OAKVILLE, Ontario, March 29, 2018 (GLOBE NEWSWIRE) -- Saint Jean Carbon Inc. (“Saint Jean” or the “Company”) (TSX-V:SJL) (OTCQB:TORVF), a carbon science company engaged in the design and build of green energy storage, green energy creation and green re-creation through the use of carbon materials is pleased to announce the Company has signed a term sheet with the land owner (4300351 Canada Inc.) of the Montpelier mining claims the company announced on March 27 2018 located in South Western Quebec. The agreement is for 25 years and gives the Company the right to work the property and full access. The terms of the agreement are; the Company will make a onetime payment of $500,000.00 payable in the capital stock of the Company upon completion of the surface rights agreement(s). An issuance of a further 2,500,000 options to be at market price for three years, if the infill drill program is complete and a resource estimate of 10,000,000 tons of mineralized material is defined. Pay a yearly 5% Net Production Royalty (NPR) and a yearly 1.5% Gross Sales Royalty (GSR). A further 1,000,000 bonus shares will be issued, should Company receive the bulk sampling permits by December 15th, 2018. The transaction is subject to TSX Venture approval.
Paul Ogilvie, CEO, commented: “Our goal to hold the best properties in south western Quebec continues to grow, with the surface rights agreement, we can now file application to mine the property. We will work very closely with the land owner and start the process right away, this relationship with the landowner helps the company move forward towards future production of graphite for lithium-ion battery anodes.
The landowner group will do the contract mining of the property; primary crush, secondary crush and air classification (under licence from the Company). As there is no milling needed on the properties, the classified material will be shipped to the milling facility. Without the need for a mill on the property, this eliminates the need for tailings ponds, water usage, structures, fixed equipment, etc. The system was designed to be environmentally friendly, no blasting, no dust, no noise and will initially serve as the model for how the Company could run hundreds of small pits, instead of how traditionally massive pits are used.
The Company anticipates a late spring/early summer drill program of an estimated nine witness holes twined with the pervious historical holes. As an update to the Preliminary Economic Assessment (PEA) announced on October 15th 2016; the Company expected to be completed by the end of January/February 2018 but due to the recent acquisitions, and the time needed to add the new property information into the PEA, the report will be further delayed with an estimated completion of up to 8 weeks.
Dr. Christian Derosier, P.Geo., President of C.D.G.C. Inc., is the qualified person (QP) as defined in National Instrument 43-101 and, acting on behalf of Saint Jean Carbon, has reviewed and approved the technical content of this news release.
About Saint Jean Carbon
Saint Jean is a publicly traded carbon science company, with specific interests in energy storage and green energy creation and green re-creation, with holdings in graphite mining and lithium claims in the province of Quebec in Canada. For the latest information on Saint Jean’s properties and news please refer to the website: http://www.saintjeancarbon.com/
On behalf of the Board of Directors
Saint Jean Carbon Inc.
Paul Ogilvie, CEO and Director
Information Contact :
Tel: (905) 844-1200
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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Saint Jean’s business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as ‘‘plans’’, ‘‘expects’’ or ‘‘does not expect’’, “intends” ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’, “forecasts’’, ‘‘intends’’, ‘‘anticipates’’ or variations of such words and phrases or state that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’.
These forward-looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. The forward-looking statements in this news release assume, inter alia, that the conditions for completion of the Transaction, including regulatory and shareholder approvals, if necessary, will be met.
Although Saint Jean believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that these expectations will prove to be correct.
Statements of past performance should not be construed as an indication of future performance. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors, including those discussed above, could cause actual results to differ materially from the results discussed in the forward-looking statements. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement.
All of the forward-looking statements made in this press release are qualified by these cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release, and Saint Jean assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities laws.