Pan Andean Minerals Ltd. Announces Non-Binding LOI with Belmont to Acquire Lithium Project Interest

Vancouver, British Columbia--(Newsfile Corp. - February 26, 2021) - Pan Andean Minerals Ltd. (TSXV: PAD) ("Pan Andean" or the "Company") is pleased to announce it has entered into a non-binding Letter of Intent ("LOI") agreement with Belmont Resources Inc. ("BEA" or "Belmont") to acquire a 25% interest in the A Block of the Kibby Basin Lithium Project (the "Kibby Lithium Property").

Belmont is the owner of the property known as the A Block, located 65 km north of Clayton Valley, Nevada, U.S.A. (2,971 acres, 1,202 ha) claim block.

The Kibby Lithium Property is approximately halfway between Las Vegas and Reno and located 65 km north of Clayton Valley Basin with Albemarle Corporation's lithium brine producing operations (Silver Peak Mine). Analyzing geophysical and drilling data, Belmont believes there is great potential for both brine and clay lithium in the Kibby Basin.

"The Kibby Lithium Property adds significant upside potential to the Company's position," said Spencer Huh, President and CEO of the Company.

This non-binding LOI allows for a 15-day period which Pan Andean will perform due diligence on the A Block.

About Pan Andean Minerals Ltd.

Pan Andean Minerals Ltd. is Vancouver-based junior resource company focused on battery metals exploration in North America. The Company has staked new mining claims in Golden, BC, along a strike with a quartzite bed, targeting silica in the quartzites for a total of 467 hectares. The Company focuses on exploring and producing silicon, which, when added to anode materials in the production of lithium-ion batteries, provides improvements in capacity and efficiency over lithium-ion batteries using graphite in their anode materials. The Company intends to become an integrated silicon producer and anode materials supplier to the electric vehicle industry. For more information, please visit the Company's website at: https://www.panandeanminerals.com/.

On behalf of the Board of Directors
Spencer Huh
President and CEO
604-697-2408
shuh@panandeanminerals.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.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75640