(TheNewswire)
Montreal, Quebec / TheNewswire / December 7, 2017 – St-Georges Platinum & Base Metals ltd (CSE: SX) (OTC: SXOOF) (FSE: 85G1) is pleased to announce that it has entered today into a final agreement to deploy its proprietary lithium extraction suite of technologies.
St-Georges and Iconic Minerals Ltd (TSX-V: ICM) have entered into a definitive exclusive technology licensing agreement for all sites to be operated by Iconic and/or its affiliates in the state of Nevada.
In return for a perpetual license for the technologies and its future improvements, Iconic will pay to St-Georges:
-Invest by way of private placement CAD $100,000 in St-Georges equity within 6 months.
-Issue in total 5 million common shares of Iconic to be released in stages, based on benchmarks reached. The performance schedule outlining the stages of each development phase where shares will be issued according to the schedule below:
-2,000,000 shares at Stage 1 Benchmark completion: which is defined by the delivery of a viable lithium recovery positive independent laboratory currently commissioned to by St-Georges;
-1,500,000 shares at Stage 2 Benchmark completion: which is defined by independent report describing results of initial pilot mining operations and the processing of a minimum of one (1) metric ton in a simulated industrial environment; and
--1,500,000 shares at Stage 3 Benchmark completion: which is defined by the reception of a Preliminary Economical Assessment Report (PEA) or at commercialization decision or the third (3rd) year anniversary mark of this agreement assuming other issuance have all been done;
The shares St-Georges earn in each stage will be escrowed for the duration of 36 months.
-A perpetual Net Revenue Interest Royalty (NRI) of 5% on all minerals produced on sites licensed with SX technologies;
SX Lithium recovery for Clays and Hard Rock Technology
SX technology process lithium bearing material in three (3) phases:
1.It concentrates the lithium bearing material.
2.It converts the lithium to a salt and purifies it through lithium selection. The process involves gasification to activate the lithium and selectively removing the lithium salt from the other elements with the usage of a proprietary technique, which will be kept confidential at this stage.
3.It involves purification and direct production of lithium carbonate or lithium hydroxide and can be linked to a lithium metal production.
“(…) the on-going efforts to develop an in-situ metals recovery technology for geothermal clay related sources in Iceland have allowed the company to explore other potential applications like the one brought to us by Iconic on their Bonnie Claire project in Nevada. We are excited to test other potential applications that includes but is not limited to our other hard rock lithium projects in Quebec”, commented Enrico Di Cesare, St-Georges Director and Research & Development Vice-president.
“(…) the management relies on its collective experience at developing technology initiatives and is trying to balance transparency disclosure of its progress with the need to protect the intellectual property being generated. We believe that the only way to disclose our results is to put them in the context of their economic viability. This will call for an higher level of independent review and explain or restrain in divulging recuperation rates that means nothing on their own. The 98%+ lithium recovery rate experienced on Bonnie Claire means nothing on its own if there is no scalable economic method attached to it” commented Frank Dumas, St-Georges’ CEO & President.
ON BEHALF OF THE BOARD OF DIRECTORS
“Frank Dumas”
About St-Georges
St-Georges is developing new technologies to solve the some of the most common environmental problems in the mining industry.
The Company controls directly or indirectly, through rights of first refusal, all of the active mineral tenures in Iceland. It also explores for nickel on the Julie Nickel Project & for industrial minerals on Quebec's North Shore and for lithium and rare metals in Northern Quebec and in the Abitibi region. Headquartered in Montreal, St-Georges' stock is listed on the CSE under the symbol SX, on the US OTC under the Symbol SXOOF and on the Frankfurt Stock Exchange under the symbol 85G1. For additional information, please visit our website at www.stgeorgesplatinum.com
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
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