MONTREAL, QUEBEC — (Marketwired) — 08/06/13 — Critical Elements Corporation (TSX VENTURE: CRE)(OTCQX: CRECF)(FRANKFURT: F12) (the „Company“) announces that it has retained the services of SGS Mineral Services in Lakefield to complete an optimization study on its 100% owned Rose deposit. This Phase 1 study is expected to be conducted on an average mine representative sample from the Rose Project deposit and on the variability samples. The objective is to optimize a flow sheet for producing a spodumene concentrate with a minimum grade of 6% Li2O at a recovery of about 90% for hydrometallurgical operation for lithium extraction.
This will be followed by a Phase 2 program consisting of an optimization of the purity of the Lithium carbonate produced by bi-carbonation to create a final flow sheet. Another objective is to improve Tantalum recovery, currently at about 60%, as a by-product. The final flow sheet will be used to advance the Pilot Plan for the feasibility study.
The objectives of this phase 1 scoping study include:
The phase 2 scoping study will include:
The Company also announces it has increased by 1,676,700 the number of common shares reserved for issuance pursuant to its stock option plan. The number of common shares reserved for issuance under the Plan is now set at 11,976,437 being 10% of the number of shares issued and outstanding as of the date hereof.
The board of directors also approved an amendment to the stock option plan relating to the expiration date of the options, which will change from 12 months from the effective date of termination to:
In the case of Director and Officer
In the case of a consultant, the expiry date shall be the earliest of:
The increase and amendment are subject to the approval of the TSX Venture Exchange.
At the same time, the Company announces the granting of 1,900,000 stock options to directors, officers and consultant of the Company. Jean-Sebastien Lavallee, President and Chief Executive Officer, Jean-Francois Meilleur, Vice President will each receive 500,000 options. Nathalie Laurin, Chief Financial Officer and Secretary, and three Directors, Marc Simpson, Richard Saint-Jean and Jean-Raymond Lavallee will each receive 200,000 options. Each option entitles its holder to purchase one share of the Company for $0.15 for a five-year period.
A consultant will receive 100,000 options. Each option entitles its holder to purchase one share of the Company for $0.15. The options are valid for the shorter of the following periods: two years, or 30 days following the effective date of termination.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Jean-Sebastien Lavallee, P. Geo, President & CEO 819-354-5146
Paradox Public Relations 514-341-0408
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