American Creek Resources is a precious metals exploration company with an impressive portfolio of high-potential gold and silver projects in British Columbia. These include properties in B.C.’s prolific Golden Triangle, one of the richest areas of mineralization in the world.
Toronto, Ontario, Canada – Namaste Technologies Inc. (“Namaste†or the “Companyâ€) has reported financial results for the third quarter and nine month period, each ending May 31, 2016. The financial statements and management discussion & analysis for the period can be accessed on SEDAR at www.sedar.com.
During the quarter, the Company focused efforts on transitioning from pay-per-click advertising to inbound organic e-commence growth strategies, which generated Q3 2016 e-commerce revenue of $738,199 and gross profit was $353,361, representing a 47.9% gross profit margin. For the nine month period, revenue was $2,611,871 and gross profit was $1,058,154, representing a 40.5% gross profit margin. For the 2015 fiscal year, the comparable Q3 revenue was $1,087,256 and the comparable revenue for the nine month period was $3,471,420.
Looking forward to the last quarter of 2016 and first half of 2017, the Company anticipates revenue and gross profit to increase significantly due to further traction with its current inbound e-commerce market initiatives, commercialization of the Gurutm, acquisition of VaporSeller, and seasonal increase of sales activities during Black Friday, Cyber Monday and the holiday season.
Mr. Sean Dollinger, President and CEO of Namaste, comments: “The first nine months of the Company’s fiscal 2016 has been transformational. When I reflect back at the accomplishments of our team over this period, including taking our company public, completing our first external capital raises, securing our first acquisition and implementing long term and sustainable e-commerce marketing strategies, my personal sense of optimism and excitement for the future of Namaste is confirmed. As always, I would like to thank all the stakeholders of Namaste for their support as we continue to move forward with our objective of creating the leading international vaporizer and accessories company globally.â€
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has over 30 e-commerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
“Sean Dollingerâ€
Sean Dollinger
Chief Executive Officer
Further information on the company and its products can be accessed through the links below:
www.namastetechnologies.com
www.namastevaporizers.com
www.namastevaporizers.co.uk
This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions. Namaste assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the contents of this press release
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CARDSTON, ALBERTA–(Aug. 3, 2016) – American Creek Resources Ltd. (TSX VENTURE:AMK) (“American Creek”) is pleased to report that its JV partner, Tudor Gold Corp. (TSX VENTURE:TUD) (“Tudor”) has commissioned a comprehensive Magnetotelluric survey (“MT survey”) on the Treaty Creek Property located immediately adjacent to Seabridge Gold’s KSM project in the “Golden Triangle” of NW British Columbia 75km north of Stewart.
American Creek and Tudor recently entered into a joint venture agreement with Tudor holding a 60% interest and American Creek and Teuton Resources Corp. each holding 20% carried interests in the project. Tudor is the operator.
The survey, already in progress, is being run by Simcoe Geoscience Ltd. using the same geophysicist that designed, ran, and interpreted MT surveys on the adjacent KSM and Brucejack projects owned by Seabridge Gold and Pretivm Resources respectively. The program is also using the same equipment and technology that continues to be used with great success on the adjoining properties.
MT surveys, a geophysical technique that measures fluctuations in naturally-occurring electrical and magnetic fields, have been used extensively by Seabridge and Pretivm to assist them in discovering and developing new deposits. The Deep Kerr, Lower Iron Cap, Mitchell at Depth, and extensions of Deep Kerr deposits are some of the discoveries within Seabridge’s KSM project where MT technology was utilized in discovering and in developing drill targets for these core zones. Pretivm Resources, whose deposits (Snowfield/Brucejack/Valley of the Kings) are adjacent to the KSM, has also had great success using MT technology in the discovery and development of their deposits. This confirms the reliability and accuracy of MT technology within the large hydrothermal system encompassing the KSM, Snowfield/Brucejack, and Treaty Creek projects. This hydrothermal system is one of the largest in the world with the southern half being shared by Pretivm’s deposits on the east and Seabridge’s deposits on the west. The northern half of the system extends through the Treaty Creek property.
