South Star Battery Metals Announces Extension of the Earn-in and Option Agreement for Graphite Project in Coosa County, Alabama
South Star Battery Metals Announces Extension of the Earn-in and Option
Agreement for Graphite Project in Coosa County, Alabama
VANCOUVER, BC
,
Dec. 2, 2021
/CNW/ - South Star Battery Metals Corp. ("South Star" or the "Company") (TSXV: STS) (OTCQB: STSBF), is pleased to
announce that all parties have agreed to extend the Exclusivity, Due Diligence and Definitive Agreement period to
December 10
th
, 2021. Negotiations are
proceeding well, and all parties look forward to making additional announcements in the near term, as appropriate. As previously announced (see
November 3,
2021
press release) the Company has entered into binding Earn-in and Option Agreement (Agreement) for the Ceylon Graphite Project ("Project") in
Alabama
with Hexagon Energy Materials Limited ("Hexagon") (ASX: HXG) and U.S. Critical Minerals LLC ("USCM"), a privately held exploration company incorporated in
the United States
. Under the terms of the Agreement, South Star will have the right to earn-in to up to 75% of the Project. The transaction is subject to the final
approval of the TSX Venture Exchange (the "
T
SXV").
ABOUT SOUTH STAR BATTERY METALS CORP
South Star Battery Metals Corp. is Canadian battery metals project developer focused on the selective acquisition and development of near-term production
projects in the Americas. South Star's Santa Cruz Graphite Project, located in Southern Bahia,
Brazil
is the first of a series of industrial and battery metals
projects that will be put into production.
Brazil
is the second-largest graphite-producing region in the world with more than 80 years of continuous mining.
Santa
Cruz
has at-surface mineralization in friable materials, and successful large-scale pilot-plant testing (>30t) has been completed. The results of the testing show
that approximately 65% of Cg concentrate is +80 mesh with good recoveries and 95-99% Cg. With excellent infrastructure and logistics, South Star is carrying its
development plan towards Phase 1 production projected in Q4 2022, pending financing. South Star trades on the TSX Venture Exchange under the symbol STS,
and on the OTCQB under the symbol STSBF.
South Star is committed to a corporate culture, project execution plan and safe operations that embrace the highest standards of ESG principles based on
transparency, stakeholder engagement, ongoing education and stewardship. To learn more, please visit the Company website at
http://www.southstarbatterymetals.com
.
This news release has been reviewed and approved by Richard Pearce, P.E., a "Qualified Person" under National Instrument 43-101 and President and CEO
of South Star Battery Metals.
On behalf of the Board,
Mr.
Richard Pearce
Chief Executive Officer
For additional information, please contact:
CHF Capital Markets (IR Canada)
Cathy Hume
, CEO
Phone:
+1 416-868-1079 x251
Email:
RBMG – RB Milestone Group LLC (IR US)
Trevor Brucato
, Managing Director
Email:
Mr.
Dave McMillan
Chairman
Email:
Twitter:
https://twitter.com/southstarbm
Facebook:
https://www.facebook.com/southstarbatterymetals
LinkedIn:
https://www.linkedin.com/company/southstarbatterymetals/
YouTube:
South Star Battery Metals - YouTube
CAUTIONARY STATEMENT
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this press release.
This news release and the Updated Technical Report contain references to inferred resources. The Report is preliminary in nature and includes inferred
mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be
categorized as mineral reserves.
FORWARD-LOOKING INFORMATION
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements
relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements
that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact
and may be "forward-looking statements".
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the
forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks
related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock
exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of
feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral
deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility
and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks
related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the
Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results
may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking
statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to
reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
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CO: South Star Battery Metals Corp.
CNW 09:30e 02-DEC-21