Foremost Lithium Completes Sale of Its Interest on Its Hidden Lake Property for $3.5 Million Cash
Foremost Lithium Completes Sale of Its
Interest on Its Hidden Lake Property for $3.5
Million Cash
Vancouver, British Columbia--(Newsfile Corp. - December 1, 2022) -
Foremost Lithium Resource &
Technology Ltd.
(CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC8)
(
www.foremostlithium.com
) (
"
Foremost Lithium, Foremost
or the
Company
"
)
is pleased to
announce that it has completed the sale of its 60% interest in the Hidden Lake Project in Yellowknife,
NWT for C$3.5 million to Youssa PTY Ltd., an
Australian private company. The transaction was
completed pursuant to the terms and conditions of the signed and binding term sheet entered between
the parties, previously announced on November 07, 2022.
The Hidden Lake Project that was purchased from Foremost, consists of five contiguous mineral claims,
with at least 10 lithium-bearing spodumene pegmatite dykes across 4,100 acres/1,659 hectares
situated in the prolific Yellowknife Pegmatite District NWT.
Jason Barnard, Director of Foremost Lithium, adds,
"I'm very pleased to have closed the sale of this
non-core asset for $3.5million so we can focus our attention on our Lithium Lane Properties in Snow
Lake, Manitoba."
QP Statement - The technical content of this news release has been reviewed by Dr. Mark Fedikow,
P.Geo. who is a Qualified Person as defined by NI 43-101.
On Behalf of the Board of Directors,
Jason Barnard, Director
About Foremost Lithium Resource & Technology Ltd.
Foremost Lithium is a hard-rock exploration company strategically located to capitalize on world's
growing EV appetite and is committed to being a premier supplier of North America's lithium feedstock.
As the world transitions towards decarbonization, the company is focused on exploration and growth on
its 5 Lithium Lane Projects in Snow Lake Manitoba, and its Hidden Lake Lithium Project in the
Northwest Territories. Foremost Lithium also has the Winston Gold/Silver Property in New Mexico USA.
Foremost Lithium Resource &Technology Ltd.
Email:
Phone: +1 (604) 330-8067
Follow us or contact us on social media:
Twitter:
@foremostlithium
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Forward-Looking Statements
This news release contains "forward-looking statements" and "forward-looking information" (as defined
under applicable securities laws), based on management's best estimates, assumptions, and current
expectations. Such statements include but are not limited to, statements with respect to the plans for
future exploration and development of the Company's properties and the acquisition of additional
exploration projects. Generally, these forward-looking statements can be identified by the use of forward-
looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates" "plans",
"believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and
similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur.
These statements should not be read as guarantees of future performance or results. Such statements
involve known and unknown risks, uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from those expressed or implied by such
statements, including but not limited to: risks related to the Company's projects; risks related to general
economic conditions, actual results of current exploration activities, unanticipated reclamation expenses;
changes in project parameters as plans continue to be refined; fluctuations in prices of metals including
gold; increases or decreases in market prices of mining consumables, possible variations in resource
estimates, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of
the mining industry; delays in the completion of exploration, development or construction activities,
changes in national and local government regulation of mining operations, tax rules and regulations,
changes in applicable laws or stock exchange policies and receipt of any requires regulatory approvals
and political and economic developments in areas in which the Company operates. Although the
Company has attempted to identify important factors that could cause actual results to differ materially
from those contained in forward-looking statements, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance that such statements will prove to
be accurate, as actual results and future events could differ materially from those anticipated in such
statements. The forward-looking statements and forward-looking information are made as of the date
hereof and are qualified in their entirety by this cautionary statement. The Company disclaims any
obligation to revise or update any such factors or to publicly announce the result of any revisions to any
forward-looking statements or forward-looking information contained herein to reflect future results,
events or developments, except as require by law. Accordingly, readers should not place undue reliance
on forward-looking statements and information. Please refer to the Company's most recent filings under
its profile at
www.sedar.com
for further information respecting the risks affecting the Company and its
business.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/146467