Critical Elements and Blue Note Extend Completion of Croinor Acquisition
March 29 2011 - 11:15AM
Marketwired
Critical Elements Corporation (TSX VENTURE: CRE) (OTCQX: CRECF)
(FRANKFURT: F12) ("Critical Elements") and Blue Note Mining Inc.
(TSX VENTURE: BNT) ("Blue Note") report that they have agreed to
extend the term of the binding agreement announced on July 19, 2010
(the "Agreement") providing for the acquisition by Blue Note of all
of Critical Elements' interests in the Croinor gold project located
near Val-d'Or, Quebec.
Under the terms of the Agreement, Blue Note has already made
cash payments totaling $125,000 to Critical Elements and, in
consideration of an additional payment of $10,000, Blue Note now
has until May 31, 2011, or such other later date as mutually agreed
by Blue Note and Critical Elements, to make a final payment of
$2,250,000 to complete the transaction. In addition, Blue Note
shall issue 17.5 million common shares to be held in escrow, for
release at a rate of 500,000 shares per month over 35 months from
the date of closing. The transaction includes Critical Elements'
71% ownership in the Matchi-Manitou property.
About Critical Elements Corporation
Critical Elements Corporation is a Canadian mining exploration
company whose objective is to create value for its shareholders by
acquiring promising projects that can be brought into production in
the short term. The Company is focused on the rare metals and rare
earths, particularly tantalum. It has achieved its objective with
the Rose tantalum-lithium project, which is currently at the
advanced exploration stage.. Rose is one of several promising
projects in this sector, most notably the rare earths projects in
the Rocky Mountains of British Columbia and the rare earths and
tantalum-niobium projects in Quebec. The Company look for projects
that could increases its tantalum resources and enable it to become
the largest tantalum producer in North America.
About Blue Note Mining
Blue Note Mining is a mineral exploration and mining company
headquartered in Montreal with properties located in known gold
regions of Canada, including the prolific Val-d'Or region of Quebec
and northern New Brunswick.
Forward-Looking Statements
This news release contains discussion of items that may
constitute forward-looking statements within the meaning of
securities laws that involve risks and uncertainties. Although the
company believes the expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no
assurances that its expectations will be achieved. Factors that
could cause actual results to differ materially from expectations
include the effects of general economic conditions, actions by
government authorities, uncertainties associated with contract
negotiations, additional financing requirements, market acceptance
of the Company's products, technical uncertainties associated with
operating an underground mine and competitive pressures. These
factors and others are more fully discussed in Company filings with
Canadian securities regulatory authorities.
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 shareholders, please contact:
Jean-Sebastien Lavallee, P.Geo President & CEO 819-354-5146
president@cecorp.ca www.cecorp.ca Relations publiques Paradox
514-341-0408 Blue Note shareholders, please contact: Jean Mayer
Executive Vice President 1-800-937-3095 x 236
jmayer@bluenotemining.ca www.bluenotemining.ca
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