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Critical Elements and Lomiko to Explore Bourier Lithium Property in Quebec for Electric Vehicle Market
VANCOUVER, BC and MONTREAL, QC / ACCESSWIRE / April 28, 2016 / Lomiko Metals Inc . ("Lom...
About this update from Lomiko Metals Inc.
[{"type":"text","content":"Critical Elements and Lomiko to Explore Bourier Lithium Property in Quebec for Electric Vehicle MarketVANCOUVER, BC and MONTREAL, QC / ACCESSWIRE / April 28, 2016 / Lomiko Metals Inc. (\"Lomiko\") (TSXV: LMR) (OTC: LMRMF) (FSE: DH8B) and Critical Elements Corporation (\"Critical Elements\" or the \"Company\") (TSXV: CRE) (OTCQX: CRECF) (FSE: F12) are pleased to announce that Critical Elements and Lomiko have entered into an option agreement (\"Agreement\") that gives Lomiko the right to acquire up to a 70% interest in the Bourier project.\n\"Recent consumer interest in electric vehicles has increased investor interest in Lithium and Graphite, two of the major components of a lithium-ion battery,\" stated A. Paul Gill, CEO, \"We are on the verge of reducing oil consumption and a creating a green economy. Quebec is in a unique positon of having ample supply of both commodities and is the focus of Lomiko's mineral interests.\" \n\"This option agreement with Lomiko will allow the Bourier property to be explored in detail for a Lithium Pegmatite discovery. Critical Elements is currently focused on the development of its Rose lithium project. With Lomiko farming into the Bourier project, shareholders of both companies will be able to benefit from successful exploration of a highly prospective project,\" stated Jean-Sébastien Lavallée, President and CEO, Critical Elements. \nThe Bourier project consists of 228 claims for a total ground position of 11,579.28 hectares (116 km2) in a region of Quebec that boasts other lithium deposits and known lithium mineralization, as shown in the maps and table below. The Bourier project is potentially a new lithium field in an established lithium district.\nFigure 1. Location of known lithium deposits and showing and Bourier Showing in the James Bay area of Quebec.\nImage: https://www.accesswire.com/uploads/20316_lomiko1.jpg\nTo view an enhanced version of Figure 1, please visit: \nhttps://www.accesswire.com/uploads/20316_lomiko2.jpg\nTERMS OF THE TRANSACTION \nUnder the Agreement, Lomiko will earn its interest in Bourier by way of a farm-in arrangement. The key terms of the Agreement are detailed in the below: \nGRANT OF FIRST OPTION \nCritical Elements grants to Lomiko the exclusive right and option to acquire, on or before December 31, 2017, an initial 49% Earned Interest in the Property...