Madoro Closes Option Agreement to Acquire 100% of the First Green Lithium Project in Quebec
TSXV: MDM | OTC: MSTXF
WKN: A2QQ1X
Suite 1450 – 789 West Pender Street, Vancouver, BC, Canada V6C 1H2
Tel.: (604) 681-1568, Fax: (604) 681-8240, TF: 1-877-377-6222
www.madorometals.com
Madoro Closes Option Agreement to Acquire 100% of the First Green Lithium
Project in Quebec
FOR RELEASE: MARCH 5, 2023
VANCOUVER, British Columbia,– Madoro Metals Corp. (“Madoro” or the “Company”) is pleased to announce
that, further to its news release dated February 1, 2023, the Company has received TSX Venture Exchange approval
and closed the option agreement (the “Agreement”) to acquire a 100% interest in the 213 claim, 12,325 hectare First
Green Lithium Project (the “Property”) located in the rapidly emerging Cadillac-Pontiac lithium camp in the Abitibi
Témiscamingue region, approximately 75 kilometres southwest of Val-d’Or, Québec (Figure 1).
Figure 1: First Green Lithium Property Location within Cadillac-Pontiac Lithium Camp
Companies already exploring for lithium -cesium-tantalum (“LCT”) pegmatites in the Cadillac- Pontiac camp
include Sayona Mining, Vision Lithium, Brunswick Exploration, Winsome Resources and High Tide Resources.
First Green lies west and north of the Tansim project held by Sayona Mining.
Numerous pegmatite outcrops have been identified by historical government mapping but there is no record of
previous mineral exploration on the Property or of any LCT analysis. A network of logging roads and the proximity
to the mining centres of Malartic and Val -d’Or will allow for low -cost exploration work. Madoro intends to
complete a high-definition airborne magnetic and radiometric survey in conjunction with an interpretive study
utilizing high-definition LiDAR data to identify prospective LCT pegmatite targets.
Agreement Details
Pursuant to the Agreement, the Company may acquire a 100% interest in the Property by making aggregate cash
payments of $165,000 and issuing an aggregate of 5,400,000 common shares of the Company over a period of three
years, of which 750,000 shares were issued at closing. In addition, the Company must incur an aggregate of
$1,000,000 in exploration expenditures on or before the third anniversary date of the Agreement. The arm’s length
optionors will retain a 2.0% net smelter royalty, 0.5% of which may be purchased by the Company for $1,000,000.
Further, the Company has agreed to make milestone payments of $500,000 and $1,000,000 upon the filing of a
feasibility study and upon the start of commercial production, respectively. The milestone payments may be paid
in cash or through the issuance of shares, at the Company’s discretion, and shall be deemed to be an advance to the
optionors to be deducted against future royalty payments. In the event that the Company elects to issue common
shares pursuant to either or both of the milestone p ayments, the number of common shares to be issued will be
calculated based on the price equal to the volume weighted average price of the Company’s shares traded on the
TSX Venture Exchange 30 trading days prior to the date of issuance and will be subject to a minimum price of
$0.075 per common share.
A finder’s fee of $17,500 was paid to an arm’s length party in connection with the Agreement.
About Madoro
Madoro Metals Corp. (MDM | TSX Venture Exchange; MSTXF | OTC) is an emerging resource company engaged
in the evaluation, acquisition, and exploration of mineral properties in Mexico and Canada. The Company is
engaged in the exploration of three gold-silver projects in the state of Oaxaca, Mexico. The Yautepec, Magdalena
and Rama de Oro projects each consist of large epithermal systems that are highly prospective for precious metals
in structural and geologic setting like those of nearby producing mines. Madoro also owns a 50% interest in the
Ralleau mineral property in the Urban Barry District, Lebel-sur-Quévillon area of Quebec. For further information,
investors and shareholders are invited to visit the Company’s website at www.madorometals.com, call the office at
1-604-681-1568, toll free at 1-877-377-6222, or send an email to [email protected]
QAQC and Qualified Person
The scientific and technical information that forms the basis for parts of this press release were reviewed and
approved by John Langton (P.Geo.), who is a Qualified Person (QP) as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS,
“BRIAN OSTROFF”
Brian Ostroff, Executive Chairman
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 ne ws release contains certain "forward -looking statements" within the meaning of Canadian securities
legislation, including statements relating to a breach of the option agreements and the Company’s legal action to
enforce its entitlement to the Rama de Oro and Magdalena projects. Although the Company believes that such
statements are reasonable based on current circumstances, it can give no assurance that such expectations will
prove to be correct. Forward -looking statements are statements that are not histo rical facts, and by their nature,
refer to future events. The Company cautions that forward- looking statements are based on the beliefs, estimates
and opinions of the Company's management on the date the statements are made, and they involve a number of
risks and uncertainties, including the possibility the Company may not be successful in its legal action to enforce
the performance of the option agreements.
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. Accordingly, readers should not place undue reliance
on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-
looking statements, whether as a result of new information, future events or otherwise, except as required by law
or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public
disclosure record on SEDAR at www.sedar.com.