Lions Bay: Consolidated Potash Corporation Establishes Joint Venture with Verdant Minerals
Vancouver, British Columbia--(Newsfile Corp. - February 7, 2019) - Lions Bay Capital Inc. (TSXV: LBI) ("Lions Bay" or "the Company") is pleased to advise that Consolidated Potash Corporation (CPC), an entity controlled and being consolidated by the Company has satisfied requirements to acquire an initial 15% of the Karinga Lakes Sulphate of Potash (SOP) project and establish a JV with Verdant Minerals (ASX: VRM).
A full copy of the announcement published on the Australian Securities Exchange (ASX) on 7 February 2019 by CPC's JV partner, Verdant Minerals, is attached for general information purposes only.
Whilst substantial resource exploration and appraisal activities have been performed at the Karinga Lakes Potash Project by Verdant Minerals, it should be noted that the Resource Statement outlined in the attached Media Release is JORC 2012 compliant; however, the Company cautions readers that this information has not been reviewed by a Qualified Person under National Instrument 43-101, and should therefore be considered a historical resource that is not compliant with National Instrument 43-101.
As the Company proceeds with its stated plan of listing CPC, the intention is to perform an updated resource study that is compliant with National Instrument 43-101.
In addition to the positive progress made by CPC in relation to the Karinga Lakes Sulphate of Potash Project, CPC continues to make substantial progress on a number of other important fronts including:
- Ongoing commercialisation focused activities based on the core aMES™ technology platform. Significant additional improvements and innovations have recently been identified and advanced during ongoing scientific investigations.
- Evaluation of other mining project opportunities where the potential application of the aMES™ technology may provide substantial operational and financial improvements.
- Some of these project opportunities involve paid-piloting, where CPC is paid to perform preliminary studies to demonstrate the performance of the aMES™ technology. To date, all of these studies have demonstrated positive results and are the basis of ongoing commercially focused discussions.
Further details regarding progress and the Company's plans for CPC will be provided in the near future.
- ENDS -About Consolidated Potash Corporation
Further to the detailed update provided in the January 7, 2018 Corporate Update, CPC continues to make important progress on a number of important fronts. CPC has now completed the acquisition of an initial 50% interest in a highly prospective potash and lithium project in New Mexico, USA - where CPC's aMES™ technology is particularly well suited to an integrated and accelerated development schedule; should mineral resource definition studies progress satisfactorily. CPC has made similarly encouraging progress with company's flagship Karinga Lakes potash project in Australia, where CPC is earning up to a 40% interest. Lions Bay is in the process of acquiring the balance of CPC, an important step in being able to position the company for a planned IPO in the first half of 2019.
About Lions Bay Capital Inc.
Lions Bay Capital Inc. is a TSX-V listed Investment Issuer that is focused on high return investment opportunities, principally in the mining, clean energy and clean technology sectors, where it will provide public and private companies early-stage financial support by way of equity or debt.
On behalf of the Board of Lions Bay.
Tel: +61 3 9236 2800
Tel: +61 3 9236 2800
For more information, please visit the corporate website at www.lionsbaycapital.com or contact the above.
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.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "will", "plan", "intends", "may", "will", "could", "expects", "anticipates" and similar expressions. Further disclosure of the risks and uncertainties facing Lions Bay and other forward-looking statements are discussed in Lions Bay's Management's Discussion and Analysis which is available under the Company's profile on www.sedar.com.
Forward-looking statements are based on assumptions made by and information currently available to the Company. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, for the Company and the companies it is invested in, but are not limited to, commodity prices, fluctuations in revenues and expenses, need for additional funding, availability of such additional funding and that funding will be on acceptable terms, retention of key employees, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.
The forward-looking statements in this press release are made as of the date they are given and, except as required by applicable securities laws, the Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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