Nevada Energy Metals (TSXV:BFF) (OTC Pink:SSLMF) announce that it has agreed to grant 1074654 Nevada Ltd an Option to acquire a seventy percent interest in the BFF-1 Clayton Valley Property by making certain Cash Payments, issuing Shares upon completion of a “Going Public Transaction”, and completing Exploration Expenditures on its property at Silver Peak, Clayton Valley, Nevada.
As quoted in the press release:

Cash Payments: US$300,000 to the Optionor as follows: (i) US$100,000 on the Closing Date; (ii) US$100,000 on or before the one (1) year anniversary of the Closing Date; and (iii) US$100,000 on or before the two (2) year anniversary of the Closing Date.
Expenditures: US$1,000,000 on the exploration and development of the Property as follows: (i) US$100,000 on or before the one (1) year anniversary of the Closing Date; (ii) US$300,000 on or before the two (2) year anniversary of the Closing Date; and (iii) US$600,000 on or before the three (3) year anniversary of the Closing Date.

Nevada Energy Metals CEO, Rick Wilson, stated:

We are excited about having a partner with which to advance our Clayton Valley property. This agreement is a first step in fulfilling our promise as an asset builder and project generator. The BFF-1 Project covers an area similar to the structural and geologic settings at Albemarle’s Silver Peak lithium-brine operation and lies only two hundred meters to the north west side of their property. We look forward to an exciting exploration program being carried out in the months ahead.

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