Pure Energy Minerals Limited Signs MOU for Nevada Lithium Brine Property

About this update from Pure Energy Minerals Ltd.

[{"type":"text","content":"\n\n\nVANCOUVER, Nov. 19, 2013 /CNW/ - Pure Energy Minerals Limited (\"Pure\" or\n the \"Company\") (TSXV: PE) is pleased to announce that is has executed a\n Memorandum of Understanding (the \"MOU\") with privately owned GeoXplor\n Corp. (\"GeoXplor\") setting the key terms for the definitive agreement\n whereby the Company has the right to acquire a 100% interest in 71\n placer mining claims known as the CV and DB claims (the \"Property\")\n located in Clayton Valley, Esmeralda County Nevada.\n\n\nProposed Transaction:\n\n\nPure agrees to pay GeoXplor a CDN $40,000 non-refundable deposit for the\n exclusive right, expiring Feb 25, 2014 to conduct a due diligence\n review on the property and to negotiate the final terms and conditions\n in a formal agreement (the \"Definitive Agreement\") which is to be\n executed no later than February 25th, 2014 (the \"Effective Date\").\n\n\nPure will pay to GeoXplor the sum of CDN $100,000 on the date of\n execution of the Definitive Agreement and $250.000 on the succeeding\n first, second, third and fourth anniversary of the Effective Date.\n\n\nOn the Effective Date, Pure will issue to GeoXplor 1,000,000 common\n shares of Pure, on each of the first, second, third and fourth\n anniversary dates Pure will issue GeoXplor 1,462,500 common shares of\n Pure\n\n\nPure will incur exploration expenditures of US$$750,000 on or before the\n first anniversary of the Effective Date, an additional US$1,000,000 on\n or before the second anniversary of the Effective Date, an additional\n US$2,000,000 on or before the third anniversary of the Effective Date,\n on or before the fourth anniversary of the Effective Date, Pure shall\n either have prepared and delivered to GeoXplor a \"pre-feasibility\n study\" (as the term is defined in National Instrument 43-101 Standards\n of Disclosure for Minerals Projects adopted by the Canadian Securities\n Administrators (\"NI-43101\")) in respect to the property of have\n commenced commercial production on the Property.\n\n\nIf at any time Pure, its assignee or its third party joint venturer\n delivers a positive feasibility study (as that term is defined in NI\n 43-101) or a production permit is issued in respect of all or a portion\n of the Property, Pure will pay to GeoXplor and additional US $2,000,000\n in cash or shares of Pure at the election of GeoXplor.\n\n\...

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