- Company updates its shareholders and stakeholders on the status of some of its initiatives and provide some clarity to recent recurring questions from the public
Montreal, Quebec / November 24, 2017 – St-Georges Platinum & Base Metals ltd (CSE: SX) (OTC: SXOOF) (FSE: 85G1) would like to update its shareholders and stakeholders on the status of some of its initiatives and provide some clarity to recent recurring questions from the public.
Warrants being executed
On November 3, the company notified certain warrants holders of its intention to accelerate the expiry date of certain warrants with an execution price of $0.04 issued in May 2016. Of a total of 7,250,000 warrants in circulation, the company has already processed or received execution notices from warrant holders representing 5,000,000 warrants for total proceeds of $200,000.
Lithium clay extraction technology
Many shareholders have made clear to management that they would like more disclosure on the current on-going lithium extraction technology research & development initiative. For competitive reasons, the Company is not able to fully disclose the mechanics of the technology being developed, which led some to form their own speculation with respect to the technology and our partners.
The analysis of the work done by the company metallurgists has convinced Company management of the necessity to file patents in the near future before fully disclosing all the details pertaining to this method of lithium extraction out of clay. However, other information can be readily disclosed; First, the technology is proprietary, it is not an improvement on other technologies developed by our partner Strategic Metallurgy Pty, or anything related to the revolutionary L-Max lithium extraction process owned by Lepidico (ASX:LPD). The process does not use liquid acid to leach the lithium out of the clay. A review of publicly disclosed private or public research program didn’t identify any other research using a similar approach. The tests currently done aimed at proving the capacity of this technology to extract in one mining circuit phase lithium chloride from the clays in their current stage as found in the Bonnie Claire Valley. The Company has enrolled the help of Dundee Sustainable Technologies as a contractor to run some of the tests in an independent laboratory environment.
Blockchain & Cryptocurrencies
On November 11, the company announced it had found a third-party escrow service company that had agreed to act as a facilitator to accept cryptocurrencies in our future private placements. The company also disclosed that some of its suppliers had agreed to receive payments in cryptocurrencies.
This announcement has generated questions, some of which can be addressed as follows: St-Georges is not moving its main business towards a blockchain or cryptocurrencies business model. However, the company has decided to leverage the presence on its board and in its management of individuals who are well versed on the subject, including one of our directors who published many papers on the subject for well-known scientific publication and runs a cryptocurrencies laboratory in China. The company was also contacted by other individuals and companies interested in being introduced to the entities in Iceland that can facilitate the implementation of crypto-mining operations. The company will review the potential of these opportunities with an independent committee of its directors, not involved in the blockchain space and will decide a course of action that should avoid conflict of interest, yet allow the company to monetize some of these opportunities.
King of the North Corp.
In the last month, the company announced the creation of a subsidiary with the focus of putting together a portfolio of potentially large mineral exploration projects. St-Georges contributed its Isoukustouc Nickel-Copper-Cobalt project to it. It also announced its intention to option the Hemlo North Limb project from Canadian Orebodies. The management of KOTN is currently reviewing other potential acquisitions, and if these reviews are positive, they should be communicated to the public in the near future. Some shareholders questioned the focus of St-Georges after the last announcement from KOTN and the management of St-Georges would like to clarify that KOTN was created in order to be managed as a separate entity, with its own exploration and financing objectives. St-Georges’ board of directors believe that this will allow St-Georges’ management to better focus on the remaining activities of the company.
Saguenay claims & Muscovite Mines
On November 13, St-Georges announced that it had acquired the 50% ownership of the Saguenay claims held by Quantum Numbers Corp. (TSX-V: QNC). Prior to this transaction, these claims were jointly-owned in equal proportion with St-Georges. The company intends to initiate some surface works on these claims in the next 10 days. St-Georges will also form an ad-hoc independent committee of directors to establish the best terms to acquire the core claims composed of 8 historical muscovite mines that are currently owned by Mark Billings and Frank Dumas, both of whom are officers and directors of the company, and their third partner who has no relationship with the company. The company expects to make some announcement within the next 10 days in regard to this proposed acquisition.
Other announcements
St-Georges’ management will be in London, U.K. for investor presentations next week from November 27th to December 1st in parallel with the “Mines & Money Conference’. Investors are welcome to contact the company to arrange a meeting. Other updates are expected before the end of the month.
ON BEHALF OF THE BOARD OF DIRECTORS
“Frank Dumas”
FRANK DUMAS, PRESIDENT & CEO
About St-Georges
St-Georges is developing new technologies to solve the some of the most common environmental problems in the mining industry.
The Company controls directly or indirectly, through rights of first refusal, all of the active mineral tenures in Iceland. It also explores for nickel on the Julie Nickel Project & for industrial minerals on Quebec’s North Shore and for lithium and rare metals in Northern Quebec and in the Abitibi region. Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX, on the US OTC under the Symbol SXOOF and on the Frankfurt Stock Exchange under the symbol 85G1. For additional information, please visit our website at www.stgeorgesplatinum.com
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
