Vancouver, British Columbia--(Newsfile Corp. - January 10, 2024) - European Energy Metals Corp. (TSXV: FIN) (FSE: W28) ("European Energy" or the "Company") is pleased to report that it has satisfied the $1.0 million minimum exploration expenditure commitment on the Central Finland Lithium Project (the "Project"), being a key requirement for earning-in to an initial 51% interest in the Project from Capella Minerals Ltd (TSXV: CMIL) ("Capella") as per the Earn-In Agreement (see March 20, 2023 PR). The Company has incurred over $1.1 million in exploration expenditures at the Project to date which includes sampling and mapping, in addition to the collection of ~1,100 rock chip grab samples, all of which have resulted in the discovery of several high-grade lithium prospects which are being permitted for drilling. The Company may now formally complete its earn-in to the 51% interest in the Project through the payment of CAD 100,000 in cash and 400,000 FIN common shares to Capella.
"Our advancement to the initial 51% earn-in reinforces our commitment to the project based on the exemplary exploration results received to date," commented Jeremy Poirier, CEO of European Energy Metals Corp. "We are currently in the process of converting 4,550 hectares of the 11,690 hectare Nabba Reservation to two Exploration Licenses ("EL's") in order to drill test some of the most prospective targets identified through initial prospecting and sampling which yielded up to 3.84% Li2O. We anticipate providing an update on the timing and details of the next phase of exploration upon receipt of the Exploration Licenses."
Under the terms of the Earn-In Agreement with Capella Minerals (TSXV: CMIL), the Company may earn an initial 51% interest in the Project by incurring $1.0 million in exploration expenditures ($1.1 million incurred) in addition to cash payments totalling $200,000 ($100,000 paid) and issuing 500,000 shares (250,000 issued) within the first two years of the agreement. Upon the exercise of the initial option, the Company has the right to earn an addition 29% (80% total) for additional $1.5 million in exploration, $300,000 in cash payments plus the issuance of 1.75 million shares within a two-year period from the exercise of the initial 51% earn-in.
Mike Basha, P.Eng., P.Geo. (NL), VP Exploration of European Energy Metals Corp., a Qualified Person as defined by National Instrument 43-101, has reviewed this press release and the results discussed herein.
About European Energy Metals Corp.
European Energy Metals Corp. is a junior mining company currently focussed on the Lithium-Cesium-Tantalum Finnish Pegmatite Project in central Finland. Governing bodies in Europe and Finland are legislating environmentally friendly and energy independent laws and policies. One of the key components is access to REE and, specifically, lithium. The company's concessions are located within 15 kms of the Keliber mine, and production complex currently under construction which is expected to begin production in H2 2025.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier, CEO
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Cautionary Statements Regarding Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the presence of lithium mineralization at, and the exploration and development potential of, the Finland Pegmatite Project. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct. All such forward-looking information is based on certain assumptions and analyses made by the Company in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. This information, however, is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Important factors that could cause actual results to differ from this forward-looking information include the costs of any anticipated work programs and the ability to fund such costs, required approvals in connection with any work programs and the ability to obtain such approvals, risks inherent in exploration as well as those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information.
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