Alset Energy Options Wisa Lake Lithium Project to Ardiden Ltd.
Alset Energy Corp. (TSX.V: ION) ("Alset" or "the Company") is pleased to announce an option agreement has been completed with Ardiden Limited ("Ardiden") for the Wisa Lake Lithium project. The property is located 80km east of Fort Frances, Ontario and accessed by an all-weather road that connects to Hwy 11 (Trans Canada) to the north. Historical work on the project delineated a good starting deposit with room for expansion and promising lithium grade (see Alset PR May 30, 2016).
In addition, Alset is pleased to announce the appointment of Albert Wu as the Company's new CFO, replacing Evan Asselstine. With Alset's President and CEO, and legal counsel currently housed in the Vancouver area, it seemed like a logical time to move our banking and accounting system out to Vancouver. Mr. Asselstine has been instrumental in the Company's affairs for several years and we wish him well in all his future endeavours.
Allan Barry Laboucan, President and CEO of Alset Energy said: "With our focus on our Mexican salars, our board felt it would be better to option out the Wisa Lake Lithium project to get shareholder value. We are delighted that Ardiden sees the same potential on the project as we do. In addition to a historical resource that has never been cut off, the project also has a promising grade and excellent access infrastructure. As well there are untested geochemical anomalies near geological structures that are wide open for exploration. We look forward to Ardiden's efforts to advance the Wisa Lake Lithium project."
Terms of the Option Agreement
Ardiden Limited has an option to earn a 100% interest in the Wisa Lake Lithium project by:
|a)||paying Alset a non-refundable deposit of C$30,000 within five days of signing which initiates a due diligence period ending June 30, 2017|
And if Ardiden agrees to exercise the option:
|b)||pay Alset C$50,000 on the due diligence completion date|
|c)||issue C$220,000 of ordinary shares of Ardiden to Alset, with Ardiden having the right to pay C$220,000 in a combination of cash and shares at their discretion|
|d)||Alset will retain a 2% Net Smelter Royalty ("NSR") and Ardiden will have the right to purchase or buy back 1% of the NSR for C$500,000.|
About Alset Energy
Alset Energy is a TSX-V listed junior exploration company focused on exploring and acquiring mineral properties containing the metals needed by today's high-tech industries. The Company is actively exploring in Mexico and Canada.
Source: Alset Energy