In 2011, Seabridge commissioned a single line array MT survey through the Treaty Creek property to cover their proposed tunnel route as part of their KSM development plan. The exploration objective was to detect porphyry-rich mineralization and/or associated alteration zones to depth and to establish an understanding of the geological system and fluid pathways to great depth within the KSM survey area. The survey was successful in discovering potential porphyry-rich mineralization and/or associated alteration zones to depth as it revealed a large conductive body at depth which extends upward to the surface between MT sites 214 and 216. This area contains gossanous outcrops along with surface mineralization and also includes the previously explored Orpiment zone. The survey also shows a more prominent feeder extending over 3km from the large conductive body at depth. This feeder is approximately 750m wide and extends to the location of the Copper Belle zone where another large conductive body (less than 200ohm-m) appears on the survey starting between MT sites 208 and 209. The northeast tip of Copper Belle, a bulk-tonnage type gold-copper-molybdenum porphyry, appears to be located at the northeast tip of this low resistive anomaly. The drilling that American Creek conducted in 2007 and 2009 (prior to the MT survey) at Copper Belle was primarily between MT sites 209 and 210 and therefore did not intersect the MT anomaly, however hole CB-14 (the closest hole to the anomaly) carried 0.8g/t gold over 241m and ended in mineralization.
The MT anomalies on the Treaty Creek property have a direct correlation with magnetic highs. A large magnetic anomaly starts precisely where the MT anomaly near Copper Belle begins. Both the MT survey, and a previously conducted Mag survey on Treaty Creek, independently suggest the possibility of a metallic deposit in porphyry form. When the two correlate with each other so perfectly it is referred to as a “strong contact”. The extent of the MT anomaly will remain unknown until the current MT survey is complete, but the magnetic high directly associated with it covers approximately nine square kilometers.
Simcoe Geoscience Ltd. is currently running an extensive 3D survey that covers all the areas of known mineralization on the Treaty Creek property. This will reveal the extent of the existing MT anomalies in far greater detail, and potentially reveal new anomalies, giving Tudor the same type of insights that have contributed to the discoveries on the Seabridge and Pretivm properties within the same hydrothermal system.
Tudor is also planning to commence drilling at Treaty Creek within the next week.
Darren Blaney, American Creek’s President & CEO, stated: “We are very much looking forward to the advancement of the Treaty Creek project and are pleased that Tudor is now on the property and that work is commencing. The exact same MT survey technology presently being employed by Tudor at Treaty has been the key to the recent world class discoveries that have been made by both Seabridge and Pretivm to our south. Our shareholders have been anticipating this event for quite some time and now their patience and support will be rewarded.”
An updated link with more information regarding the MT survey and the Treaty Creek property can be found on the American Creek website homepage.
American Creek Resources Ltd. is a Canadian junior mineral exploration company focused on the acquisition, exploration and development of mineral deposits within the Province of British Columbia, Canada.
Information relating to the Corporation is available on its website at www.americancreek.com.
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 release.
American Creek Resources Ltd.
Kelvin Burton
403 752-4040
[email protected]
www.americancreek.com
Vancouver, BC / August 3, 2016 – Durango Resources Inc. (TSX.V-DGO), (the “Company” or “Durango”) announces that further to the news release of July 29, 2016, Durango’s exploration team and Marcy Kiesman are on site in Nemaska, Quebec.
As previously announced on June 23, 2016, Mr. Donald Theberge, P.Eng., M.B.A is leading the exploration program which will include detailed mapping and sampling of the newly identified pegmatite outcrops and outcropping ridges on Durango’s Nemaska Whabouchi area properties. Mr. Theberge’s compilation report on Durango’s ground adjacent to and near the proposed Whabouchi Lithium deposit in Quebec, confirmed newly identified outcrops and outcropping ridges. It was also confirmed that these outcrops were not previously evaluated by Tucana or any other company, and as such, these outcrops will be the focus of the current program and are of significant interest.
The current program of Durango follows the recommendation made by Mr. Theberge to immediately initiate a sampling and mapping program.
Marcy Kiesman, CEO of Durango, comments, “We are very fortunate to have Donald Theberge direct and organize the work program. I am excited to meet and work with the Cree First Nation of Nemaska and land users to provide partnership opportunities and synergies wherever possible.”
The technical contents of this release were approved by Mr. Donald Theberge P.Eng., M.B.A., a Qualified Person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report.
