(TheNewswire)
Vancouver, BC, Canada - TheNewswire - November 4, 2020 - Rock Tech Lithium Inc. (the"Company" or "Rock Tech") (TSXV:RCK ) ; ( Frankfurt:RJIB) is pleasedto announce positive results from an independent Preliminary EconomicAssessment ("PEA") conducted on a vertically integratedlithium hydroxide converter in Thunder Bay, Ontario.
PEA highlights include:
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- Globally competitive Operating Expenses ("OPEX") ofUS$5,956 per tonne of lithium hydroxide (All-in Sustaining Costs of$6,546 per tonne).
- Base-case scenario production of lithium hydroxide at a rate of15,000 tonnes per year.
- Excellent potential to improve economics by expanding productioncapacity.
The PEA demonstrates that a vertically integrated lithium hydroxideconverter located in Thunder Bay, Ontario, exclusively utilizing feedfrom the Company's nearby 100%-owned Georgia Lake lithium project, canbe viable and globally competitive while providing attractiveinvestment returns.
"We are very encouraged by the results of the PEA assessing theeconomics of a lithium hydroxide converter located in ThunderBay," said Simon Bodensteiner, Rock Tech's Chief ExecutiveOfficer. "In addition to the base-case scenario presented in thePEA, we also considered opportunities for increasing the scale ofproduction of the converter. This scenario resulted in greatlyenhanced project economics."
Rock Tech engaged Wave International to complete the PEA, which wasprepared in accordance with National Instrument 43-101, Standards ofDisclosure for Mineral Projects. The authors of the PEA are RyanHanrahan, B.Eng (Hons) Mech (Qualified Person as defined by NI 43-101)and Jingyuan Liu, PhD, a subject matter expert in Lithium chemicals.Certain information in the PEA with respect to the Company's GeorgiaLake lithium project was prepared by DMT GmbH & Co. KG("DMT") and included in a Technical Report (the "DMTPEA") filed on SEDAR on November 12, 2018. DMT reviewed the DMTPEA and certified that the assumptions remain current and reliable forthe purposes of the PEA assessing a vertically integrated lithiumhydroxide converter.
"We are pleased to complete the first-ever PEA on a verticallyintegrated lithium hydroxide converter in the Province ofOntario," added Dirk Harbecke, the Company's chairman. "Thisstudy clearly demonstrates and confirms the business case and thepositive economic impact on the region. We now look forward to theimminent kick-off of a pre-feasibility study as we advance discussionsaround site selection, production optimization, community engagementand financing. Our PFS will contemplate a variety of scenariosincluding expanded converter capacity and a dual-location strategywhereby initial refining is completed in Canada before finalpurification in Germany."
About Wave International
Wave International is a resource development consultancy with nearly20 years of global experience in engineering, project delivery,project management and asset management - providing project strategiesand solutions in the battery minerals sector for more than a decade.Wave and its key personnel have delivered upstream and downstreamprojects from resource definition through study, design,commissioning, delivery, ramp up and operations.
The technical content of this news release has been reviewed andapproved by Ryan Hanrahan, B.Eng (Hons) Mech, CPEng / NPER, aQualified Person as defined by National Instrument 43-101, Standardsof Disclosure for Mineral Projects.
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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