VANCOUVER, BC, Oct. 23, 2020 /CNW/ - Leading Edge Materials
Corp. ("Leading Edge Materials" or
the "Company") (TSXV: LEM) (Nasdaq First
North: LEMSE) (OTCQB: LEMIF) has been informed that the
decision to grant a 5 year extension on the Norra Karr nr 1
exploration license (the "EL") has been appealed. The appeal is
being handled by the Lulea Administrative Court.
On the 4th of June 2020 the Mining
Inspectorate of Sweden
("Bergsstaten") extended the validity of the EL for 5 years until
August 31, 2024. Bergsstaten cited
extraordinary reasons supporting the granting of the extension.
Subsequently on July 7, 2020, a law
change introduced to counter the negative effects on the mining
industry from COVID-19, further extended the EL for an additional
year until August 31, 2025. The
Company applied for the extension in August
2019 even though a lapsed exploration license under the
Swedish Minerals Act remains valid for the duration of an ongoing
mining lease application with Bergsstaten, which is the case for
Norra Karr. The Company will disclose any development with respect
to the ongoing appeal process if and when required.
Filip Kozlowski, CEO states
"As always Leading Edge Materials will diligently work towards
challenging this appeal which the Company has successfully done in
the past to ensure security over the Norra Kärr heavy rare earth
element project. In the meantime, the exploration license is still
secured according to the Swedish Minerals Act due to having an
ongoing mining lease application pending."
Norra Karr is one of the world's principal heavy REE resources,
with an unusual enrichment in the most critical REEs that are
essential for high strength permanent magnets (dysprosium (Dy),
terbium (Tb), neodymium (Nd) and praseodymium (Pr). Permanent
magnets are directly linked and critical to the energy transition
due to their applications in electric motors and wind power.
Located in southern Sweden
approximately 300km SW of Stockholm close to extensive existing
infrastructure, Norra Karr is the only heavy REE deposit of note
within the European Union (see ERECON project, 2015) and provides
the EU with the long-term opportunity to reduce reliance on
imported REE.
On behalf of the Board of Directors,
Leading Edge
Materials Corp.
Filip Kozlowski, CEO
About Leading Edge Materials
Leading Edge Materials is a Canadian public company focused on
developing a portfolio of critical raw material projects located in
the European Union. Critical raw materials are determined as such
by the European Union based on their economic importance and supply
risk. They are directly linked to high growth technologies such as
lithium-ion batteries and permanent magnets for electric motors and
wind power that underpin the sustainability transition of society.
The portfolio of projects includes the 100% owned Woxna Graphite
mine (Sweden), Norra Karr HREE
project (Sweden), Bergby lithium
project (Sweden) and the 51% owned
Bihor Sud Nickel Cobalt exploration alliance (Romania).
Additional Information
The Company's consolidated financial statements and related
management's discussion and analysis are available on the Company's
website at www.leadingedgematerials.com or under its profile
on SEDAR at www.sedar.com
The information was submitted for publication through the agency
of the contact person set out above, on October 23, 2020, at 11:30
AM Vancouver time.
Leading Edge Materials is listed on the TSXV under the symbol
"LEM", OTCQB under the symbol "LEMIF" and Nasdaq First North
Stockholm under the symbol "LEMSE". Mangold Fondkommission AB
is the Company's Certified Adviser on Nasdaq First North and may be
contacted via email CA@mangold.se or by phone +46 (0) 8 5030
1550.
Reader Advisory
This news release may contain statements which constitute
"forward-looking information" under applicable Canadian securities
laws, including statements regarding plans, intentions, beliefs and
current expectations of the Company, its directors, or its officers
with respect to the future business activities of the Company. The
words "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar
expressions, as they relate to the Company, or its management, are
intended to identify such forward-looking information. Investors
are cautioned that any such forward-looking information is not a
guarantee of future business activities and involves risks and
uncertainties, and that the Company's future business activities
may differ materially from those in the forward-looking information
as a result of various factors, including, but not limited to,
fluctuations in market prices, successes of the operations of the
Company, continued availability of capital and financing and
general economic, market or business conditions. There can be no
assurances that such information will prove accurate and,
therefore, readers are advised to rely on their own evaluation of
such uncertainties. The Company does not assume any obligation to
update any forward-looking information except as required under the
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this news release.
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SOURCE Leading Edge Materials