Critical Elements and Blue Note Extend Completion of Croinor Acquisition
June 01 2011 - 11:18AM
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 $135,000 to Critical Elements and, in
consideration of additional monthly payments of $10,000, Blue Note
now has until December 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 is actively developing its 100%-owned Rose
lithium-tantalum flagship project located in Quebec. The project
hosts a current Indicated resource of 11.4 million tonnes of 1.34%
Li2O and 165 ppm Ta2O5 and Inferred resource of 2.1 million tonnes
of 1.27% Li2O and 138 ppm Ta2O5.
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 contains a 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.
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 (800) 937-3095 x 236
jmayer@bluenotemining.ca www.bluenotemining.ca
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