Pilot plant planning begins
VANCOUVER, British Columbia, Nov. 02, 2022 (GLOBE NEWSWIRE) — Medaro Mining Corp. (CSE: MEDA) (OTC: MEDAF) (FWB: 1ZY) (“Medaro“or the”Company”) is pleased to announce the completion of two significant milestones under the joint venture agreement (the “JVA”) regarding the operation of its Global Lithium Extraction Technologies Inc. (“GLET) joint venture focused on the development and commercialization of a new low-cost process (the “Technology”) to extract the lithium from the spodumene concentrate. In particular, GLET has successfully completed test-tube scale testing and small prototype scale testing of the technology, achieving recovery rates of over 99%.
In accordance with the JVA, (i) the Company issued to its joint venture partners a total of 400,000 common shares of the Company and (ii) the Company received a total of 2,875,000 common shares of GLET, bringing the the Company’s total participation in GLET at 60%.
Company President Faizaan Lalani said, “This is a tremendous step forward both in the advancement of technology and for Medaro. It’s no secret that lithium will be in high demand for the foreseeable future. And with this progress, we are getting closer to being a contributor to this supply chain. We will now focus on validating the technology at a commercial level, first by planning the development of our pilot plant. »
ON BEHALF OF THE BOARD OF DIRECTORS
About Medaro Mining Corp. (CSE: MEDA) (OTC: MEDAF) (FWB: 1ZY)
Medaro Mining is a Vancouver, British Columbia-based lithium exploration company that holds options on the Superb Lake lithium property located in Thunder Bay, Ontario, the Cyr South lithium property located in James Bay, in Quebec, the Yurchison uranium property located in northern Saskatchewan, the Lac La Motte lithium property located in Val D’Or, Quebec, and the Darlin lithium property, located in Val D’Or, Quebec . The Company is also involved in the development and commercialization of a new lithium extraction process from spodumene concentrate through its joint venture Global Lithium Extraction Technologies. Learn more about: https://medaromining.com/.
For further information, investors should consult the documents filed by the Company which are available at www.sedar.com.
This press release contains certain forward-looking statements that are “forward-looking information” within the meaning of applicable securities laws. All statements that are not historical facts, including, without limitation, statements regarding future estimates, plans, programs, forecasts, projections, goals, assumptions, expectations or beliefs regarding future performance, including statements regarding technology development and pilot plant planning are “forward-looking information”. These forward-looking statements reflect the expectations or beliefs of the Company’s management based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in the Company’s filings with securities regulatory authorities, which may cause actual results differ materially from those discussed in the forward-looking statements. Relevant risks include the joint venture’s ability to develop the technology as it sees fit and within the expected timeframe. These factors should be carefully considered and readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and information contained in this press release are made as of the date hereof, and the Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. , except as required by applicable securities laws.