Nemaska Lithium Inc. (TSX:NMX)(OTCQX:NMKEF)(FRANKFURT:N0T) is pleased to announce that, pursuant to Section 232.1 of the Québec Mining Act, the Corporation has submitted a rehabilitation and reclamation plan for the Whabouchi Mine project which was approved by the Québec Ministry of Energy and Natural Resources (MERN) in September 2017. This study accounted for costs of all works needed for the reclamation of a mining site under the Regulation respecting Mineral Substances other than Petroleum, Natural Gas and Brine. Mine reclamation and closure costs, as approved by the MERN, are estimated at $9,074,664. Accordingly, Nemaska Lithium made the first installment representing 50% of the reclamation and closure costs. The second installment representing 25% is due in September 2018, while the final payment is due in September 2019.
“At Nemaska Lithium safety and protection of the environment are paramount in our corporate culture and we are committed to develop the Whabouchi mine in a safe and eco-friendly manner,” commented Guy Bourassa, President and CEO of Nemaska Lithium. “Since the start of construction at Whabouchi, we have taken a long-term view of the project and reclamation has consistently been a key consideration in our mine plan and construction decisions. We continue to consult with local stakeholders, including the Cree Nation of Nemaska who have been actively involved in various aspects of the project including environmental monitoring.”
In addition, Nemaska Lithium wishes to report that between October 24, 2017 and the date of this press release, a total of $13,767,563 was received following the exercise of 22,900,083 warrants and options, of which 14,705,883 was exercised by Ressources Québec (RQ), bringing its ownership of Nemaska Lithium common shares to 7.35%.
“RQ is a long term shareholder of Nemaska Lithium and we value its ongoing support of our project as we look to complete the project financing, create value added jobs and develop a strong lithium industry here in Québec,” Bourassa continued.
About Nemaska Lithium
Nemaska Lithium’s vision is to “Facilitate access to green energy through its products and processes, for the benefit of humanity”. It intends to become a lithium hydroxide and lithium carbonate supplier to the emerging lithium battery market that is largely driven by electric vehicles, energy storage, cell phones, tablets and other consumer products. The Corporation is developing in Québec, Canada, one of the most important spodumene lithium hard rock deposit in the world, both in volume and grade. The spodumene concentrate produced at Nemaska Lithium’s Whabouchi mine will be shipped to the Corporation’s lithium compounds processing plant to be built in Shawinigan, Quebec. This plant will transform spodumene concentrate into high purity lithium hydroxide and carbonate using the proprietary methods developed by the Corporation, and for which the Corporation holds nine issued patents and several patent applications that are pending in different countries, covering different aspects and improvements of its proprietary technology for preparing high purity lithium hydroxide and carbonate, in an eco-friendly fashion.
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release including, but not limited to, any information as to the site reclamation and closure costs as well as RQ’s shareholdings, constitute “forward-looking information” and “forward-looking statements” within the meaning of certain securities laws and are based on expectations, estimates and projections as of the date of this press release. Forward-looking statements contained in this press release include, without limitation, those related to (i) the amount of site reclamation and closure costs and their eventual payment, (ii) RQ’s ongoing support, (iii) the project financing completion followed by the creation of jobs and the development of a strong lithium industry in Québec, and (iv) generally, the above “About Nemaska Lithium” paragraph which essentially describe the Corporation’s outlook constitute ”forward-looking information” or ”forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the “Risk Factors” section of the Corporation’s Annual Information Form dated October 5, 2017 and the “Risk Exposure and Management” section of the Corporation’s quarterly Management Discussion & Analysis. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.