Nemaska Exploration Inc. (XE:A1CVTC)
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3 Years : From Jul 2011 to Jul 2014
Nemaska Lithium Inc. ("Nemaska" or the "Corporation") (TSX VENTURE:NMX)(OTCQX:NMKEF) is pleased to announce that it has issued 1,600,000 common shares (the "Common Shares") in favour of the vendor of the Whabouchi property, pursuant to the acquisition agreement dated September 17, 2009 amended on June 11, 2010 (the "Agreement"). A schedule of payments in cash instalments and issuances of Common Shares upon attaining certain exploration work and technical studies milestones on the Whabouchi property was set forth in the Agreement. An amount of $100,000 and the issuance of 100,000 Common Shares were due to the vendor pursuant to the Agreement and an aggregate of $500,000 and 500,000 Common Shares have been settled to be paid and issued in anticipation by the Corporation. Such payments and issuances would have been due upon attaining exploration expenses of $12.5M ($100,000 and 100,000 Common Shares) and $15M ($100,000 and 100,000 Common Shares) as well as upon filing of a pre-feasibility study ($300,000 and 300,000 Common Shares). As of March 31, 2012, the Corporation had spent approximately $11.4M on the Whabouchi property and had delivered a preliminary economic study. The Corporation and the vendor agreed to replace the payment of the aggregate $600,000 by the issuance of 1,000,000 Common Shares at a deemed price of $0.60 per Common Share. Pursuant to the Agreement, a cash instalment of $500,000 and the issuance of 500,000 Common Shares remain to be paid to the vendor by the Corporation upon obtaining an independent feasibility study in respect of a commercial production on the Whabouchi property. The Corporation has no obligation under the Convention to carry out any work either on or in relation to the property.
All the Common Shares issued in favour of the vendor are subject to a restricted period of four months and a day.
Nemaska is an exploration and development corporation involved in the James Bay region of Quebec. Nemaska intends to concentrate on the development of its Whabouchi lithium deposit and to conduct exploration work on its 100% owned Sirmac lithium project. Whabouchi deposit is easily accessible year round by either the Route du Nord from Chibougamau (280 km) or the Route de la Baie James from Matagami (380 km) and is located near the Cree community of Nemaska and the Nemiscau airport. Nemaska also owns about 47% of Monarques Resources Inc. (TSX VENTURE:MQR).
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Nemaska to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
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.