N.R.
Cache Exploration options McGee from Matica Enterprises
2016-03-18 09:06 ET - News Release
See News Release (C-CAY) Cache Exploration Inc (2)
Mr. Sonny Janda of Cache Exploration reports
Cache Exploration Inc. has entered into a letter of intent with Matica Enterprises Inc. to option the McGee lithium project in Clayton Valley, Nevada. The McGee Lithium Project is located adjacent to Pure Energy's Clayton Valley brine project. Pure Energy was recognized by the TSX venture 50 as the mining sectors top performing company as announced on February 25, 2016. The McGee Lithiun Project is also south of the Silver Peak Lithium Mine, which has been in production since 1966 and is the only lithium brine production operation in North America.
Cache (CAY) will be deemed to have earned an initial 60% interest for completing the following requirements within three years of TSX Venture Exchange approval:
by making cumulative exploration expenditures of US$350,000 equivalence
by making an initial payment of $15,000 in cash or shares within 30 days of TSX Venture Exchange approval
by making a payment of $75,000 in cash or shares on the first anniversary after TSX Venture Exchange approval.
by making a payment of $75,000 in cash or shares on the second anniversary of TSX Venture Exchange approval.
After completing the initial 60% earn-in, Cache will be entitled to increase its interest to 70% by making a payment of $150,000 in cash or shares within one year of earning the initial 60% interest. Cache will then have the right to increase its interest to 80% by making a further payment of $150,000 in cash or shares within one year of increasing its interest to 70%. Cache are appointed the managers of the project and as such are entitled to charge a 10% management fee on the exploration expenditures that are made on the project. The existing rights to purchase any of the underlying property royalty from the original property vendors will be owned proportionately to the property interests as held between Cache and Matica.
The property consists of thirty three placer claims of twenty acres each and six claims of eighty acres each totalling approximately 1,140 acres.
Due to the close proximity of the McGee Lithium project to a new lithium discovery and also an operating lithium mine, Cache management believes with demand and prices increasing for lithium over the last few years, the McGee Lithium exploration project provides the shareholders of Cache an opportunity to be involved in a potential early stage discovery. The property is close to infrastructure, power , manpower , and in a jurisdiction amiable to mining and in close proximity to Tesla's new lithium battery manufacturing facilities.
Demand for lithium use in electric automobiles, cell phones, energy storage units and new technological developments is estimated to increase dramatically. Lithium is also used in manufacturing operations (ceramics, glassware, lubricants) and numerous other industrial uses.
Cache looks forward to a successful venture with Matica Enterprises Inc (TSX-V:MMJ).
We seek Safe Harbor.
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