Lafleur Minerals Announces Termination of Option Agreement

Rhea-AI Summary

Lafleur Minerals announced the termination of the Option Assignment Agreement for the Brazil-Li 1 Lithium Property, dated August 7, 2023. The Agreement involved Quebec Pegmatite Corp., a subsidiary of Lafleur, and multiple parties including Brascan Resources, BHBC Exploracao Mineral, and RTB Geologia e Mineracao. As a result, Quebec Pegmatite relinquishes its option to acquire the lithium property in Brazil and has no further obligations under the Agreement. The stock symbols impacted are CSE: LFLR and OTC Pink: WPNNF.

Positive

• None.

Negative

• Termination of the Brazil-Li 1 Lithium Property option could limit future growth opportunities in the lithium market.
• Relinquishing the option may negatively impact investor confidence concerning the company's asset acquisition strategies.

Vancouver, British Columbia--(Newsfile Corp. - July 4, 2024) - LAFLEUR MINERALS INC. (CSE: LFLR) (OTC Pink: WPNNF) (the "Company") announces that Quebec Pegmatite Corp., a wholly-owned subsidiary of the Company ("Subco"), has terminated the Option Assignment Agreement dated August 7, 2023 (the "Assignment Agreement") among Subco, Brascan Resources Inc., BHBC Exploracao Mineral LTDA, and RTB Geologia e Mineracao LTDA. Following the termination of the Assignment Agreement Subco has relinquished its option to acquire the Brazil-Li 1 Lithium Property located in Brazil. Subco has no further obligation under the Assignment Agreement.

About LaFleur Minerals Inc.:

LaFleur Minerals Inc. is a North American junior mining exploration company that specializes in lithium and owns 100% of two lithium properties which properties are located in the James Bay and Mazérac regions, covering approximately 303 km². The Vieux Comptoir property is located approximately 45km east of the Patriot Battery Metals Corvette Project and 45km west of Winsome Resources, Adina project and I s under Option to Superior Mining International Corporation. See News Release dated December 7, 2022. The Mazérac property is located about 50km southwest of Val-d'Or and is located near Vision Lithium's Cadillac property and Winsome Resources' Decelles property.

ON BEHALF OF LAFLEUR MINERALS INC.

Paul Teniere
Chief Executive Officer
E: teniere@gmail.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statement Regarding "Forward-Looking" Information

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215445

FAQ

What happened to Lafleur Minerals' Option Agreement for the Brazil-Li 1 Lithium Property?

Lafleur Minerals terminated the Option Assignment Agreement for the Brazil-Li 1 Lithium Property, relinquishing their option to acquire the property.

When was the Option Assignment Agreement for the Brazil-Li 1 Lithium Property terminated?

The Option Assignment Agreement was terminated on July 4, 2024.

Which subsidiary of Lafleur Minerals was involved in the terminated Option Agreement?

Quebec Pegmatite Corp., a wholly-owned subsidiary of Lafleur Minerals, was involved in the terminated Option Agreement.

What impact does the termination of the Option Agreement have on WPNNF stock?

The termination may impact investor confidence and limit future growth opportunities in the lithium market, potentially affecting WPNNF stock.