Cloudbreak Discovery PLC (LSE: CDL), the natural resource project generator, announces Temas Resources Corp. (CSE: TMAS, OTCQB: TMASF, FSE: 26P) (“Temas” or “Temas Resources”), in which Cloudbreak has a 15.8 per cent interest, and Erin Ventures Inc. (“Erin Ventures”) have entered into a definitive option and joint venture agreement (the “Option Agreement”) for the joint development of Erin Ventures’ Piskanja Borate Project located in Serbia (the “Piskanja Project”).
Pursuant to the Option Agreement, Temas Resources may earn a 50 per cent interest in the Piskanja Project by (a) issuing to Erin Ventures 250,000 common shares and 250,000 Temas warrants (each exercisable to acquire a common share for a period of 48 months from issuance, at an exercise price equal to the market price of the common shares less the maximum allowable discount pursuant to stock exchange policies) within five business days after the effective date of the Option Agreement, and (b) incurring an aggregate of €10,500,000 in expenditures on the Piskanja Project.
The Option Agreement may be terminated in certain circumstances, including by Erin Ventures if certain milestones are not met in accordance with specified timelines. Upon exercise of the option by Temas Resources, a joint venture will be formed, and Erin Ventures and Temas Resources will become associated as joint venturers to further advance the Piskanja Project.
Kyler Hardy, CEO of Cloudbreak Discovery, commented, “We are pleased to see Temas’ progress on this joint development agreement and look forward to seeing the commencement of the work programmes at the Piskanja Project as part of the expenditure requirements. This news further supports our business model, and we look forward to updating the market with further news in due course.”
Michael Dehn, President and CEO of Temas Resources, states, “We are thrilled to enter into this definitive option agreement with Erin Ventures. At Temas, we are looking forward to furthering the development of the Piskanja Boron Property in Serbia along-side Erin Ventures. We have jointly developed a very robust exploration plan and anticipate announcing details in the coming weeks.”
About the Piskanja Project
The Piskanja Project is Erin Ventures’ wholly owned boron deposit with an indicated mineral resource of 7.8 million tonnes, averaging 31.0 per cent boric oxide (B2O3), and an inferred resource of 3.4 million tonnes, averaging 28.6 per cent B2O3. Calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves (“CIM Standards”) as disclosed in Erin Ventures’ report titled “Mineral Resource Estimate Update on the Piskanja Borate Project, Serbia, October 2016 – Amended February 28, 2019” prepared by SRK Consulting (UK) Ltd. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The responsible persons for the Updated Mineral Resource Estimate are Dr. Mike Armitage (C.Eng., C.Geol.) and Dr. Mikhail Tsypukov who are both full time employees of SRK and Qualified Persons in accordance with the CIM Standards, both gentlemen are independent of Erin Ventures.
Boron is an essential mineral and is found in everything from eye drops, mild antiseptics, a supplement for building stronger bones and muscles to boric acid, which is used to toughen and increase heat resistance in Pyrex.
Rory Kutluoglu, B.Sc, P.Geo, is the Qualified Person as defined by NI 43-101 who has reviewed and approved the technical information contained within this release.
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
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Cloudbreak Discovery PLC is a leading natural resource project generator, working across a wide array of mineral assets that are being developed and managed by an experienced team with a proven track record. Value accretion within the projects being developed by Cloudbreak’s generative model enables a multi asset approach to investing. Diversification within the mining sector and amongst resource classes is key to withstanding the cycles of natural resource investing.
About Temas Resources
Temas Resources Corp. (“Temas Resources”) (CSE: TMAS) (OTCQB: TMASF) (FSE: 26P) is focused on the advancement of mineral independence and the processes in which minerals are extracted in an environmentally friendly manner. Temas Resources invests in and works to apply green technology across its mining portfolio to reduce the environmental impact and carbon footprint of metal extraction through advanced processing and patented leaching technologies. Temas Resources is advancing Fe-Ti-V projects in Quebec and soon expects to be active on Boron Projects in Serbia.