MONTREAL, QUEBEC — (Marketwire) — 07/27/11 — CRITICAL ELEMENTS CORPORATION (TSX VENTURE: CRE) (OTCQX: CRECF) (FRANKFURT: F12) is pleased to report an update to the independent resource estimate for its Rose deposit, James Bay, Quebec.
The Rose deposit now consists of 26,500,000 tonnes of indicated resources containing 1.30% Li2O Equivalent (Eq) or 0.98% Li2O (259,700 tonnes of Li2O or 642,238 tonnes of Li2CO3 Eq), 163 ppm of Ta2O5 (9,514,317 pounds of Ta2O5) and 10,700,000 tonnes of inferred resources containing 1.14% Li2O Equivalent (Eq) or 0.86% Li2O (92,020 tonnes of Li2O or 227,565 tonnes of Li2CO3 Eq), 145 ppm Ta2O5 (3,417,400 pounds of Ta2O5). The resource was compiled using a cut-off grade of 41$/t for the open pit model and 66$/t for the underground model (taking Li and Ta recovery into consideration) based on the current estimation of the resource and market conditions. The NI-43-101 compliant technical report will be available on SEDAR within the next 45 calendar days.
This new indicated resource represents an increase of 131% in tonnage, 129% in Ta2O5 and 69% in Li2O. The new inferred resources represent an increase of 393% in tonnage, 418% in Ta2O5 and 234 % in Li2O.
The current resource estimate demonstrates that the Rose deposit is one of the more important resources of „ethical“ tantalum. The resources are contained in twenty-three (23) subhorizontal pegmatites, at and near surface. The thickness of the zones varies from 2m to 21m.
„With an indicated resource of 642,238 tonnes of lithium carbonate and 9,514,317 pounds „Conflict Free“ of Ta2O5, Critical Elements have now the potential to become a major player at the global scale of supply of strategic elements. There is an excellent potential to increase the size of the deposit at Rose itself and at the nearby additional showings on the Rose property, considerably and quickly“, stated Jean- Sebastien Lavallee, President & CEO of Critical Elements Corporation.
Highlights of the 43-101 property report, prepared by InnovExplo Inc., independent consulting firm include the following:
EXTRACTS FROM THE NI 43-101 COMPLIANT REPORT:
„The mineralized pegmatitic dykes are oriented N296 and show a shallow dip to the northeast averaging 15 degrees (locally from 5 to 20 degrees). The deposit was identified over a strike of 1,800 metres and remains open along strike and at depth.“
„Based on lithium and tantalum grades, the deposit is, so far, only limited by topography. It is open along strike to the southeast and to the northwest as well as at depth.“
„The block model indicates that the entire reported resource extends to a depth of 300 metres, which is limited by the existing drilling.“
„There is considerable potential to increase tonnage with additional drilling of the known pegmatitic dykes at depth and along strike. In addition, the current geological setting suggests that there is a reasonable potential to identify new zones in the immediate environment. The authors believe that the gap between the „LR“ drill holes and the „JR“ drill holes exists because of the absence of drilling and that it should be drilled in order to link the two areas.“
„Different cut-offs were calculated. While the 41$/tonne cut-off is the official cut-off of this resource estimate for the open pit model and 66$/tonne is the official cut-off of this resource estimate for the underground model, other cut-offs are presented at .
ABOUT CRITICAL ELEMENTS CORPORATION
Critical Elements is actively developing its 100%-owned Rose lithium-tantalum flagship project located in Quebec. The project hosts a current new NI 43-101 compliant Indicated resource of 26.5 million tonnes of 1.30% Li2O Eq. or 0.98% Li2O and 163 ppm Ta2O5 and Inferred resource of 10.7 million tonnes of 1.14% Li2O Eq. or 0.86% Li2O and 145 ppm Ta2O5 announced in this press release.
Critical Elements has commissioned a prefeasibility study for the project from Genivar, one of the largest independent engineering firms in Canada. Genivar is also doing an environmental study, and Acme Metallurgical Ltd. of Vancouver is carrying out project metallurgy.
Critical Elements- portfolio also includes rare-earth and tantalum-niobium projects in the Rocky Mountains of British Columbia and in Quebec, as well as a 50% interest in the Croinor project, which is located in Quebec and hosts a current NI 43-101 compliant measured and indicated resource of 814,228 tonnes at 9.11 g/t Au, for 238,414 ounces of gold at a 5 g/t cut-off.
Jean-Sebastien Lavallee (OGQ #773), geologist, shareholder and president and chief executive officer by interim of the Company and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release.
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: Critical Elements Corporation Jean-Sebastien Lavallee, P.Geo. President and Chief Executive Officer 819-354-5146
Paradox Public Relations 514-341-0408
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