New Era Announces Exploration Agreements
VANCOUVER, British Columbia, Sept. 11, 2018 (GLOBE NEWSWIRE) -- New Era Minerals Inc. (TSXV: NEM; “New Era” or the “Company”) announced two agreements in August entered into to advance its 95% owned Suyeke North nickel property (the “Suyeke North Property”) located in Tuoli County, Tacheng Area, Xinjiang-Uyghur Autonomous Region, People’s Republic of China.
Technical Services Agreement
The Company’s 95% indirectly owned subsidiary, Xinjiang Yongkun Mining Co., Ltd., has entered into a technical services agreement with Xinjiang Xinhui Geology & Mining Co., Ltd., an arm’s length geological consulting firm based in Urumqi, Xinjiang, PRC, for the completion of a hydrological, engineering and environmental geology survey of the Suyeke North Property. The budget for the survey work is CNY 617,700 (approximately C$117,600) and is expected to be carried out between August 10 and September 30, 2018.
The purpose of 2018 hydrogeological, engineering geological and environmental geological work is as follows:
- Meet the requirements of Chinese exploration standards/codes: as per relevant requirements, a general exploration or detailed exploration report must contain hydrogeological, engineering geological and environmental geological work of the corresponding degree;
- Make preparations for subsequent mining program: basically identify deposit hydrogeological conditions, measure rock mechanical properties, and basically identify the comprehensive factors such as geological hazards that affect people and environment.
About New Era
New Era Minerals Inc., through its wholly-owned subsidiary, Haijin International Group Limited, owns 95% of Xinjiang Yongkun Mining Co., Ltd (“Yongkun”). Yongkun's principal activities are the exploration, evaluation and development of mineral property interests in the PRC, including Yongkun's 100%-owned Suyekebei (Suyeke North) nickel property located in Tuoli County, Tacheng Area, Xinjiang-Uyghur Autonomous Region, PRC.
For additional information please contact:
Vicky Gao, Corporate Secretary
gaoweishan@nemnemnem.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Information
This news release includes certain statements that may be deemed to be “forward-looking information” within the meaning of applicable Canadian securities legislation that are based on the belief of management and reflect the Company’s current expectation. All statements in this release, other than the statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking information. Forward-looking information are generally, but not always, identified by the words “expects”, “plans”, “could” or “should” occur.
Forward-looking information in this news release includes, without limitation, all statements regarding the completion of the Share Purchase, the Private Placement and the Change of Control, the proposed use of proceeds to be raised pursuant to the Private Placement and obtaining shareholder approval to the Change of Control. By its nature, forward-looking information involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among other things, the timeliness of receipt of regulatory approval to the Private Placement, the Share Purchase and the Change of Control; fluctuations in the Canadian dollar-Renminbi exchange rate; and those factors disclosed in the Company's publicly filed documents. Forward-looking information is also based on a number of assumptions, including, but not limited to, that the conditions in the agreement relating to the Share Purchase will be satisfied and that all required shareholder, stock exchange and other regulatory approvals to the Private Placement, the Share Purchase and the Change of Control will be obtained.
Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such forward-looking information are not guarantees of future performance and actual results may differ materially from those in forward-looking information. The forward-looking information in this news release is provided as of the date of this news release, and Company disclaims any intention or obligation to update or revise such forward-looking information, except as required by applicable law. Accordingly, readers should not place undue reliance on forward-looking information.