Crest Consolidates Leigh Creek Magnesite Project
CREST RESOURCES INC.
#2501-550 Burrard Street Vancouver BC V6C 2B5
NEWS RELEASE
CREST CONSOLIDATES LEIGH CREEK MAGNESITE PROJECT
Vancouver, B.C. – May 24, 2024 ‐ Crest Resources Inc. (CSE: CRES) (the “Company” or “Crest”) is pleased
to announce it has negotiated to purchase 100% of the Leigh Creek Magnesite Project, maximizing its
ownership of this Tier-1 magnesium project.
Located in the state of South Australia, approximately 6 hours north of Adelaide, the Leigh Creek Magnesite
Project consists of two exploration licences covering 664 square kilometres which host crypto -crystalline
magnesite mineralisation occurring in multiple near -surface dolomite beds. Such magnesite is an excellent,
high-quality feedstock for magnesium metal, or for intermediate magnesia products used as industrial thermal
shielding.
As part of the agreement to consolidate 100% ownership, the terms of acquisition have been amended from
the terms announced in Crest’s January 15, 2024 news release. Crest will now issue 500,000 common shares
to Volatus Capital Corp., which owns 20% of one of the exploration licences, and a further 4,500,000 Crest
common shares, to be distributed pro-rata between all the shareholders of Witchimag Pty Ltd., the Australian
private company which owns 100% of Exploration Licence 6019 and 80% of Exploration Licence 6573 in the
state of South Australia (see also Note 8 of the Company’s recent interim financials for the period ending
August 31, 2023). The issuance of the common shares is subject to the Company’s filing requirements with
the CSE and, once issued, the shares will bear a hold period of 4 months and one day from the date of issuance.
In addition, the company intends on implementing an issuer bid. Details of which will be announced when
formally in place.
FOR FURTHER INFORMATION CONTACT:
Jason Cubitt
Chief Executive Officer
Emma Fairhurst
Chairperson
Crest Resources Inc.
Telephone: 778 819 1870
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in
the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of
this news release.