22 June 2021
Cloudbreak
Discovery PLC
(“Cloudbreak” or the “Company”)
Formerly Imperial
X PLC
Joint Development
of the Piskanja Boron Project
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).
For additional information please contact:
Cloudbreak Discovery PLC |
Tel: +1 604 428
9480 |
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Kyler Hardy, CEO |
khardy@cloudbreakdiscovery.com |
|
Kyle Hookey, Director |
khookey@cloudbreakdiscovery.com |
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Novum
Securities
Financial Adviser and Broker |
Tel: +44 7399 9400 |
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David Coffman / Lucy
Bowden
Colin Rowbury |
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Blytheweigh
Financial PR/IR-London) |
Tel: +44 207 138 3204 |
Cloudbreak@blytheweigh.com |
|
Tim Blythe |
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Megan Ray |
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Alice McLaren |
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About Cloudbreak
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.