July 10, 2019 / Vancouver, BC / NRG Metals Inc. (“NRG” or the “Company”) (TSX-V: NGZ) (OTCQB: NRGMF) (Frankfurt: OGPN) is pleased to report that payment has been made to the vendor of the Hombre Muerto North Lithium Project, and that it is in good standing with no further payments due until the first quarter 2020. The payment of 750,000 common shares was made by the Company, and the payment of $ US 500,000 was arranged by senior management of the Company.
The HMN Lithium Project is at an advanced stage of evaluation. On April 29, 2019, NRG published results of a Preliminary Economic Assessment for the HMN Lithium Project as follows:
The Preliminary Economic Assessment is preliminary in nature, there is no certainty that the Preliminary Economic Assessment will be realized. The economic analysis is based upon mineral resources that are measured and indicated, but are not mineral reserves, and have not demonstrated economic viability. The PEA was prepared by Knight Piesold Consulting ( KP ) and JDS Energy and Mining (JDS), both of Vancouver, in accordance with the standards set out in National Instrument 43-101 Standards of disclosure for Mineral Projects ( NI 43-101 ), and CIM’s Best Practice Guidelines for Mineral Processing (BPGMP).
Richard Goodwin, P.Eng., Project Manager for JDS Energy and Mining, Inc., is independent of NRG Metals Inc. and a ‘Qualified Person’ as defined under Canadian National Instrument 43-101. Mr. Goodwin is a mining engineer and study manager with over 30 years of experience managing mining operation and projects in various commodities such as base metals, precious metals, PGMs, and diamonds in various domestic and international locations. Mr. Goodwin is responsible for the PEA results, participated directly in the production of this press release publishing those results, and directly related information in this press release, and approves of the technical and scientific disclosure contained herein.
The Company has evaluated the HMN Lithium Project for 11 months, completing the initial exploration, a resource calculation, and releasing PEA numbers within that timeframe. The HMN Project is strategically located in the Hombre Muerto Salar, an area of active lithium production by FMC at the Fenix lithium mine, some 12 kilometers south of the project area. The project is surrounded by ground now owned by POSCO, a Korean based lithium producer, as a result of its US$ 280 million purchase of the area from Galaxy Resources Ltd., an Australian-based producer. Galaxy is also moving their portion of the Hombre Muerto Salar, the Sal de Vida Project, to lithium production.
On behalf of the board of directors of NRG Metals Inc.:
Adrian F. C. Hobkirk,
President and CEO
The TSX Venture Exchange has not reviewed the content of this news release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this news release.
This news release contains certain “forward-looking statements” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward-looking statements. The reader is cautioned not to place undue reliance on forward- looking statements. We seek safe harbor.