Orion and Nemaska Sign USD 150M Streaming Agreement To Help Fund Nemaska’s proposed Whabouchi Mine
April 19 2018 - 8:30AM
Cameo Resources Corp. (TSX Venture:CRU)
(OTC:CRUUF) (FWB:SY7D) (the “
Company” or
“
Cameo Resources”) is pleased to note that Orion
Mine Finance II LP (“Orion”) and Nemaska Lithium Inc. have
concluded a USD $150M streaming agreement. Nemaska Lithium Inc.
holds the Whabouchi Lithium deposit claims, which extend to within
1 km of Cameo’s Montagne Lake Property in central Québec.
Nemaska Lithium’s Whabouchi lithium deposit is one of the most
important spodumene lithium deposits in the world, and Nemaska
Lithium is currently raising funds for the construction and
commissioning of its proposed Whabouchi Mine and Shawinigan Plant
project.
As reported by Nemaska Lithium (news release dated April 12,
2018) the Streaming Agreement provides for the sale and delivery to
Orion of 14.5% of all lithium hydroxide and lithium carbonate
produced at the Shawinigan plant and sold to third parties
(collectively, "Stream Products"). Orion's purchase price paid to
Nemaska Lithium under the Streaming Agreement will be 40% of the
sales proceeds of such Stream Products. Nemaska Lithium will act as
Orion's agent in the sale of the Stream Products to third-party
off-takers. Through this arrangement, Orion will receive 60% of the
sales proceeds from such Stream Products, which will result in
Orion receiving a net portion of approximately 8.7% of the Stream
Products sales. The maximum amount of Stream Products deliverable
per year will not exceed the equivalent of 5,000 tonnes of refined
lithium products.
Orion originated as part of one of the world’s largest
metals-dedicated fund groups, co-founded in 2004. Orion provides
senior debt, equity and royalty investments and off-take services
to mining companies in both the base and precious metals
sector.
Cameo’s Whabouchi Regional Lithium (“WRL”) Project in Quebec
covers more than 19,000 ha in two blocks on either side of
Nemaska’s proposed Whabouchi lithium mine including Cameo’s 4,484
ha Montagne Lake Property immediately to the west of Nemaska’s
proposed Whabouchi lithium mine, and the Dumont Property 6 km to
the east.
Cameo’s CEO, Akash Patel states, “Yet another
strategic investment will signal the significance of the Whabouchi
region to the energy metals sector. Cameo looks forward to building
on the momentum of this recent announcement with a meaningful
spring exploration campaign.”
Although Nemaska Lithium’s proposed mine at
Whabouchi is proximal to Cameo’s WRL Project, the spodumene lithium
mineralization on Nemaska’s ground is not necessarily indicative of
similar mineralization on Cameo’s property and Cameo’s qualified
person is unable to independently verify the information reported
by Nemaska Lithium Inc.
Harrison Cookenboo, Ph.D., P.Geo., is
a qualified person as defined
in National Instrument 43-101. He has
reviewed and is responsible for the presentation of technical
information in this news release.
CAMEO RESOURCES CORP. “ Akash Patel”
Akash PatelPresident
For further information, please contact
Lucas BirdsallDirector778-549-6714www.cameoresources.com
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.
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