Critical Elements Discovers Extension of JR Zone at 500 Meters West With High Grade Tantalite and Lithium Content
MONTREAL, QUEBEC, Feb 12, 2013 (Menafn - Marketwire via COMTEX) --Critical Elements Corporation (otcqx:CRECF)(frankfurt:F12) is pleased to announce the discovery of a new zone that seems to be the extension of JR showing. The new outcrop has been found 500 meters west of the original JR zone. This extension is substantial and the channel samples taken from the new discovery had report high grade results with the following results in table below.
----------------------------------------------------------------------------
LocationLengthLi20Ta2O5
---------------------------------------------
YearChannel NameEasting NorthingAzimuth(m)(%)ppm (g/t)
----------------------------------------------------------------------------
2012JR ext142128757646522705.000.9447226
----------------------------------------------------------------------------
2012JR ext2421274576465027010.001.0763215
----------------------------------------------------------------------------
All samples were sent for analysis in sealed containers to the ALS Chemex laboratory in Val-d'Or by employees of the Company. ALS Chemex is the laboratory used for analysis of all samples from programs on the Rose property. The samples are weighed and identified prior to sample preparation. The samples are crushed to 70% minus 2 mm, then separated and pulverized to 85% passing 75 um. All samples are analyzed using ICP-MS, with full analysis for 47 elements.
A map showing the location of the new discovery on the Rose project can be found in the Projects section of the Company's website, at www.cecorp.ca.
Also, in the past few months, the Critical Elements team pursued his discussions with a number of potential lithium carbonate and tantalite end-users. The Company is currently negotiating the terms of long-term sales and risk distribution between potential buyers.
Jean-Sebastien Lavallee (OGQ #773), geologist, shareholder and President and Chief Executive Officer of the Company and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release.
About Critical Elements Corporation
Critical Elements is actively developing its 100%-owned Rose lithium-tantalum flagship project located in Quebec.
A recent financial analysis of the Rose Project based on price forecasts of US260/kg (118/lb) for Ta2O5 contained in a tantalite concentrate and US6,000/t for lithium carbonate (Li2CO3) show an after-tax Internal Rate of Return (IRR) of an estimated 25% for the Rose Project, with an estimated Net Present Value (NPV) of CA279 million at an 8% discount rate. The payback period is estimated at 4.1 years. The pre-tax IRR is estimated at 33% and the NPV at 488 million at a discount rate of 8%. (Mineral resources that are not mineral reserves do not have demonstrated economic viability). See press release dated November 21, 2011).
The project hosts a current NI 43-101-compliant Indicated resource of 26.5 million tonnes of 1.30% Li2O Eq. or 0.98% Li2O and 163 ppm Ta2O5 and an Inferred resource of 10.7 million tonnes of 1.14% Li2O Eq. or 0.86% Li2O and 145 ppm Ta2O5.
The Company is presently at the feasibility study stage on the Rose project. Genivar is carrying out an environmental study and a feasibility study for the surface installations, Ambuck Associates is leading the feasibility study and doing mine design for the study, AMEC is leading the tailings facility study, Bumigeme is handling the concentration and carbonatization plant study, and Acme Metallurgical Ltd. of Vancouver is responsible for the metallurgical component of the project.
Critical Elements' portfolio also includes rare-earth and tantalum-niobium projects in the Rocky Mountains of British Columbia and in Quebec, as well as a 50% interest in the Croinor project, which is located in Quebec and hosts a current NI 43-101-compliant measured and indicated resource of 506,700 tonnes at 10.66 g/t Au, for 173,700 ounces of gold at a 5 g/t cut-off.
FOR FURTHER INFORMATION PLEASE CONTACT: Investor Relations:Jean-Sebastien Lavallee, P.Geo.President and Chief Executive Officer819-354-5146president@cecorp.cawww.cecorp.ca
Paradox Public Relations 514-341-0408
SOURCE: Critical Elements Corporation
Copyright (C) 2013 Marketwire. All rights reserved.
