Monumental Minerals Corp. Amends Option Agreement with Lithium Chile Inc. FOR the Salar de Turi Project IN the Lithium Triangle, Chile
MONUMENTAL MINERALS CORP. AMENDS
OPTION AGREEMENT WITH LITHIUM CHILE
INC. FOR THE SALAR DE TURI PROJECT IN
THE LITHIUM TRIANGLE, CHILE
VANCOUVER, BC
,
Aug. 25, 2023
/CNW/ - Monumental Minerals Corp. ("
Monumental
" or the
"
Company
") (TSXV: MNRL) (FSE: BE5) (OTCQB: MNMRF) has amended the option agreement
(the "
Option
Agreemen
t") with Lithium Chile Inc. ("
Lithium
Chile
") (TSXV: LITH) for the Turi
property (the "
Property
") located within the Lithium triangle about 120 km northwest from the Salar
de Laguna Blanca and 60 km northeast from the city of Calama,
Chile
.
Amended Terms of the Option Agreement
Under the amended terms of the Option Agreement (see the Company's news release dated
October 6, 2022
), in order to exercise the option to acquire a 50.01% interest in the Turi Project,
Monumental must make certain staged cash payments to Lithium Chile and incur exploration
expenditures on the Turi Project as follows:
(a) In the event of Monumental entering into a joint-venture agreement with a third party on
the Property (the "
JV Agreement
"):
make cash payments to Lithium Chile of an aggregate of
$700,000
according to the following
schedule:
(i)
$200,000
within five (5) days of the date on which the Option Agreement and the
transaction contemplated herein is accepted for final approval by the TSX Venture
Exchange (the "
Exchange
") (the "
Acceptance Date
") (Exchange approval previously
obtained and cash has been paid to Lithium Chile);
(ii)
$250,000
within five (5) days of the effective date of the JV Agreement; and
(iii)
$250,000
on or before
October 5, 2025
.
Incur minimum expenditures on the Property of not less than an aggregate of
$1,400,000
on
or before
October 5, 2025
.
(b) In the event no JV Agreement is entered into by
October 31, 2024
:
make cash payments to Lithium Chile of an aggregate of
$700,000
according to the following
schedule:
(i)
$200,000
within five (5) days of the Acceptance Date (paid);
(ii)
$250,000
on or before
October 31, 2024
; and
(iii)
$250,000
on or before
October 5, 2025
.
Incur minimum expenditures on the Property of not less than an aggregate of
$1,400,000
on
or before
October 31, 2025
.
The Company continues discussions with the representatives of the Turi community to finalize the
timing, payments, and plans as it relates to drilling on the Turi project, however, there is no
assurance that the Company's efforts will be successful.
About Monumental Minerals Corp.
Monumental Minerals Corp. is a mineral exploration company focused on the acquisition, exploration,
and development of mineral resource properties in the critical and electric metals sector. The
Company's flagship asset is the Jemi HREE project located in
Coahuila, Mexico
near the
Texas,
USA
border, which the Company has an option to acquire 100% of the 3,650-hectare project. The
Company has an option to acquire a 75% interest and title to the Laguna Blanca project located in
Chile
; and the Company has an option to acquire a 50.01% interest and title to the Turi project
located in
Chile
.
On behalf of the Board of Directors,
/s/ "Jamil Sader"
Jamil Sader
,
Chief Executive Officer and Director
Contact Information:
Dr.
Jamil Sader
, CEO
Email:
Mr.
Maximilian Sali
, VP Corporate Development
Email:
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 news release.
Forward Looking Information
This news release contains "forward–looking information or statements" within the meaning of
applicable securities laws, which may include, without limitation carrying out exploration work
(including drilling) on the Turi project, the potential plans for the Company's projects, other
statements relating to the technical, financial and business prospects of the Company, its projects
and other matters. All statements in this news release, other than statements of historical facts, that
address events or developments that the Company expects to occur, are forward-looking
statements. Although the Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in the forward-looking statements.
Such statements are based on numerous assumptions regarding present and future business
strategies and the environment in which the Company will operate in the future, including the price of
metals, the ability to achieve its goals, that general business and economic conditions will not change
in a material adverse manner and that financing will be available if and when needed and on
reasonable terms. Such forward-looking information reflects the Company's views with respect to
future events and is subject to risks, uncertainties and assumptions, including the risks and
uncertainties relating to the interpretation of exploration results, risks related to the inherent
uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses
and those other risks filed under the Company's profile on SEDAR+ at
www.sedarplus.ca
. While
such estimates and assumptions are considered reasonable by the management of the Company,
they are inherently subject to significant business, economic, competitive and regulatory uncertainties
and risks. Factors that could cause actual results to differ materially from those in forward looking
statements include, but are not limited to, continued availability of capital and financing and general
economic, market or business conditions, failure to secure personnel and equipment for work
programs, adverse weather and climate conditions, risks relating to unanticipated operational
difficulties (including failure of equipment or processes to operate in accordance with specifications
or expectations, cost escalation, unavailability of materials and equipment, government action or
delays in the receipt of government approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental matters), risks relating to inaccurate
geological assumptions, failure to maintain all necessary government permits, approvals and
authorizations, failure to obtain surface access agreements or understandings from local
communities, land owners or Indigenous groups, fluctuation in exchange rates, the impact of Covid-
19 or other viruses and diseases on the Company's ability to operate, an inability to predict and
counteract the effects of COVID-19 on the business of the Company, including but not limited to, the
effects of COVID-19 on the price of commodities, geopolitical conflicts, capital market conditions,
restriction on labour and international travel and supply chains, decrease in the price of rare earth
elements, lithium, cesium and other metals, loss of key employees, consultants, or directors, failure
to obtain and/or maintain community acceptance (including from the Indigenous communities),
increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The
Company does not undertake to update forward–looking statements or forward–looking information,
except as required by law.
SOURCE
Monumental Minerals Corp.
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CO: Monumental Minerals Corp.
CNW 18:50e 25-AUG-23