Vancouver, British Columbia--(Newsfile Corp. - November 27, 2017) - Fairmont Resources Inc. (TSXV: FMR) ("Fairmont" or the "Company") announces that Innovacion, Soluciones Y Servicios Para La Commercialiacion S.L. (commercial name Eureka Trading) has filed in the Superior Court located in the District of Montreal, Province of Quebec to obtain enforcement of the judgment against Fairmont rendered on June 28th, 2017, by the Court of First Instance No. 5 in the city of Badajoz. Fairmont continues to pursue settlement options with respect to this issue.
Further to Prophecy Development Corp.'s ("Prophecy") news release dated July 21, 2017, the Company and Prophecy have mutually agreed to terminate the letter agreement for Prophecy to acquire the Buttercup project from Fairmont. Prophecy did not conclude its due diligence inquiries within the time-frame required in the letter agreement.
The Company also announces that a customer's initial testing and purchase of dense aggregate from the Buttercup Property have been completed. The customer is expected to complete additional testing on the dense aggregate purchased, and if product acceptance with end users it is expected that the customer will purchase additional dense aggregate in 2018.
Photo's of equipment working at the Buttercup Property this summer and fall can be seen at this link: https://youtu.be/XbCy6qbfCjI
Fairmont also announces that Ernest M. Cleave has resigned as director. Fairmont wishes to thank Mr. Cleave for his services as director.
About Fairmont Resources Inc.
Fairmont Resources Inc. is a rapidly growing industrial mineral company trading on the Toronto Venture Exchange symbol FMR.
Fairmont's Quebec properties cover numerous occurrences of high-grade titaniferous magnetite with vanadium, with the Buttercup property having a permit to quarry dense aggregate. Where these occurrences have been tested they have display exceptional uniformity with respect to grade. Fairmont also controls three quartz/quartzite properties, with the Forestville property having independent end user testing confirming the suitability of quartzite from Forestville for Ferro Silicon production
On behalf of the Board of Directors,
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Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Fairmont cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Fairmont's control. Such factors include, among other things: risks and uncertainties relating to Fairmont's ability to obtain financing, limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Fairmont undertakes no obligation to publicly update or revise forward-looking information.
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