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company has a 100% interest in the Mayner’s Fortune and Smith Island limestone properties in northwest British Columbia, the Decouverte and Trove gold properties in the Abitibi Region of Quebec, and certain lithium properties near the Whabouchi mine, the Buckshot graphite property near the Miller Mine in Quebec, the Dianna Lake silver project in northern Saskatchewan, the Whitney Northwest property near the Lake Shore Gold and Goldcorp joint venture in Ontario, as well as three sets of claims in the Labrador nickel corridor.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
Marcy Kiesman, Chief Executive Officer
Telephone: 604.428.2900 or 604.339.2243
Facsimile: 888.266.3983
Email: [email protected]
Website: www.durangoresourcesinc.com
Forward-Looking Statements
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to the purchase, development, completion of the Financing, commencement and completion of future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties relating to Durango, please refer to the Company’s prospectus filed on its SEDAR profile at www.sedar.com.
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.
VANCOUVER, Aug. 2, 2016 /CNW/ – Trading resumes in:
Company: HPQ Silicon Resources Inc.
TSX-Venture Symbol: HPQ
Resumption (ET): 10:00 AM
IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions
IIROC Inquiries 1-877-442-4322 (Option 2) – Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.Copyright CNW Group 2016
VANCOUVER, BRITISH COLUMBIA–(Aug. 2, 2016) – Fairmont Resources Inc. (TSX VENTURE:FMR) (“Fairmont”) announces that it has consolidated a historic resource of 12.3 million short tons (11.2 million tonnes) of 99.20% SiO2, 0.41% Al2O3, and 0.36% Fe2O3 (from GM Report 39387, 1982, page 6) by staking. The two additional claims staked which contain the historic resource and are contiguous to the original Baie-Comeau Quartzite claims that Fairmont Resources announced in a press release on January 23, 2015 (http://goo.gl/y1eR9z)
Map 1 Location of Baie-Comeau Quartzite Property
http://fairmontresources.ca/pdf/20160802%20Map%201.pdf
Table 1 – Historic Resource of Baie-Comeau Quartzite Property
| Reserves | Content % | |||
| Millions of short tons | SiO2 | Al2O3 | Fe2O3 | |
| Pit 1 (level 810) | 3.5 | 99.3 | 0.39 | 0.036 |
| Pit 2 (level 840) | 3.3 | 99.3 | 0.40 | 0.034 |
| Pit 2 (level 810) | 6.1 | 99.3 | 0.40 | 0.034 |
| Geological Reserve | 12.3 | 99.2 | 0.41 | 0.036 |
| Conversion to metric tonnes | 11.2 | 99.2 | 0.41 | 0.036 |
The Historic Resource was completed by Amtec Inc., of Ste-Foy, P.Q. on July 15, 1982 for their client Steep Rock Iron Mines Ltd.
The historical “estimated or drilled indicated tonnage” cited above is mentioned for historical purposes only and uses terminology not compliant with current NI 43-101 reporting standards. The reliability of these historical estimates is unknown but considered relevant by Fairmont as it represents significant targets for future exploration. The qualified person has done sufficient work to classify the historical estimate as a current mineral resource but Fairmont is not treating this historical estimate as a current mineral resource. Historical “estimated or drill indicated” is not equivalent to mineral reserves or resources as it is not supported by at least a preliminary feasibility study. In order to verify this as a current estimate, Fairmont will need to conduct additional exploration work in the form of diamond drilling to verify the historic data.
Map 2 Location of Historic Resource on Baie-Comeau Quartzite Property
http://fairmontresources.ca/pdf/20160802%20Map%202.pdf
Test work by Union Carbide Canada demonstrated that the quartzite from Baie-Comeau was acceptable for ferro-silicon production. In report GM 31179, a letter and results from Union Carbide Canada Limited are reported. Quoting from the letter “although the Al2O3 values tend to be on the high side, the quartz is of acceptable quality for ferro-silicon production”
In the recently filed Silicon Ridge Mineral Resource Estimate NI 43-101 Technical Report, dated July 20, 2016 by Rogue Resources, the optimized pit economic parameters included Ferro Silicon Grade quartz sales pricing at CDN$100 per tonne.
