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TORONTO, ONTARIO–(Marketwired – June 20, 2016) – Crystal Peak Minerals Inc. (“Crystal Peak” or the “Company”) (TSX VENTURE:CPM)(OTCQX:CPMMF) announced today that it has commissioned a team of experienced and skilled professionals to advance the development of previously identified lithium concentrations found in brine at its premium specialty fertilizer project on the Sevier Playa in southwestern Utah, U.S.A. (the “Sevier Playa Project”).
The lithium development team includes Branson Hamilton, Dr. James W. Patten, Ph.D., and Stephen Styler, J.D. This skilled team has substantial experience in mineral production, technology, and business development strategies. The lithium development team seeks to accelerate evaluation of technical processes for lithium production and evaluate and pursue business partnership and off-take agreements as the Company completes the feasibility study and environmental permitting necessary to begin construction.
“We are extremely pleased to commission this experienced team to help us better understand the tremendous potential our project has for lithium production,” said Lance D’Ambrosio, Chief Executive Officer of Crystal Peak. “In addition to producing SOP and other associated minerals, our world-class deposit will likely be able to help meet the ever-increasing demand for lithium while simultaneously providing additional value to our shareholders.”
The need for developing new lithium sources was made evident in the 8th Annual Lithium & Supply Conference held May 24-26, 2016 by Industrial Minerals in Las Vegas, Nevada, USA. Presentations focused on strengthening supply for lithium products used in hybrid and electric vehicle batteries and other traditional technologies. Despite substantial supply-demand growth, most development-stage lithium companies are in the initial phases of exploration and lack Canadian National Instrument 43-101 reports validating the potential of their projects.
In contrast to these ventures, Crystal Peak’s preliminary feasibility study (“PFS”) entitled “NI 43-101 Technical Report Preliminary Feasibility Study of the Sevier Lake Playa Sulphate of Potash Project, Millard County, Utah” with an effective date of October 25, 2013, clearly identified lithium in meaningful concentrations of 0.134% in the pond bitterns. While Crystal Peak’s PFS targeted the production of potassium sulphate, that technical report also stated; “Preliminary evaluation of the feasibility of lithium production from solar pond bitterns is recommended… If this work shows promise, additional testing would be recommended to more fully define potential recovery and operating costs.”
Please refer to the PFS, which is available on SEDAR (www.sedar.com) and on the Company’s website (www.crystalpeakminerals.com), for further details.
Dean Pekeski, P. Geo., Crystal Peak’s Vice President Project Development, and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the contents of this news release.
Neither the 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 contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the feasibility study and the results thereof; the targeting of the development and production of specialty fertilizers and associated minerals, including SOP, lithium, and magnesium compounds through the use of a cost-effective solar evaporation process; and Crystal Peak’s future business. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “is expected”, “expects” or “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “believes”, or variations of such words and phrases; or terms that state that certain actions, events, or results “may”, “could”, “would”, “might”, or “will be taken”, “could occur”, or “be achieved”. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Crystal Peak to be materially different from those expressed or implied by such forward-looking information. Although Crystal Peak has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Crystal Peak does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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Crystal Peak Minerals Inc.
Lance D’Ambrosio
Chief Executive Officer
(801) 485-0223
[email protected]
www.crystalpeakminerals.com
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Mon, 20 Jun 2016 12:00:00 GMT
