2018-10-23 14:56 ET - News Release
Mr. Rudy de Jonge reports
NEW TECH LITHIUM ADDS AN ADDITIONAL 12 US FEDERAL LOAD MINING CLAIMS TO BUENA VISTA HILLS COBALT PROJECT
New Tech Lithium Corp. has added 12 United States federal load mining claims, totalling 240 acres, to its existing 640-acre Buena Vista Hills cobalt project in Pershing county, Nevada. The claims are leased from the same vendor that owns the original core of the project area, Section 15, T25N, R34E and are added as an amendment to the original lease option agreement. The claims are contiguous with and adjacent to the north side of Section 15.
Specifics of the amendment are as follows (all funds are in United States dollars):
- Cash payment of $6,000 payable within three business days following the amendment execution date plus 100,000 New Tech Lithium shares to be transferred within six business days following the amendment execution date. These payments cover the initial seven months following the amendment execution date.
- After the initial seven-month period after the amendment execution date, the original Section 15 lease payment schedule is modified to include an additional $8,000 to be added to the original $25,000 due on the first and second anniversaries (May 15, 2019, and May 15, 2020, respectively) of the original lease option execution date.
- On the third anniversary of the original lease date (May 15, 2021), an additional $8,000 will be added to the existing $50,000-per-annum minimum royalty payment, to be paid over a 10-year period.
- A 4-per-cent net smelter return will apply to the 12 unpatented mining claims. Up to 2 per cent (one-half) of this royalty can be purchased at any time at the discretion of New Tech for $500,000.
- New Tech will make all annual maintenance fee payments due to the Bureau of Land Management and Pershing county by July 15 of each calendar year.
New Tech Lithium is engaged in the exploration and development of promising cobalt and lithium projects in America, including the Buena Vista Hills cobalt project in Nevada, the Fredericktown cobalt project in Missouri and the Paradox basin lithium-bromine project in Utah/Colorado. The company is managed by seasoned professionals with extensive experience in mineral exploration and development throughout the world.
The scientific and technical data contained in this news release was prepared and reviewed by Dr. Kent Ausburn, PhD, PGeo, a non-independent qualified person to the company. Dr. Ausburn is responsible for ensuring that the geologic information provided in this news release is accurate and acts as a qualified person pursuant to National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.