Table 2 Test Results from Union Carbide on Baie-Comeau Quartzite Property
| Content % | % | ||||
| Hole and Intersection | SiO2 | Al2O3 | Fe2O3 | Cao | Loss on Ignition |
| H1 75-80 | 99.05 | 0.12 | 0.25 | 0.01 | 0.3 |
| H2 47-53.5 | 98.67 | 0.55 | 0.2 | 0.01 | 0.32 |
| H2 94-100 | 98.8 | 0.55 | 0.16 | 0.01 | 0.23 |
| H2 134-187 | 98.88 | 0.47 | 0.16 | 0.01 | 0.23 |
| H2 189-190 | 98.87 | 0.56 | 0.14 | 0.01 | 0.17 |
| H2 419-420 | 99.1 | 0.4 | 0.11 | 0.04 | 0.1 |
| H2 947.5-950 | 99.07 | 0.37 | 0.13 | 0.06 | 0.12 |
| H2 965-970 | 98.76 | 0.6 | 0.19 | 0.07 | 0.13 |
| H4 125-150 | 99.05 | 0.4 | 0.12 | 0.06 | 0.12 |
| H4 355-360 | 98.84 | 0.59 | 0.14 | 0.03 | 0.15 |
In GM30063, Watts, Griffis and McOuat Limited (‘WGM’) issued a report to Universal Minerals Corporation on the Baie-Comeau Silica Deposit, dated June 3, 1970. This is an earlier report based on less drilling and testing than the Amtec report of 1982. This earlier report calculated an ore reserved based upon a theoretical open pit with reserves of 3,500,000 tons grading approximately 98.5% Sio2, with waste rock of 100,000 tons and an estimated average overburden thickness of 1.5 feet. This report also stated that “Potential reserves on the property are many times this figure and could amount into the hundreds of millions of tons” and that “it is recommended that a decision be made to bring the property into production, providing other factors beyond the scope of this report are favourable”.
The Company advises a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves as such the Company is not treating the historical estimate as current mineral resources or mineral reserves. The resource calculation was part of a Feasibility Report on the Baie-Comeau Silica Deposit of Universal Minerals Corporation, by Surveyer, Nenniger and Chenevery Inc., within the section Report To Universal Minerals Corporation on The Baie-Comeau Silica Deposit, Completed by Watt, Griffis and McOuat Limited date June 3rd, 1970. The historic estimate was based on five diamond drill holes total 3,309 feet and two trenches. The resource was not prepared under current CIM definitions of mineral resources.
Within GM30063 results and conclusions of test work using a 3 stage magnetic separator to increase the SiO2 purity. In the first stage of magnetic separation – free iron and iron bearing particles were liberated. In the second stage biotite and muscovite were separated. And in the third stage muscovite and stained silica particle with inclusions were separated. There was nearly a 7% loss of ore through this process, but the iron within the silica was reduced to 0.02% Fe2O3 with the recommended feed rate.
In GM30063 crushing and grinding testing was completed with Nordberg Manufacturing. Positive crushing and results at a rate of 50 tons per hour were achieved.
Testing by Lakefield Laboratories, also in GM30063, being able to increase silica grade to 99.16% SiO2 from 98.36% SiO2 head grade in test one, and 99.20% SiO2 from a head grade of 98.78% SiO2.
The work completed by Surveyer, Nenniger & Chenevert Consulting Engineers of Montreal, Quebec in GM 30063 added that “One of the prime advantages of the deposit is its nearby location to the Baie-Comeau all year round deep sea harbor, giving easy access to the Canadian and United States East Coast markets. The central portion of the deposit is located only 10 miles from the harbor.”
In GM20143 titled Baie-Comeau Quartzite Deposits Geological Report, received by Natural Resources Quebec on June 20, 1967, the author Laurier Juteau, Eng, states that “the quartzite is too massive and homogenous to reflect structure. Some irregular jointing is present, but no pattern was determined.” Juteau also states in the report “it is impractical to calculate the available tonnage which could exceed any anticipated requirements of local markets which may develop. The exposures are extensive and have heights ranging to 500 feet, which would assist any quarrying operations.”
In GM10368, in the Geological Report of Quartzite Deposit Baie-Comeau PQ by C.P. Robertson dated August 31, 1960 early test work demonstrated high grade SiO2 results. In an one set of results, a total of 112 surface samples of approximately 50 lbs each were blasted at five-foot intervals and the average assay of these was 99.0% SiO2, 0.77% Al2O3 and 0.22% Fe2O3. An additional 21 samples of approximately 10 lbs each were collected and analyzed as two composite samples which returned an average grade of 99.0% SiO2, and 0.58% Al2O3. From diamond drill holes, eleven 10-foot samples were selected of typical quartzite with an average grade of 98.64% SiO2, 0.58% Al2O3 and 0.16% Fe2O3. From this work it was concluded that the average grade of quartzite that could be produced was in above 98.5% SiO2.
