TORONTO, ONTARIO and MUNICH, GERMANY--(Marketwired - Sept. 19, 2017) -
The Buckell-Lithium project is located in the Manono-Kitotolo region which is considered the Largest Lithium, Tin and Tantalite Pegmatite Deposit Ever Worked in the DRC
TANTALEX Resources Corporation (CSE:TTX)(CSE:TTX.CN)(CNSX:TTX)(FRANKFURT:1T0) ("TANTALEX" or the "Corporation") announces that, following the receipt of a letter from AVZ MINERALS LTD. ("AVZ"), an ASX listed issuer, requesting that the Corporation review certain terms and information included in its September 14, 2017 press release, Tantalex is pleased to announce that it has signed a Memorandum of Understanding (the "MOU") with La Congolaise d'Exploitation Minière SA ("COMINIÈRE SA"), to exclusively establish for a period of 75 days, the preliminary terms and financial conditions to evaluate and develop the large land package of highly prospective mining properties, vacant land and hydro power dams (the "Project"). Under the agreement, COMINIÈRE SA will offer the sizeable land package consisting of 35 mining properties (on those that have not yet been awarded) and Tantalex will provide both the financial and technical capabilities to develop the Project which will be more fully defined further to extensive due diligence by the Company.
COMINIÈRE SA is a state-owned company in which 90% of the share capital is owned by the Democratic Republic of Congo ("DRC"), and 10% is owned by L'Institut National de Sécurité Sociale du Congo, DRC's largest Social Security and Pension fund. COMINIÈRE SA's portfolio of mining properties cover a total of 12,456 km2, making it one of the largest landowners in the DRC.
Sandstone Worldwide Ltd., a wholly-owned subsidiary of Tantalex is currently engaged in a joint-venture with COMINIÈRE SA (70% Tantalex/30% COMINIÈRE) on their highly prospective Lithium Buckell property (comprised of PR 12 447 and PR 12 448) located in the Manono-Kitotolo area, a significant land package measuring over 1,000 km2 that is contiguous to the Manono-Kitotolo (MK) deposit. In fact, the MK deposit is the geological model upon which Tantalex has also based exploration of its Buckell Lithium project. In October of 2016, Tantalex reported the presence of Lithium, Tantalum, Niobium and Tin on their Buckell property, based on historical data obtained from COMINÈRE SA as well as property assays. (see NI43-101 Report issued January 25, 2017). As for AVZ, it is currently engaged in a partnership (or similar type agreement) whereas it holds a 60% stake in PR 13 359 in the Manono-Kitotolo region. Furthermore, COMINIÈRE SA and Dathomire Mining Resources SARL respectively own a 30% and 10% participation. (Source: www.avzminerals.com.au)
Tantalex's management strongly believes that because previous exploration and production from the MK deposit was focused on extracting tin, the deposit, as well as the other surrounding claim blocks, including the Buckell property, have remained untapped in regard to their lithium resources. The Company intends to begin an aggressive exploration campaign on the site of the Project.
Dave GAGNON, Chief Executive Officer explains, "This is a transformational moment for Tantalex. We have worked diligently over the last several months to secure the MOU and advance the partnership and formally conclude in the near future a number of acquisitions, enabling Tantalex to confirm itself as an important player within the Lithium sphere. We have an excellent working relationship with COMINIÈRE and this partnership promises to result in a major shift in direction for our Company in terms of access to important land packages, accessibility to infrastructure and support from local government agencies. We are fully committed to finalizing this agreement within the next month."
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Gary Pearse MSc, P. Eng, who is a "Qualified Person" as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
About TANTALEX Resources Corporation
TANTALEX is a mining company engaged in the acquisition, exploration, development and distribution of Lithium, Cobalt, Tantalum and other high-tech mineral properties in Africa. The Company is listed on the Canadian Stock Exchange (symbol: TTX) and the Frankfurt Stock Exchange (symbol: 1T0).
Cautionary Note Regarding Forward Looking Statements
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although TANTALEX believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, TANTALEX disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
For further information, please contacts Investor relations: email@example.com
Or visit us at: WWW.TANTALEX.CA
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