VANCOUVER, British Columbia , March 01, 2019 (GLOBE NEWSWIRE) -- European Electric Metals (EVX: TSXV, EVXXF:OTC) (“EVX”, “Company”) is pleased to announce that it has extended the due diligence period for five months to July 31, 2019 with the signing of an amending agreement with Gerold Shpk, the mining license holder and operator of the Skroska nickel laterite mine. Prior to amending the agreement the Closing Date was set for February 25, 2019. The amendment requires EVX to pay €6,500 per month for costs related to the maintenance of the mine. All other terms of the agreement remain the same.
Moving of the Closing Date to July 31 for an additional five months will give EVX sufficient time to conduct metallurgical tests to determine amenability of the Skroska cobalt-rich nickel laterite to High Pressure Acid Leach (HPAL) process, a commercially proven process for recovery of cobalt and nickel from nickel laterite.
EVX Chief Executive Officer and Director, Fred Tejada, states, “The extension of the due diligence period for an additional five months is significant for EVX as it will allow us to determine amenability of Skroska material to HPAL technology. This will allow EVX to explore two direct shipping routes for potential future mining -to a ferronickel smelter or HPAL facilities.”
About European Electric Metals Inc.
European Electric Metals Inc. is a Canadian listed public mineral exploration and development Company, with a focus on electrification themed projects in Europe. A major shareholder of EVX is the European Bank for Reconstruction and Development. The goal of EVX is to become a major source of battery metals such as copper, nickel and cobalt, and the Company seeks to do so within safe, stable and logistically attractive European jurisdictions. The Company's projects are ideally located with excellent road, port and grid power availability, and near European countries that are poised to experience dramatic growth in the electric-vehicle-manufacturing industry. There is a strong battery-manufacturing industry within Europe with many more projects in the pipeline.
On behalf of the Company,
Fred Tejada, Chief Executive Officer and Director
Forward-Looking Statements. This news release contains “forward-looking” statements and information relating to the Company and Skroska are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, without limitations, exploration and development risks, expenditure and financing requirements, general economic conditions, changes in financial markets, the ability to properly and efficiently staff the Company’s operations, the sufficiency of working capital and funding for continued operations, title matters, community relations, operating hazards, political and economic factors, competitive factors, metal prices, relationships with vendors, governmental regulations and oversight, permitting, seasonality and weather, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.
Neither 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 release.