Alset Engages SRK Consulting to Undertake Mineral Resource Estimates for Three of Its Lithium Salars, Consolidates Share Capital
Vancouver, British Columbia--(Newsfile Corp. - February 27, 2018) - Alset Minerals Corp. (TSXV: ION) ("Alset" or "the Company") is pleased to report that it has engaged SRK Consulting, to perform Mineral Resource Estimates (MREs) on three of its lithium salars. The salars include: Santa Clara, La Salada, and Caliguey. Of the salars in the Zacatecas and San Luis Potosi areas, Santa Clara is the largest, La Salada has the highest average lithium grade, and Caliguey hosts the highest-grade lithium sample and the second highest average lithium grade.
SRK Consulting has a demonstrated track record in undertaking independent assessments of resources, reserves, project evaluations and audits. SRK has an office in Mexico and its staff has significant experience in the compilation of NI 43-101 reports. SRK's previous international experience in the lithium mining industry is extensive and includes work on brines, clays, pegmatites, and volcanic hosted deposits.
President and Chief Executive Officer Allan Barry Laboucan said: "In the past year we expanded our Mexican portfolio from having six lithium prospective salars, to an additional 7 salars and then staked nearly one million acres over three very large salars. All of these salars are 100% owned Alset projects. We look at it as two main project regions, with a southern cluster of 13 salars in the states of Zacatecas and San Luis Potosi, and the second much larger northern cluster in the state of Coahuila. The salars that make up the southern cluster are the most advanced, with enough historical data and recent work to be able to complete a number of mineral resource estimates. These are the three mentioned earlier which include our largest salar, the highest-grade lithium salar, and the salar with the highest-grade lithium sample in the southern cluster. We are excited to be able to complete initial mineral resource estimates on these three salars. This work will help provide scope to the tonnage potential of these three salars and help lead our future work on exploration and development of all our lithium prospective salars in the southern cluster."
The Company is also pleased to announce that, further to its January 16, 2018 news release it has received TSX Venture Exchange approval to consolidate its share capital on the basis of one (new) post consolidation share for each three (old) pre-consolidation shares (the "Consolidation"). Shares of the Company will commence trading on a consolidated basis as of February 28, 2018.
The board of directors of the Company believes that the Consolidation is necessary to better position the Company for future corporate development opportunities and financing transactions. There will be no name change in conjunction with the Consolidation.
The Company currently has 58,911,967 common shares issued and outstanding. Following the Consolidation, it is anticipated that the Company will have approximately 19,637,322 common shares issued and outstanding, and continue to trade on the TSX Venture Exchange under the existing stock symbol "ION".
The exercise or conversion price and the number of common shares issuable under any of the Company's outstanding warrants and stock options will be proportionately adjusted to reflect the Consolidation in accordance with their respective terms thereof. No fractional common shares will be issued pursuant to the Consolidation, and any fractional common shares that would otherwise be issued will be rounded down or up to the nearest whole number.
Emily Hanson, PGeo, Vice-President of exploration for Alset Minerals Corp., is the qualified person responsible for the technical content of this release.
About Alset Minerals Corp. (ION.V)
Alset Minerals is a TSX Venture Exchange-listed junior exploration company focused on exploring and development of a group of high-grade lithium and potassium projects in the Central Mexican plateau. The company, in November 2017, added nearly one million acres of lithium prospective salars, through staking. Alset has a growing portfolio of 100-per-cent-owned lithium prospective salars in the states of San Luis Potosi, Zacatecas and Coahuila. With the November 2017, staking, the company now has more than one million acres of lithium prospective salars in mining-friendly Mexico with roads and power up to the salars.
On behalf of the Board of Directors of Alset Minerals Corp.,
"Allan Barry Laboucan"
Allan Barry Laboucan, President and CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of pre-feasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
For further information contact Allan Barry Laboucan @:
Phone (604) 505-4753