Vancouver, British Columbia – Refined Metals Corp. (CSE: RMC) (OTC: CADMF) (FRA: CWAA) (the “Company” or “Refined”) is pleased to announce that it has entered into a property option agreement (the “Option Agreement”) with Geomap Exploration Inc. (the “Vendor”), pursuant to which the Company has been granted the right to acquire a 100% interest in the Caster Vanadium property (the “Property”). The Property is comprised of 96 unpatented lode mining claims covering approximately 5,571 hectares of land, located in the Lac Simard Region of Quebec. The Company intends to explore the Property to determine the extent, if any, of lithium mineralization.
Aman Parmar, CEO of Refined Metals Corp, comments, “The Property location is south and adjacent to the Tansim Property of Sayona Mining, and is in the Vicinity of the North American Lithium Plant with is scheduled to begin production in the first half of 2023. The Agreement presents Refined with an excellent opportunity to acquire the Property, which presents multiple outcrops of spodumene hosted pegmatites and previous historical work is promising in Quebec a world class mining jurisdiction.”
Figure 1 – Caster Property Location
Pursuant to the terms of the Option Agreement, the Company has the option to acquire a 100% interest in the Property from the Vendor, in consideration for completing a series of cash payments and issuances of common shares (“Common Shares”) in accordance with the following schedule:
Upon Signing and Listing
- Making a cash payment of $30,000 upon execution of this Agreement;
- Making a cash payment of $60,000 within three months of the execution of this Agreement; and
- Subject to the receipt of all necessary regulatory and stock exchange approvals, and compliance with applicable securities laws, and subject to adjustment in accordance with Section 3.7 and Section 1.1 (c), issuing 250,000 common shares in its capital to Geomap upon the listing of the Purchaser’s common shares on a stock exchange, at a deemed price of $0.20 per common share.
- Making a cash payment of $50,000 upon the first anniversary of this Agreement;
- Subject to the receipt of all necessary regulatory and stock exchange approvals, and compliance with applicable securities laws, and subject to adjustment in accordance with Section 3.7 and Section 1.1 (c), issuing 300,000 common shares in its capital to Geomap upon the first anniversary of this Agreement , at a deemed price of $0.20 per common share; and
- Funding exploration work on the Vendor Properties totalling at least $120,000 by the first anniversary of this Agreement.
- Making a cash payment of $50,000 upon the second anniversary of this Agreement;
- Subject to the receipt of all necessary regulatory and stock exchange approvals, and compliance with applicable securities laws, and subject to adjustment in accordance with Section 3.7 and Section 1.1 (c), issuing 300,000 common shares in its capital to Geomap upon the second anniversary of this Agreement, at a deemed price of $0.20 per common share; and
- Funding exploration work on the Vendor Properties totalling at least $250,000 (for the avoidance of doubt, this amount shall include the $120,000 required to be incurred by the first anniversary of this Agreement, and shall not be in addition to such amount) by the second anniversary of this Agreement.
About Refined Metals Corp.
Refined Metals Corp. is a junior mining company dedicated to identifying, evaluating and acquiring interests in mineral properties in North America. The Company’s business is currently focused on the exploration and development of the Rose Property, a prospective, exploration stage silver-gold-copper-zinc property located near Kamloops, British Columbia. The Company is also reviewing other mineral properties in North America for possible acquisition in the future.
For further information, please contact:
Phone: (604) 398-3378
Email : Info@refinedmetalscorp.com
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”,”projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as CSE: RMC | OTC: CADMF | FRA: CWAA to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the future business of the Company, including possible future acquisition of other mineral properties in North America and the potential of the Rose Property, including with respect to the mineralization of the Rose Property.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including, in respect of the forward-looking information included in this press release, the assumption that: the Company will be successful in entering into the mineral exploration and development business, the Company will be successful in its exploration and development efforts with respect to the Rose Property and that the Rose Property’s actual mineralization is representative of the mineralization indicated by past scientific and technical work on the Rose Property. Such assumptions and factors are based on information currently available to the Company.
Although forward-looking information is based on the reasonable assumptions of the Company’s management, there can be no assurance that any forward-looking information will prove to be accurate. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters or delays as plans continue to be redefined, that mineral exploration is inherently uncertain and that the results of mineral exploration may not be indicative of the actual geology or mineralization of a project, that mineral exploration may be unsuccessful or fail to achieve the results anticipated by the Company and risks associated with the competitive nature of the mining industry, including the risk that the Company will not be able to identify and acquire other mineral properties in North America. The forward-looking information contained in this release is made as of the date hereof, and the Company not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward- looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The CSE has neither approved nor disapproved the information contained herein.