European Electric Metals Inc. Starts Drilling in Rehova Project
488-1090 West Georgia St. www.europeanelectricmetals.com
Vancouver B.C. Canada V6E3V7 [email protected]
Tel: 604-687-7130 TSX-V: EVX
February 13, 2018
NEWS RELEASE
European Electric Metals Inc. Starts Drilling in Rehova Project
• initial drill phase of 1500 metres has commenced
• drilling includes testing of potential mineralization near surface
• drilling designed to test historic intercepts and IP anomalies identified in 2017
European Electric Metals Inc. (the “Company”) (TSXV: EVX) is pl eased to report that it has
commenced drilling at its Rehova copper project, located in Albania.
The initial drill program will consist of approximately 1500 me ters within the two known historical
deposit areas, Bregu i Geshtenjes (“B&G”) and Rehove-Kanisqel ( “Kanisqel”) to confirm historic
drill intercepts and to test induced polarization (“IP”) anomal ies that were generated from the
geophysical survey conducted by the Company in 2017.
Assay results from drilling will be published as they are recei ved and interpreted. After completing
this initial phase of drilling, the Company intends to embark on a second phase of drilling, as well as
conducting enhanced geophysical work onsite.
While no historic mining took place at B&G, Kanisqel was mined by open pit methods. European
Electric Metals first phase drill program will include testing B&G and will also include testing near
surface targets at Kanisqel to investigate mineralization associated with the past open pit operations.
Rehova is located 115 kms southeast of Tirana (200 kms by road) and is on the electrical power grid.
The property contains four histo rical volcanogenic massive sulp hide (“VMS”) deposits. These are
surrounded by exploration areas of interest that have not yet been systematically tested using modern
exploration techniques and tec hnology. The four known deposits called B&G, Kanisqel, Çiflig and
Dushku i Trashe comprise the Rehova Copper Mine, a historically producing mining operation which
was operated by the Albanian state copper enterprise. These deposits are relatively close to each other
(200m-500m apart) which made mineral delivery to a single processing facility possible.
Prior to the start of production in 1980 the Albanian Geologica l Survey ("AGS") had defined
combined mineralization in the four deposits of 3.43 million tons grading 2.17% copper* and by the
time operations stopped in 1990 had 2.87 million tons grading 2 .14% copper* remaining. The
majority of the remaining mineralization was reported as 2.09 m illion tons grading 2.15% copper*
and were from B&G, which was not mined and has exploration potential beyond the historic drilling.
Underground development workings had been started at B&G as the deposit was being prepared for
mining when the state-run mining enterprise shut down its mining operations country-wide.
Çiflig and Dushku i Trashe were mined by underground method whi le Rehova-Kanisqel was mined
by open pit and to a limited extent by underground. The materia ls mined were sent to a processing
plant nearby with an annual capacity of 60,000 tonnes per year. It should be noted that the largest
deposit, B&G, has not been mined.
On a conceptual basis for potential future mine planning, the possibility to open pit mine at Kanisqel
may provide a targeted accelerated path to production while the larger deposit, B&G, is being
developed.
*The tonnage and grade estimates stated above are historic in n ature and were obtained from
information provided by the Albanian government. The AGS histor ical calculations classify the
estimates in a combination of C1 & C2 categories, being based o n the Russian deposit reporting
system and are roughly equivalent to the NI 43-101 inferred and indicated categories. These historical
estimates are not compliant with NI 43-101 and should not be re lied upon. No qualified person has
done sufficient work to classify the historical estimates as cu rrent mineral resources; and European
Electric Metals is not treating the historical estimates as current mineral resources. European Electric
Metals is including the historic al estimates for information pu rposes only, and offers no assurances
as to the reliability of the estimates. European Electric Metals will need to undertake a comprehensive
review of available data, including planned drilling by European Electric Metals to verify the historic
estimates and classify them as current resources.
About European Electric Metals Inc.
The goal of European Electric Metals is to become a major sourc e of battery metals such as copper,
nickel and cobalt, and we seek to do so within safe, stable and logistically attractive European
jurisdictions. Our projects are ideally located with excellent road, port and grid power availability and
in close proximity to European countries that are poised to experience dramatic growth in the electric
vehicle (EV) manufacturing industry. There is a strong battery manufacturing industry within Europe
with many more projects in the pipeline.
European Electric Metals is operated by an experienced technica l and financial team. The largest
equity investor in European Electric Metals is the European Ban k for Reconstruction and
Development (“EBRD”). The EBRD i s owned by 66 countries from fi ve continents as well as the
European Union and the European Investment Bank.
On behalf of the Company,
Fred Tejada, Chief Executive Officer and Director
Forward-Looking Statements . This news release contains “fo rward-looking” statements and
information relating to the Company and the Rehova Project that are based on the beliefs of Company
management, as well as assumptions made by and information curr ently available to Company
management. Such statements refl ect the current risks, uncertai nties and assumptions related to
certain factors including but not limited to, without limitatio ns, exploration and development risks,
expenditure and financing requirements, general economic conditions, changes in financial markets,
the ability to properly and efficiently staff the Company’s ope rations, the sufficiency of working
capital and funding for continued operations, title matters, co mmunity relations, operating hazards,
political and economic factors, competitive factors, metal pric es, relationships with vendors,
governmental regulations and oversight, permitting, seasonality and weather, technological change,
industry practices, and one-time events. Should any one or more risks or uncertainties materialize or
change, or should any underlying assumptions prove incorrect, a ctual results and forward-looking
statements may vary materially from those described herein. The Company does not undertake to
update forward-looking statements or forward-looking information, except as required by law.