15:54:24 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



American Manganese Inc
Symbol AMY
Shares Issued 150,027,916
Close 2017-12-28 C$ 0.275
Market Cap C$ 41,257,677
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American Manganese partner to earn 60% of Hazelton

2017-12-28 07:38 ET - News Release

Mr. Larry Reaugh reports

LONGFORD RESOURCES/AMERICAN MANGANESE JOINT VENTURE TO PROCEED ON HAZELTON HIGH GRADE COBALT GOLD PROJECT

Longford Resources, having successfully completed due diligence on the high-grade Hazelton cobalt-copper-gold project at New Hazelton, B.C., Canada, will exercise its right to earn an initial 60-per-cent interest in the project from American Manganese Inc.

Highlights:

  • Longford satisfactorily completed due diligence on the high-grade Hazelton cobalt-copper-gold project in British Columbia, Canada.
  • The Hazelton project includes three historic mines:
    • Victoria mine -- where metal grades averaged 123.4 grams per tonne gold and 2.8 per cent cobalt;
    • Rocher Deboule mine -- where metal grades averaged 5.9 per cent copper and 2.9 g/t gold;
    • Highland Boy mine -- where metal grades averaged 7.0 per cent copper and 1.8 g/t gold.

Longford believes there is considerable exploration upside at the project, and having completed the due diligence to its satisfaction, it has:

  • Paid American Manganese $10,000;
  • Issued American Manganese 50,000 shares in Longford to maintain its right to earn an initial 60-per-cent interest in the project. To achieve this Longford is required to: expend $2-million on the project over four years; with annual option payments of $10,000 and 50,000 shares due to American Manganese annually over the next four years.

According to American Manganese chief executive officer Larry W. Reaugh: "Commencing next summer, Longford will be advancing the Hazelton high-grade prospects especially for cobalt/copper/gold in the field with a solid four-year plan. The Longford agreement allows AMI to realize value from its Hazelton holdings, while allowing the company to maintain its core focus on our promising battery materials recycling work, and extend our patented process to the recovery of additional rare metals and minerals."

About American Manganese Inc.

American Manganese is a diversified specialty and critical metal company focused on capitalizing on its patented intellectual property through low-cost production or recovery of electrolytic manganese products throughout the world, and recycling of spent electric vehicle lithium ion rechargeable batteries.

Interest in the company's patented process has adjusted the focus of American Manganese toward the examination of applying its patented technology for other purposes and materials. American Manganese aims to capitalize on its patented technology and proprietary know-how to become and industry leader in the recycling of spent electric vehicle lithium ion batteries having cathode chemistries such as: lithium-cobalt, lithium-cobalt-nickel-manganese and lithium-manganese (please see the company's July 27, 2017, press release for further details).

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