South Star Battery Metals Announces Extension of the Earn-in and Option Agreement for Graphite Project in Coosa County, Alabama
South Star Battery Metals Corp. (TSXV: STS, OTCQB: STSBF) has announced an extension of the Exclusivity, Due Diligence, and Definitive Agreement period related to the Ceylon Graphite Project in Alabama. The deadline is now set for December 10, 2021. This follows a previous announcement on November 3, 2021, revealing a binding Earn-in and Option Agreement with Hexagon Energy Materials Limited and U.S. Critical Minerals LLC, enabling South Star to earn up to 75% of the Project. Final approval from the TSX Venture Exchange is pending.
- Extension of agreement period until December 10, 2021, allows for further negotiations.
- Binding Earn-in and Option Agreement provides the opportunity to earn up to 75% of the Ceylon Graphite Project.
- Delay in finalizing the agreement could indicate challenges in negotiations.
- Dependence on TSX Venture Exchange approval presents uncertainty for project advancements.
VANCOUVER, BC, Dec. 2, 2021 /PRNewswire/ - South Star Battery Metals Corp. ("South Star" or the "Company") (TSXV: STS) (OTCQB: STSBF), is pleased to announce that all parties have agreed to extend the Exclusivity, Due Diligence and Definitive Agreement period to December 10th, 2021. Negotiations are proceeding well, and all parties look forward to making additional announcements in the near term, as appropriate. As previously announced (see November 3, 2021 press release) the Company has entered into binding Earn-in and Option Agreement (Agreement) for the Ceylon Graphite Project ("Project") in Alabama with Hexagon Energy Materials Limited ("Hexagon") (ASX: HXG) and U.S. Critical Minerals LLC ("USCM"), a privately held exploration company incorporated in the United States. Under the terms of the Agreement, South Star will have the right to earn-in to up to
ABOUT SOUTH STAR BATTERY METALS CORP
South Star Battery Metals Corp. is Canadian battery metals project developer focused on the selective acquisition and development of near-term production projects in the Americas. South Star's Santa Cruz Graphite Project, located in Southern Bahia, Brazil is the first of a series of industrial and battery metals projects that will be put into production. Brazil is the second-largest graphite-producing region in the world with more than 80 years of continuous mining. Santa Cruz has at-surface mineralization in friable materials, and successful large-scale pilot-plant testing (>30t) has been completed. The results of the testing show that approximately
South Star is committed to a corporate culture, project execution plan and safe operations that embrace the highest standards of ESG principles based on transparency, stakeholder engagement, ongoing education and stewardship. To learn more, please visit the Company website at http://www.southstarbatterymetals.com.
This news release has been reviewed and approved by Richard Pearce, P.E., a "Qualified Person" under National Instrument 43-101 and President and CEO of South Star Battery Metals.
On behalf of the Board,
Mr. Richard Pearce
Chief Executive Officer
For additional information, please contact:
CHF Capital Markets (IR Canada)
Cathy Hume, CEO
Phone: +1 416-868-1079 x251
Email: Cathy@chfir.com
RBMG – RB Milestone Group LLC (IR US)
Trevor Brucato, Managing Director
Email: southstar@rbmilestone.com
Mr. Dave McMillan
Chairman
Email: davemc@telus.net
Twitter: https://twitter.com/southstarbm
Facebook: https://www.facebook.com/southstarbatterymetals
LinkedIn: https://www.linkedin.com/company/southstarbatterymetals/
YouTube: South Star Battery Metals - YouTube
CAUTIONARY STATEMENT
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This news release and the Updated Technical Report contain references to inferred resources. The Report is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.
FORWARD-LOOKING INFORMATION
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements".
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
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SOURCE South Star Battery Metals Corp.
FAQ
What is the latest update from South Star Battery Metals regarding the Ceylon Graphite Project?
What are the terms of the agreement with Hexagon Energy Materials Limited?
When is the new deadline for the Exclusivity and Due Diligence Agreement for South Star?
What is the significance of TSX Venture Exchange approval for South Star?
