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Elanore Resources Options 100% of Vallee Lithium Property Adjacent to Canada Lithium Corp.?s Quebec Lithium Mine
Elanore Resources Options 100% of Vallee Lithium Property Adjacent to Canada Lithium Corp.?s Q...
About this update from Consolidated Lithium Metals Inc
[{"type":"text","content":"Elanore Resources Options 100% of Vallee Lithium Property Adjacent to Canada Lithium Corp.?s Quebec Lithium MineElanore Resources Options 100% of Vallee Lithium Property Adjacent to Canada Lithium Corp.?s Quebec Lithium Mine\nNOT FOR DISTRIBUTION TO U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES\n* ElanOre to pay 6,000,000 shares and $600,000 for Vallee Lithium Property \n* The Vallee Lithium Property is contiguous to the Quebec Lithium Mine which completed its initial lithium carbonate production and shipment in July 2013\nToronto (Canada), Auguest 22, 2013: JOURDAN RESOURCES INC. (TSX-V: JOR) (\"JOURDAN\" or the \"Company\") (www.jourdan.ca) is pleased to announce that it has optioned to ElanOre Resources Inc. its Vallee Lithium Property, composed of 17 claims and located 100km northeast of Rouyn-Noranda and 45km north of Val d'Or, in the Province of Quebec, Canada.\nThe Vallee Lithium Property is contiguous to the south and east and along strike from the Canada Lithium Corp.'s Quebec Lithium Project, with lithium bearing pegmatite dikes continuing from the Canada Lithium Corp.'s Quebec Lithium Mine onto the Vallee Lithium Property.\nCanada Lithium Corp. recently updated their feasibility study on their Quebec Lithium Project which is expected to produce 20,000 tonnes of lithium carbonate (Li2CO3) per year from a mineral resource of 33.2 million tonnes of measured and indicated resource grading 1.19% Li2O (cut-off of 0.8% Li2O).  The property also has an additional inferred resource of 13.8 million tonnes grading 1.21% Li2O (cut-off of 0.8% Li2O). The pre-tax NPV on the Quebec Lithium Project is $456 million, with an expected IRR of 32%.\nTo acquire 100% of the property, ElanOre Resources Inc. (\"ElanOre\") will issue 6,000,000 common shares at a deemed value of $0.10 per share within 30 days, subject to satisfactory due diligence, and pay an additional $600,000 in cash, common shares  or a combination of cash and common shares of ElanOre within 24 months of signing of the option agreement. The issue price of such additional shares would be based on the volume-weighted average closing price per common share for the 30 trading days immediately preceding the fifth trading day before the date of the payment, subject to a minimum of $0.05.  The original vendor of the property carries a 2% Net...