E3 Metals Provides Corporate Update
CALGARY, AB, March 9, 2021 /CNW/ - E3 METALS CORP. (TSXV: ETMC) (FSE: OU7A) (OTC: EEMMF) (the "Company" or "E3 Metals"), an emerging lithium developer and leading direct lithium extraction ("DLE") technology innovator, is pleased to provide a corporate update.
Over the past four months, E3 Metals has seen significant progress toward its goal of becoming a lithium producer including an aggregate total funding of $14.3 Million CAD through three capital raises. In November, E3 Metals released its first Preliminary Economic Assessment outlining that an initial production of 20,000 tonnes LiOH/year has the potential value of $1.1 Billion USD (NPV8%, pre-tax) and $820 Million USD (NPV8%, after-tax), including one of the lowest operating costs for battery quality LiOH of $3,656 USD/tonne. Also in November, John Pantazopoulos joined E3 Metals' board of directors and assumed the position as CFO this January. This past month, E3 Metals welcomed seasoned oil and gas executive, Kevin Stashin to the board of directors and former Premier of Saskatchewan, Brad Wall as an advisor.
E3 Metals is actively advancing its DLE lithium project located in south-central Alberta. The primary focus for the Company is to demonstrate the continual scale-up of its proprietary DLE technology as it drives towards commercial production. In parallel, the Company is advancing its Aquifer Management Plan, aiming for an upgrade of its lithium resources to Measured and Indicated while working towards its Pre-Feasibility Study.
Aquifer Management Plan:
E3 Metals' newly expanded Subsurface Team is focused on further developing its Aquifer Management Plan, including brine production. The team will conduct advanced geoscience and engineering analysis, capitalizing on the available data from the oil and gas industry, to complete the detailed lithium-enriched brine delivery plan. The Company will also be engaging with local industry professionals and regulators to conduct aquifer flow tests and confirm brine deliverability and lithium concentrations in areas not yet tested.
Calgary Testing Facility:
Zero Carbon Emissions and ESG:
Projected Milestones for 2021:
"2021 will be a very exciting year for E3 Metals," commented E3 Metals' CEO, Chris Doornbos. "We are fully funded and have the team and facilities in place to complete our milestones for 2021 as we work towards our Pre-Feasibility Study. We've been developing the technology for four years; we have proof of concept, we are now working on proof of scale. Our focus and development path are clear as we move to become a leader in the electrical revolution in Canada."
About E3 Metals Corp.
E3 Metals is a lithium development Company with 7.0 million tonnes of lithium carbonate equivalent (LCE) inferred mineral resources1 in Alberta and an NPV8% on its Clearwater Lithium Project of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax1. Through the successful scale up its DLE technology towards commercialization, E3 Metals' goal is to produce high purity, battery grade, lithium products. With a significant lithium resource and innovative technology solutions, E3 Metals has the potential to deliver lithium to market from one of the best jurisdictions in the world. E3 Metals also continues to work with partners at the University of Alberta and at GreenCentre Canada.
For more information about E3 Metals, visit http://www.e3metalscorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
Chris Doornbos, President & CEO
Forward-Looking and Cautionary Statements
This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company's brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE e3 Metals Corp.
Company Codes: OTC-PINK:EEMMF, TorontoVE:ETMC, Frankfurt:OU7A
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