VANCOUVER, British Columbia, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Medaro Mining Corp. (CSE: MEDA) (OTC: MEDAF) (FWB: 1ZY) (“Medaro” or the “Company”), is pleased to announce that it has entered into a property option agreement with Rock Edge Resources Ltd. (CSE: REDG) (“REDG”) pursuant to which it has granted REDG an option (the “REDG Option”) to acquire an undivided 70% interest in Medaro’s Superb Lake Lithium Property (the “Property”) in Northwestern Ontario, Canada. The Property consists of 8 mining claims totalling approximately 2,187 hectares of land in the O’ Sullivan Lake / Maun Lake Area, Thunder Bay Mining District of Northwestern Ontario, Canada, about 375 kilometers to the northeast of Thunder Bay. Medaro holds an option to acquire 100% of the Property from Alex Pleson and the REDG Option is dependent upon Medaro earning its interest in the Property.
In order to earn its 70% interest in the Property under the REDG Option, REDG is required to do the following over a two year period: pay an aggregate of $200,000 in cash to the Company; issue an aggregate of 1,700,000 REDG common shares to the Company; and perform mining exploration and incur qualified expenditures on the Property in an aggregate amount of $700,000. Upon REDG earning its 70% interest, assuming it does so, Medaro and REDG will enter into a joint venture with the goal of advancing the exploration and potential development of the Property.
CEO Michael Mulberry notes, “We are very pleased to be partnering with Rock Edge Resources Ltd. They bring a management team with an extensive background in mining exploration and public market finance. We look forward to them taking the Superb Lake project to the next level.”
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
About Medaro Mining Corp. (CSE: MEDA) (OTC: MEDAF) (FWB: 1ZY)
Medaro Mining is a lithium exploration company based in Vancouver, BC, which holds options on the Superb Lake lithium property located in Thunder Bay, Ontario, the Cyr South lithium property located in James Bay, Quebec, the Yurchison uranium property located in Northern Saskatchewan, the Rapide Li-Be property located in Abitibi, Quebec, 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 process to extract lithium from spodumene concentrate through its Global Lithium Extraction Technologies joint venture. Find out more at: https://medaromining.com/.
For more information, investors should review Medaro’s filings that are available at www.sedar.com.
This news 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, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the REDG Option and the potential joint venture and plans for the Property are “forward-looking information”. These forward-looking statements reflect the expectations or beliefs of management of the Company 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 filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. Relevant risks relate to the ability or decision of REDG to earn its interest in the Property and the forming of a joint venture by the Company and REDG to develop the Property. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.