Announces Lithium Project Hilo Mining Announces Non-Binding Letter of Intent to Earn up to 80% in a Lithium Project
Vancouver, British Columbia--(Newsfile Corp. - March 6, 2023) - Hilo Mining Ltd. (TSXV: HILO) ("Hilo" or the "Company") is pleased to announce that is has entered into a non-binding letter of intent (the "Letter of Intent") with Capella Minerals Limited ("Capella"). The Letter of Intent provides that Capella and Hilo will have 30 days to negotiate a definitive earn-in agreement (the "Earn-In Agreement") pursuant to which Hilo may earn up to an 80% interest in Capella's 100% owned lithium-cesium-tantalum pegmatite and rare-earth element reservations located in central southern Finland (the "Property"). Upon making cash payments of $200,000, issuing 500,000 common shares and incurring $700,000 in expenditures on the Property, Hilo will earn a 51% interest in the Property. Hilo may make additional cash payments of $300,000, issue an additional 1,500,000 common shares and incur an additional $1,300,000 in expenditures in order to earn an additional 29% interest in the Property (for a total of 80%). There is no certainty that the parties will be successful in negotiating the Earn-In Agreement on the terms set out in the Letter of Intent or at all.