Mr. Eric Allard reports

TANTALEX LITHIUM RESOURCES ANNOUNCES FIRST TRANCHE CLOSING OF PRIVATE PLACEMENT AND EARLY WARNING REPORTS

Tantalex Lithium Resources Corp. has closed a first tranche closing of a non-brokered private placement for gross proceeds of $1.7-million (U.S.).

The corporation has issued 65,479,142 common shares at a price of 3.5 cents per common share of the corporation. The common shares were issued based on an exchange rate of $1.00 (U.S.):$1.3481. The corporation did not pay any finders' fees on a portion of the private placement.

Simon Collins, a director of the corporation, acquired 7,703,428 common shares for total consideration of $270,580. The participation of Mr. Collins, an insider of the corporation, constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). Moreover, Vanomet Holding AG, a control person of the corporation's significant shareholder, AfriMet Resources AG acquired 57,775,714 common shares. Notwithstanding the foregoing, the corporation has determined that the purchasers' participation in the private placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the common shares purchased nor the consideration paid by them exceeds 25 per cent of the corporation's market capitalization. The corporation did not file a material change report more than 21 days before the expected closing of the private placement as the participation by the purchasers was not settled until shortly prior to closing and the corporation wished to close on an expedited basis for sound business reasons. The private placement was previously approved by the disinterested directors of the corporation. No special committee was established in connection with the transaction, and no materially contrary view was expressed or made by any director.

The proceeds of the private placement will be used for project expenditures related to the optimization of the TiTan tin and tantalum plant and for general working capital. All securities issued pursuant to the private placement will be subject to a four-month-and-one day statutory hold period in accordance with applicable securities law.

Early warning report

Immediately prior to the first tranche closing, Vanomet Holding AG did not own any common shares of the corporation. Immediately following the first tranche closing, Vanomet Holding AG will own 57,775,714 common shares, which represents 6.69 per cent of the issued and outstanding common shares on a non-diluted basis. Vanomet Holding AG is the parent company of AfriMet, which is a significant shareholder of the corporation.

This news release is being issued pursuant to National Instrument 62-103, persons who wish to obtain a copy of the early warning report to be filed by Vanomet Holding AG in connection with this private placement herein may obtain a copy of such reports from SEDAR+ or by contacting the person named herein.

Shares for debt transaction

The corporation intends to settle its outstanding debt with Simon Collins, director for an amount $86,483.26 (U.S.) advanced to the corporation for a payment to be done to one of the subsidiaries and amounts owed by the corporation. The loan does not bear any interest and the corporation intends to convert the loan into 3,331,088 common shares at a price of 3.5 cents per common share.

The board of directors has determined it is in the best interests of the corporation to settle the loan by the issuance of common shares in order to preserve the corporation's cash for general working capital purposes.

Closing of the loan is subject to customary closing conditions and the corporation intends to close as soon as practicable. Upon closing, the corporation will make all necessary filings, including the filing of early warning report as required. The common shares to be issued pursuant to the loan will be subject to a hold period of four months and one day from the date of issuance.

About Tantalex Lithium Resources Corp.

Tantalex Lithium is an exploration and development stage mining company engaged in the acquisition, exploration, development and distribution of lithium, tin, tantalum and other high-tech mineral properties in Africa.

It is currently focused on developing its lithium assets in the prolific Manono area in the Democratic Republic of the Congo; The Manono lithium tailings project and the pegmatite corridor exploration program.

We seek Safe Harbor.