Critical Elements Corporation (the “Corporation” or “Critical Elements”) (TSX VENTURE:CRE)(OTCQX:CRECF)(FRANKFURT:F12) announces the appointment of Lloyd Mayappo, former Cree Chief in Eastmain from 2005 to 2008, as a Cree relation coordinator. Mr. Mayappo speaks fluently French, English and Cree which is an important communication asset and will facilitate employees integration. This nomination illustrates the importance of Critical Elements in maintaining good relations with the community and encourages collaboration development that are favourable for the company and for members of the Cree Nation.
Well established in his community, Lloyd Mayappo has demonstrated his strong leadership skills. His expertise is based on more than 30 years of experience as a foreman, project manager and contact person within the Eastmain Cree Nation. His role at Critical Elements will be to act as a conduit between the Corporation and the community. He will support the leadership team in hiring Cree Nation employees and will advise them on the steps to take as to engage the community in the company’s operations.
“We are very proud to have Lloyd Mayappo on our team,” said Jean-Sébastien Lavallée, Chairman and Chief Executive Officer of Critical Elements. “His strong experience as a program manager and community relations officer will be an undeniable asset as to providing advice on hiring and communicating with the Eastmain Cree community.”
Since the very beginning, Critical Elements, an advanced exploration mining company, is committed to maintaining good relations with the Cree Nation community. It attributes great importance to carrying out its projects all the while respecting the population of the region. In fact, consultation procedures carried out to date have made it possible to establish a dialogue with the community.
About Critical Elements Corporation
A recent financial analysis (Technical Report and Preliminary Economic Assessment (PEA) on the Rose lithium-tantalum Project, Genivar, December 2011) of the Rose project, 100% owned by Critical Elements, based on price forecasts of US $260/kg ($118/lb) for Ta2O5 contained in a tantalite concentrate and US $6,000/t for lithium carbonate (Li2CO3) showed an estimated after-tax Internal Rate of Return (IRR) of 25% for the Rose project, with an estimated Net Present Value (NPV) of CA $279 million at an 8% discount rate. The payback period is estimated at 4.1 years. The pre-tax IRR is estimated at 33% and the NPV at CA $488 million at a discount rate of 8%. (Mineral resources are not mineral reserves and do not have demonstrated economic viability). (The preliminary economic assessment is preliminary in nature). (See press release dated November 21, 2011.) The PEA includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized.
The conclusions of the PEA indicate that the operation would support a production rate of 26,606 tons of high purity (99.9% battery grade) Li2CO3 and 206,670 pounds of Ta2O5 per year over a 17-year mine life.
The project hosts a current Indicated resource of 26.5 million tonnes of 1.30% Li2O Eq. or 0.98% Li2O and 163 ppm Ta2O5 and an Inferred resource of 10.7 million tonnes of 1.14% Li2O Eq. or 0.86% Li2O and 145 ppm Ta2O5.
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