VANCOUVER, British Columbia, April 19, 2018 (GLOBE NEWSWIRE) -- Cameo Resources Corp. (TSX Venture:CRU) (OTC:CRUUF) (FWB:SY7D) (the “ Company ” or “ Cameo Resources ”) is pleased to note that Orion Mine Finance II LP (“Orion”) and Nemaska Lithium Inc. have concluded a USD $150M streaming agreement. Nemaska Lithium Inc. holds the Whabouchi Lithium deposit claims, which extend to within 1 km of Cameo’s Montagne Lake Property in central Québec. Nemaska Lithium’s Whabouchi lithium deposit is one of the most important spodumene lithium deposits in the world, and Nemaska Lithium is currently raising funds for the construction and commissioning of its proposed Whabouchi Mine and Shawinigan Plant project.
As reported by Nemaska Lithium (news release dated April 12, 2018) the Streaming Agreement provides for the sale and delivery to Orion of 14.5% of all lithium hydroxide and lithium carbonate produced at the Shawinigan plant and sold to third parties (collectively, "Stream Products"). Orion's purchase price paid to Nemaska Lithium under the Streaming Agreement will be 40% of the sales proceeds of such Stream Products. Nemaska Lithium will act as Orion's agent in the sale of the Stream Products to third-party off-takers. Through this arrangement, Orion will receive 60% of the sales proceeds from such Stream Products, which will result in Orion receiving a net portion of approximately 8.7% of the Stream Products sales. The maximum amount of Stream Products deliverable per year will not exceed the equivalent of 5,000 tonnes of refined lithium products.
Orion originated as part of one of the world’s largest metals-dedicated fund groups, co-founded in 2004. Orion provides senior debt, equity and royalty investments and off-take services to mining companies in both the base and precious metals sector.
Cameo’s Whabouchi Regional Lithium (“WRL”) Project in Quebec covers more than 19,000 ha in two blocks on either side of Nemaska’s proposed Whabouchi lithium mine including Cameo’s 4,484 ha Montagne Lake Property immediately to the west of Nemaska’s proposed Whabouchi lithium mine, and the Dumont Property 6 km to the east.
Cameo’s CEO, Akash Patel states, “Yet another strategic investment will signal the significance of the Whabouchi region to the energy metals sector. Cameo looks forward to building on the momentum of this recent announcement with a meaningful spring exploration campaign.”
Although Nemaska Lithium’s proposed mine at Whabouchi is proximal to Cameo’s WRL Project, the spodumene lithium mineralization on Nemaska’s ground is not necessarily indicative of similar mineralization on Cameo’s property and Cameo’s qualified person is unable to independently verify the information reported by Nemaska Lithium Inc.
Harrison Cookenboo, Ph.D., P.Geo., is a qualified person as defined in National Instrument 43-101. He has reviewed and is responsible for the presentation of technical information in this news release.
CAMEO RESOURCES CORP. “ Akash Patel”
Akash Patel President
For further information, please contact
Lucas Birdsall Director 778-549-6714 www.cameoresources.com
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.