Table 3 General Specifications for Different Uses Of Silica
(Source – Sidex (www.sidex.ca) Exploring for silica in Quebec)
http://fairmontresources.ca/pdf/20160802%20Table%203.pdf
The historical “estimated or drilled indicated tonnage” and metallurgical, market studies, and other test work cited above is mentioned for historical purposes only and uses terminology not compliant with current NI 43-101 reporting standards. The reliability of these historical estimates is unknown but considered relevant by Fairmont as it represents significant targets for future exploration. The qualified person has done sufficient work to classify the historical estimate as a current mineral resource but Fairmont is not treating this historical estimate as a current mineral resource. Historical “estimated or drill indicated” is not equivalent to mineral reserves or resources as it is not supported by at least a preliminary feasibility study. In order to verify this as a current estimate, Fairmont will need to conduct additional exploration work in the form of diamond drilling to verify the historic data.
All of the GM reports referenced to in this release are available: http://sigeom.mines.gouv.qc.ca/
Granitos de Badajoz (GRABASA)
Fairmont Resources is still in discussions with funding groups in the UK, Canada and USA with respect to the acquisition of Grabasa. Fairmont will provide an update on funding when agreements are in place.
Roger Ouellet, P. Geo, a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.
About Ferrosilicon
Ferrosilicon (FeSi) is used to remove oxygen from the steel and as alloying element to improve the final quality of the steel. Silicon increases namely strength and wear resistance, elasticity (spring steels), scale resistance (heat resistant steels), and lowers electrical conductivity and magnetostriction (electrical steels). Special FeSi like low Al, High Purity and low C ferrosilicon are used in the production of special steel qualities for transformers/motors, ball bearings and shock absorbers, tire cord steel and in stainless steel.
About Fairmont
Fairmont Resources Inc. is a rapidly growing industrial mineral and dimensional stone 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 displayed 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. Fairmont is also in the process of acquiring the assets of Granitos de Badajoz (GRABASA) in Spain which includes 23 quarries and a 40,000 square metre granite finishing facility that has produced finished granite installed across Europe.
Forward-Looking Statements
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 exploration program of its mineral properties and Fairmont’s limited operating history. 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. Except as required under applicable securities legislation, Fairmont undertakes no obligation to publicly update or revise forward-looking information.
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.
Fairmont Resources Inc.
Michael A. Dehn
President and CEO
647-477-2382
[email protected]
www.fairmontresources.ca
QIS Capital
Doren Quinton
President
250-377-1182
[email protected]
www.smallcaps.ca
HPQ Silicon Resources Inc (“HPQ Siliconâ€) (TSX Venture: HPQ) (formerly Uragold) is pleased to announce the completion of a major Agreement with PyroGenesis Canada Inc. (“PyroGenesis”) on July 29, 2016 as follows:
UNIFICATION OF TECHNOLOGY AND RESOURCES DRIVEN BY INDUSTRY FEEDBACK
On June 29, 2016, Lab scale testing demonstrated the ability of the PUREVAPTM process to produce high purity silicon metal greater than 99.9% (>3N) in just one step, using quartz from HPQ Silicon properties.
Upon achieving this milestone, it became clear to HPQ Silicon from discussions with industry professionals and government officials that unification of the PUREVAPTM Intellectual Property with the feedstock quartz under one corporate umbrella was necessary for future commercial and financing purposes.
Bernard J. Tourillon, Chairman and CEO of HPQ Silicon stated “Today marks a major milestone for HPQ Silicon and its shareholders. By unifying this fantastic technology under our brand and successfully scaling it up, we can accelerate our plan of becoming the cleanest, greenest and lowest cost vertically integrated producer of Solar Grade Silicon Metal in the world. Thanks to our great working relationship with PyroGenesis, combined with our ownership of the PUREVAPâ„¢ QVR intellectual property, HPQ Silicon is uniquely positioned to become an agent of change in the Solar Industry and beyondâ€.
