Mr. Robert Mintak reports
PURE ENERGY MINERALS LIMITED ANNOUNCES COMMENCEMENT OF EXPLORATION DRILLING ON
NEVADA LITHIUM BRINE PROJECTS AND PRIVATE PLACEMENT
Pure Energy Minerals Ltd. has commenced its exploration
drilling program at its lithium brine project in Esmeralda county, Nevada. The
project is located in the Clayton Valley region and consists of two placer mineral claim blocks;
the 5,000-acre CV/DB property is located contiguous and to the southeast of Rockwood
Lithium's producing Silver Peak mine, and the 2,000-acre AF property is located approximately 10
miles to the east.
A historical exploration drill target has been identified on the CV/DB property and will be
twinned. Extensive well brine sampling and geo-hydrological surveys will be conducted in
conjunction with this drilling, along with analysis of historical data with the goal of proving up
historical data. Additionally, bulk samples from this exploration program will be used to evaluate
new evaporation and processing technologies for lithium recovery currently under review by
Pure Energy.
The initial exploration well on the AF property is planned to test a specific target identified by
detailed geophysical surveys conducted on the property. Based on success in finding brine
aquifers and anomalous lithium contents, additional geophysical surveys and further drilling may
be planned to expand on the information about hydrogeology and lithium mineralization that
might be discovered.
Gerhard Jacob, a qualified person under National Instrument 43-101, has reviewed and approved the scientific
and technical information in this press release.
Further updates on the projects will follow as they develop.
The company also announces that it will conduct a non-brokered private placement of up to nine million units of the company at a price of 10 cents per unit
to raise gross proceeds of up to $900,000. Each unit will consist of one common share of the
company and one transferable share purchase warrant. Each warrant shall be
exercisable to acquire one additional common share of the company for a period of three years
at a price of 15 cents per common share. The warrants will have an acceleration provision pursuant
to which the term of the warrants will be reduced to 30 days from the date of the notice to the
holders of the warrants if the closing price of the company's common shares is 35 cents or more
for 21 consecutive trading days.
The private placement is subject to TSX Venture Exchange approval. The
company may pay finders' fees in accordance with the exchange policies and applicable
securities legislation. The private placement is subject to regulatory approval.
The proceeds of the private placement will be used for the company's prospective lithium brine
properties located in Esmeralda county, Nevada, United States, and for general working capital.
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