LOS ANGELES, CA--(Marketwired - Aug 31, 2016) - New Generation Consumer Group, Inc. (
The Agreement will provide the company a twenty-five (25%) percent interest in the mineral rights to the V-LITH mineral property which consists of 29 claim units totaling 464 hectares (1147 acres).
The Property is located between Rich Lake to the south and Opikeigan Lake to the north in the Thunder Bay Mining District and Rich Lake Township in the north-central portion of the province of Ontario, Canada.
In the initial exploratory work on the Rich Lake property it has shown to host numerous pegmatite dykes which have been explored for their lithium and precious metal bearing mineralization. The Lilypad Lakes pegmatites do host lithium minerals as reports of a 10.4 meter drill intersection assaying 1.08 percent Li20 in a drill hole intersection and assays as high as 2.05 percent Li20 and 4.45 percent Li20. Historically, on the Rich Lake ground, a sample taken from a structure exposed in a shaft returned an assay of 1.0 ounces gold per ton.
Mr. Kim and his advisors have been working several months on the details of Joint Venture with Victory and their CEO Roger Frost. It was decided from reviewing the initial exploration information that there is sufficient evidence that the V-LITH property has significant Lithium deposits to proceed with a exploration program which is estimated to take two to six months to complete and produce a NI 43-101 report. The company will contribute $100,000 for the completion of the NI 43-101 report.
Mr. Kim is extremely excited about the potential for the Victory project and future announcements concerning Victory and Mr. Frost. According to Kim "This new alliance forms the foundation which I needed to catch the attention of my partners overseas and as I forge ahead with my plans to become further involved with our new partners from Canada. Based on my long history with my friends in Hong Kong, I am confident that I will receive the support to take this project to the next level." Victory CEO Roger Frost stated, "The Company is elated to form a partnership with Urban Mining Ventures Inc." Mr. Frost believes with lithium becoming one of the top resources in the future of mining, the joint venture agreement will help propel both companies to become a force in the mining industry.
Mr. Kim is currently in talks with two separate overseas groups who are claiming to have process equipment which will enable the efficient dismantlement and reclaim processes used in asset recovery which until now was only available through the use of labor overseas. While he is currently in the vetting process, it seems that fundamentally the equipment seems to meet both economic viability tests and would be complicit with the more stringent North American environmental requirements.
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This press release contains forward-looking statements. Words such as "expects," "intends," "believes," and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the OTC Markets Group. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Urban Mining Ventures, Inc