With unification now having been completed, validating the scalability of the process becomes the next and most important priority of both HPQ Silicon and PyroGenesis. To this end, Pierre Carabin, Director of Engineering of PyroGenesis stated:
“We are very happy to be moving to the pilot scale with this process. Throughout PyroGenesis’ history, we have successfully taken new concepts from the lab to commercialization. As we have done with the US Navy, developing the PAWDS technology from lab scale to finally being specified in the design of the new US Aircraft Carriers, and more recently, with our Drosrite technology. We plan to systematically and successfully ramp up the PUREVAPâ„¢ process to full commercial scale. Once successful, we believe the PUREVAPTM process portends to be a game changing, and enabling, technology.â€
FURTHER DETAILS PERTAINING TO PILOT PLANT
This agreement is for the design, fabrication, assembly, commissioning and testing of a 200 metric ton/year PUREVAP™ QVR pilot plant. The design, fabrication and assembly period for the pilot plant is expected to take 12 to 16 months, after which the pilot plant will undergo a commissioning phase expected to last an additional 2 months, with a final testing period expected to last 10 months. The pilot plant will initially be installed at PyroGenesis’ facility in Montreal, Canada, and upon completion of the testing period, the pilot plant will be relocated to a permanent production site, chosen by HPQ Silicon.
“The pilot system represents a significant milestone in our relationship with HPQ Silicon and demonstrates our commitment to the advancement of the PUREVAPTM project,†said P. Peter Pascali, President and CEO of PyroGenesis. “At PyroGenesis we believe in a conservative approach to development, and we only engage projects we feel have merit as well as a high probability of success.â€
FURTHER DETAILS PERTAINING TO ACQUISITION OF INTELLECTUAL PROPERTY
PyroGenesis will retain a royalty-free, exclusive, irrevocable worldwide license to use the process for purposes other than the production of silicon metal from quartz. Should PyroGenesis develop any other such application, HPQ Silicon shall have a right of first refusal in the event of any sale or otherwise disposal. PyroGenesis will retain all royalty payments owed by HPQ Silicon under the previously disclosed development and exclusivity agreement for the development of the PUREVAPTM process, payments of which represent 10% of HPQ Silicon metal sales, with set minimums, but with royalty payments being waived for 2017.
A MANAGEABLE FINANCIAL COMMITMENT OVER THE NEXT 30 MONTHS
Total Purchase Price CDN$8,260,000 is divided as follow:
In addition to having sufficient liquidity, thanks to ongoing warrant exercise, as well as having made a $CDN1 Million payment to PyroGenesis, HPQ Silicon management deems the cash calls associated with the agreement a manageable risk for the following reasons:
PROJECTED CASH CALL FOR THE REMAINDER OF 2016 OF CDN$3,393,600
The CDN$1,000,000 the purchase of the related Intellectual Property has already been completed.
Of the remaining CDN$2,393,600, CDN$300,000 will be paid through the immediate issuance of 1,363,636 common shares of HPQ Silicon to PyroGenesis (subject to standard regulatory approval). An additional CDN$190,000 was paid through 1,000,000 Units subscription made by HPQ Silicon in PyroGenesis latest private placement.
As such, the balance of payments to PyroGenesis for the remainder of 2016 is just CDN$1,900,000.
The projected cash call for 2017 is projected at CDN$2,296,000. The projected cash call for 2018 is projected at CDN$2,570,000
About HPQ Silicon
HPQ Silicon Resources Inc (Formally Uragold Bay Resources) is a TSX-V listed junior exploration company planning to become a vertically integrated and diversified High Value Specialty Materials Company. Our Business model is focused on developing unique projects that can generate high yield returns and significant free cash flow within a short time line.
High Value Specialty Materials
In September 2015, PyroGenesis announced that it had filed for a provisional patent for the PUREVAPTM Quartz Vaporization Reactor (QVR) process, which it noted was able to produce silicon, at a lower cost, while generating less CO2 emissions than current processes.
On April 19, 2016, PyroGenesis announced that early test results of the PUREVAPTM QVR process have demonstrated that it can transform high purity quartz into silicon metal. The PUREVAPTM QVR validation program his now in its second stage whereby the operational parameters of the reactor are adjusted in order to achieve the transformation of HPQ Silicon Quartz into Solar Grade Purity Si.
On June 29, 2016, HPQ Silicon announced that first pass analytical process confirms the ability of the PUREVAPTM process to create high purity silicon metal exceeding 99.9% and that samples are to be sent to a specialized laboratory in the United States to determine the precise purity levels of the Silicon Metal.
HPQ Silicon, with its worldwide exclusive usage of PyroGenesis’ PUREVAP™ QVR, is endeavouring to become a vertically integrated Silicon Metal (98.5% Si), High Purity Silicon Metal (99.99% Si), Solar Grade Silicon Metal (6N Purity / 99.9999% Si) and/or Higher (9N Purity / 99.9999999% Si) producer.
