertically integratedlithium hydroxide converter in the Province of Ontario. We now lookforward to the imminent kick-off of a pre-feasibility study as weadvance discussions around site selection, production optimization,community engagement and financing. Our PFS will contemplate a varietyof scenarios including expanded converter capacity and a dual-locationstrategy whereby initial refining is completed in Canada before finalpurification in Germany.”
The Company reminds the public that the PEA is preliminary in nature,includes inferred mineral resources that are considered toospeculative geologically to have the economic considerations appliedto them that would enable them to be categorized as mineral reserves,and there is no certainty that the PEA will be realized. Furthermore,mineral resources that are not mineral reserves do not havedemonstrated economic viability.
Additionally, the November 4, 2020, news release and a corporatepresentation on the Company’s website disclosed the results of thePEA without stating that the PEA is preliminary in nature, includesinferred mineral resources that are considered too speculativegeologically to have the economic considerations applied to them thatwould enable them to be categorized as mineral reserves, and there isno certainty that the PEA will be realized.
The economic analysis of the PEA is based on the following mainassumptions: a) forecast lithium hydroxide price of US$14,612 pertonne averaged over the life of the project, b) annual production of15,000 tonnes of lithium hydroxide per year and, c) estimatedoperating and capital costs for the project based on the most currentdata available.
Accordingly, the Company has retracted and restated its previousdisclosure and advises the public to not rely on documents thatpreviously contained non-compliant disclosure.
Certain disclosures on the Company’s website did not identify anddisclose the relationship to the Company of the Qualified Person(s)who prepared, supervised the preparation of, or approved of thetechnical information. Accordingly, the Company has amended therelevant sections of its website to include this information.
On behalf of the Board of Directors,
"SIMONBODENSTEINER"
Simon Bodensteiner
Director, Chief Executive Officer
For further information, pleasecontact:
Brad Barnett
Chief Financial Officer
Rock Tech Lithium Inc.
777 Hornby Street, Suite 600
Vancouver, B.C., V6Z 1S4
Telephone: (778) 358-5200
Facsimile: (604) 670-0033
Email: bbarnett@rocktechlithium.com
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Statements included in this announcement, includingstatements concerning our plans, intentions and expectations, whichare not historical in nature are intended to be, and are herebyidentified as, "forward ? looking statements". Forward ? looking statements may be identifiedby words including "anticipates", "believes","intends", "estimates", "expects" andsimilar expressions. The Company cautions readers thatforward ? lookingstatements, including without limitation those relating to theCompany's future operations and business prospects, are subject tocertain risks and uncertainties that could cause actual results todiffer materially from those indicated in the forward ? looking statements.
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