Feb 28 2018
Pure Energy Minerals Limited (the “Company” or “Pure Energy”) is pleased to provide an update on its flagship Clayton Valley Project (“CV Project”).
After announcing its intent to proceed with a pilot plant in Nevada to achieve several objectives on the path to a feasibility study (see Company news release dated October 11, 2017), Pure Energy has been working closely with several engineering providers to achieve the basic engineering and final design of the plant. Basic engineering of the pilot plant is expected to be completed during the second quarter.
The Company plans to build the pilot plant in Esmeralda County, Nevada to further evaluate the innovative technology developed by Tenova Advanced Technologies (“TAT”) for the extraction of lithium and production of lithium hydroxide monohydrate at the CV Project. The pilot plant design is being led by TAT with significant contributions from SUEZ Water Technologies & Solutions, a business unit of SUEZ Group, and NORAM Engineering & Constructors (collectively, the “Engineering Team”).
Patrick Highsmith, Pure Energy’s CEO, and Walter Weinig, the Company’s Vice President for Projects and Permitting, recently met with the full Engineering Team at TAT’s headquarters in Yokneam, Israel. At the meeting, the team advanced the basic engineering and design work on the pilot plant through detailed reviews and edits of the process flow diagrams and supporting information. The team also worked through a preliminary safety and environmental review as part of the design process.
Mr. Highsmith commented, “We are happy to see the progress the Engineering Team has made on the pilot plant design. It is clear that the team is well advanced in combining the various unit operations into a cohesive design package. We were pleased to have the full design team together during this review to discuss how to make our future operations in Clayton Valley safe, efficient, and cost-effective.”
Quality Assurance
Walter Weinig, Professional Geologist and SME Registered Member (SME Registered Member # 4168729), is a qualified person as defined by NI 43-101 and supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Weinig is not independent of the Company as he is an officer.
Issuance of Stock Options
The Company also announces, subject to regulatory approval, that pursuant to an annual performance and compensation review it has granted a total of 3,700,000 stock options (the “Options”) to directors, officers, and consultants of the Company to purchase common shares of the Company in accordance with its stock option plan. All of the Options vest quarterly in four equal tranches, with the first such vesting occurring upon issuance of the Options, are issued at an exercise price of $0.37 per common share, and expire five years from the date of issuance.