The PUREVAP™ QVR process’s big advantage is its one step direct transformation of Quartz into High Purity Silicon Metal Solar Grade Silicon Metal and/or Higher Purity product, thereby potentially allowing Uragold to manufacture high value material for the same operating cost presently being paid by traditional producers to make Metallurgical Grade Si (98.5% Si) using the traditional arc furnace approach.
The Science Behind PyroGenesis PUREVAPâ„¢ QVR Process Is Solid:
What is unique and ground breaking is the combination of these three proven processes into one step.
A Green And Clean Company
HPQ Silicon Uragold, with its worldwide exclusive usage of PyroGenesis’ PUREVAP™ QVR will also be implementing a process to make Sg Si, which is estimated to generate 14.1 kg CO2 eq/Kg SG Si, versus the 54.0 kg CO2 eq/Kg SG Si of emissions generated by the Siemens process (90% of the present production process). This represents 75% fewer greenhouse gas emissions, which is justified by elimination of the emissions emanating from the use of chemicals, as well as, energy consumption from the additional purification step.
High Purity Quartz Properties
HPQ Silicon is also the largest holder of High Purity Quartz properties in Quebec, with over 3,500 Ha under claims. Despite the abundance of quartz, very few deposits are suitable for high purity applications. High Purity Quartz supplies are tightening, prices are rising, and exponential growth is forecast. Quartz from the Roncevaux property successfully passed rigorous testing protocols of a major silicon metal producer confirming that our material is highly suited for their silicon metal production.
Disclaimers:
This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company’s on-going filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
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 release.
For further information contact
Bernard J. Tourillon, Chairman and CEO Tel (514) 907-1011
Patrick Levasseur, President and COO Tel: (514) 262-9239
www.HPQSilicon.com
Or
Carl Desjardins, Paradox Public Relations Inc., Tel (514) 341-0408
Vancouver, BC / July 29, 2016 – Durango Resources Inc. (TSX.V-DGO), (the “Company” or “Durango”) is pleased to announce that recent drilling by Nemaska Lithium Corp. (TSX-NMX) (“Nemaska”) confirms that Nemaska’s Whabouchi lithium deposit extends to the east toward Durango’s property which is contiguous to the Whabouchi property.
Nemaska’s news release from July 28, 2016 stated “The drilling thus far has confirmed the continuity of the dikes down to 200 metres from surface in the eastern part of the deposit and spodumene-bearing pegmatite dikes were observed in all holes…[and]…confirms that there are additional dikes on the Whabouchi property.”
The discovery of additional dikes aligns with the USGS paper 2003-1008 which states that “LCT pegmatites typically occur in groups, which consist of tens to hundreds of individuals and cover areas up to a few tens of square kilometers (Cerny, 1991).”1
Further to Durango’s news release of July 18, 2016, Durango’s exploration team expects to be mobilized on its property in the Nemaska region by August 2nd for the initiation of its exploration program. The initial program will take place over a period of approximately two weeks and consist of detailed mapping and sampling and will target geophysical and historical lithogeochemical anomalies.
Marcy Kiesman, CEO of Durango stated, “Due to the recent drilling program of Nemaska Lithium which confirms that the dikes on its property extend to the east towards our property, our exploration team is excited to begin an exploration program on our claims in this area.”
References
About Durango Resources Inc.
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company has a 100% interest in the Mayner’s Fortune and Smith Island limestone properties in northwest British Columbia, the Decouverte and Trove gold properties in the Abitibi Region of Quebec, and the NMX East, Lac Noirs, Montagne North and Boomerang lithium properties near the Whabouchi mine, the Buckshot graphite property near the Miller Mine in Quebec, the Whitney Northwest property near the Lake Shore Gold and Goldcorp joint venture in Ontario, as well as three sets of claims in the Labrador nickel corridor.
For further information on Durango, please refer to its website and its SEDAR profile at www.sedar.com.
Marcy Kiesman, Chief Executive Officer
Telephone: 604.428.2900 or 604.339.2243
Facsimile: 888.266.3983
Email: [email protected]
Website: www.durangoresourcesinc.com
Forward-Looking Statements
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties relating to Durango, please refer to the Company’s prospectus filed on its SEDAR profile at www.sedar.com.
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.
Regulation
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