Lithium TORONTO, ONTARIO--(Marketwired - June 20, 2016) - Crystal Peak Minerals Inc. ("Crystal Peak" or the "Company") (TSX VENTURE:CPM)(OTCQX:CPMMF) announced today that it has commissioned a team of experienced and skilled professionals to advance the development of previously identified lithium concentrations found in brine at its premium specialty fertilizer project on the Sevier Playa in southwestern Utah, U.S.A. (the "Sevier Playa Project").
The lithium development team includes Branson Hamilton, Dr. James W. Patten, Ph.D., andStephen Styler, J.D. This skilled team has substantial experience in mineral production, technology, and business development strategies. The lithium development team seeks to accelerate evaluation of technical processes for lithium production and evaluate and pursue business partnership and off-take agreements as the Company completes the feasibility study and environmental permitting necessary to begin construction.
"We are extremely pleased to commission this experienced team to help us better understand the tremendous potential our project has for lithium production," said Lance D'Ambrosio, Chief Executive Officer of Crystal Peak. "In addition to producing SOP and other associated minerals, our world-class deposit will likely be able to help meet the ever-increasing demand for lithium while simultaneously providing additional value to our shareholders."
The need for developing new lithium sources was made evident in the 8th Annual Lithium & Supply Conference held May 24-26, 2016 by Industrial Minerals in Las Vegas, Nevada, USA. Presentations focused on strengthening supply for lithium products used in hybrid and electric vehicle batteries and other traditional technologies. Despite substantial supply-demand growth, most development-stage lithium companies are in the initial phases of exploration and lack Canadian National Instrument 43-101 reports validating the potential of their projects.
In contrast to these ventures, Crystal Peak's preliminary feasibility study ("PFS") entitled "NI 43-101 Technical Report Preliminary Feasibility Study of the Sevier Lake Playa Sulphate ofPotash Project, Millard County, Utah" with an effective date of October 25, 2013, clearly identified lithium in meaningful concentrations of 0.134% in the pond bitterns. While Crystal Peak's PFS targeted the production of potassium sulphate, that technical report also stated; "Preliminary evaluation of the feasibility of lithium production from solar pond bitterns is recommended... If this work shows promise, additional testing would be recommended to more fully define potential recovery and operating costs."