- Advancing lithium technology initiatives;
- Pilot plant design and preparation on-going;
- Iceland Resources fieldwork commencing;
- Julie nickel work program;Kings of the North – completion of the sale and purchase transaction anticipated by the end of September 2019;
- ZeU Crypto Networks listing imminent and product developments at final stages;
- Borealis Commodity Exchange, interviews potential board and management candidates;
- white paper expected within Q4;
- Hydro-Dam Project in Iceland advancing on its environmental permits.
Montreal, QC September 3, 2019 – St-Georges Eco-Mining Corp. (CNSX:SX.CN) (OTC:SXOOF) (FSE:85G1) would like to update its shareholders on its on-going corporate developments.
During the last 12 months the management
and directors of the company have streamlined the structure of the
Company and its projects. The core competences and focus of the Company
are lithium metallurgical technology, gold exploration in Iceland, and
the Julie nickel project.
Mineral Processing and Exploration Initiatives
Lithium Technology
Following the successful completion of
the Stage 1 agreement with our client Iconic Minerals (TSX.V:ICM) and as
announced on July 24, 2019, the Company continues to advance the work
to complete Stages 2 and 3 of the agreement.
The company continues to work towards
developing its technology with solids (clay and hard rock). Applying the
leaching and purification strategy from clay to hard rock resources is
on-going.
The Company is looking at opportunities
to apply its technologies to mining projects that are advanced.
Discussions have been initiated. There is no certainty that these discussions will lead to definitive agreements.
Pilot Plant
The Company’s metallurgical team has
finished the conceptual design of the lithium pilot plant and is now
advancing into detailed technical design with equipment vendors, as well
as finding an appropriate site on which to build the plant. The Company
expects that the construction of the plant could commence within this
quarter or early Q1 2020 depending on site location that is currently
under review and necessary permits approvals from local authorities.
Iceland Resources
The previously announced work program on
March 2 of this year was approved by the Icelandic authorities on
August 21. The Company is engaging its team to start work in Iceland as
soon as work in eastern Quebec has been completed. It is expected that
fieldwork will commence in mid-September and will be on-going throughout
the year. The areas of focus will be Trollaskagi (Troll), Vopnafjor?ur
(Vopna), and Thormodsdalur (Thor).
The Company has not yet received
approval to drill Thor and may need to revise its approach in terms of
getting drilling approval. The Company is of the view that the
municipality cannot prevent the Company from drilling activities
on-site. Management is evaluating its options and expects drilling to
commence before year-end.
Julie Nickel
Following last year’s fieldwork, the
Company’s geological team and exploration sub-contractors will do
further drilling on the Julie nickel property. An effort will be made to
get a bulk sample to advance a nickel-iron initiative within the
Company’s metallurgical team.
Nickel and copper concentrating efforts
will be initiated shortly with potential research grants. In addition,
the Company is looking at ways to capture the full value chain of the
resource including recovering the iron. Preliminary discussions have
been initiated to work on a ferro nickel development with a consortium
planning a project in Quebec.
Investments and Development Companies
Kings of the North – BWA
St-Georges’ geological team together
with its exploration contractors has been doing fieldwork on the Nova
Gold project in eastern Quebec and is expected to return from the site
the first week of September.
The Company has also taken samples from the Isoukustouc property and awaits the sample results.
Per the announcements regarding the sale
of the Company’s subsidiary Kings of the North to BWA Group plc on May
30 and August 5, 2019, the Company is waiting for the completion of the
proposed transaction which is expected to take place on or before
September 30.
Following the acquisition, the project’s expenditure and work programs will be the responsibility of BWA Group plc.
ZeU Crypto Networks
The review of the updated filing
statement provided by management to the Canadian Securities Exchange in
early June has been completed. The final requirements requested by the
Exchange are being finalized by the management.
The Company has signed a joint venture
agreement with St James House PLC and has mandated its Maltese legal
advisors to move forward with both the joint venture corporate structure
and the lottery and gaming licenses
The Company’s developments in September include:
-
– A working demo of the SaaS platform base module will be rolled out.
– Live testing of MulaMail with a select group of people is scheduled to begin.
– Development of the Social Networking App is expected to start.
In light of recent technological
developments, the company has received interest from third parties to
collaborate in the development of aerospace applications.
Borealis ehf
Borealis ehf is a hybrid blockchain
ledger-driven platform. Borealis will harness ZeU Crypto Networks
technology and aims to limit transaction costs while keeping control of
smart contract token issuance and utility tokens in a distributed
platform. It will be regulated by the Icelandic and Maltese governments.
The Company has been interviewing
potential board members with the relevant experience and contacts in
preparation for the operations ramp-up scheduled for early 2020. The
software has undergone beta testing within the technical team for the
last few months, and the project’s white paper is expected to be issued
in Q4, 2019.
Hydro-Electric Dam Project
The Company has been informed that the
environmental impact assessment and permitting process is advancing
positively. Islensk Vatnsorka expects a positive outcome in the latter
part of 2020 for its permit to start construction. The Company has
engaged in discussions with specialized funds that have expressed
interest in purchasing the Company’s stake in Islensk Vatnsorka.
Vilhjalmur Thor Vilhjalmsson President
and CEO of St-Georges, commented, “(…) Over the past year the
management team has re-shaped the Company, brought into the team
world-class professionals on both sides of the Atlantic, led the
development of new technologies, and enabled separate listing of its
subsidiaries which we expect will occur within the next few weeks. This
should enable our investors to have a better view of the different
avenues of value creation within SX”.
ON BEHALF OF THE BOARD OF DIRECTORS
“Vilhjalmur T. Vilhjalmsson”
VILHJALMUR THOR VILHJALMSSON
President & CEO
About St-Georges
St-Georges is developing new
technologies to solve 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.
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.
