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   Gold/Mining/EnergyRare Earth Elements and Exotic Metals

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To: LoneClone who wrote (15908)5/15/2019 11:46:43 AM
From: LoneClone
   of 16738
[Vanadium] Largo Resources Reports First Quarter 2019 Results

Largo Resources Ltd. May 14, 2019, 21:08 ET

All financial figures are in Canadian dollars unless otherwise stated.

Q1 2019 Highlights

  • Cash balance of $190.7 million exiting Q1 2019
  • Production of 2,099 tonnes (4.6 million pounds4) of V2O5; Kiln refractory replacement completed ahead of schedule
  • Record global V2O5 recovery rate of 80% vs. 75.6% in Q1 2018
  • Cash operating costs excluding royalties of $4.54 (US$3.41) per pound V2O5
  • Revenues of $44.3 million in Q1 2019 (after the impact of the remeasurement of trade receivables of $57.1 million on revenues of $101.4 million)
  • Net loss of $2.2 million in Q1 2019
  • New resource estimate for Novo Amparo Norte expected late Q2 2019
TORONTO, May 14, 2019 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) announces its first quarter 2019 operational and financial results with 2,099 tonnes of vanadium pentoxide ("vanadium" or "V2O5") produced at an average global V2O5 recovery rate1 of 80% and cash operating costs excluding royalties2 of US$3.41 per pound of V2O5.

Mark Smith, Chief Executive Officer for Largo, stated: "The decline in the price of vanadium and the significant remeasurement of trade receivables under the Company's off-take agreement greatly impacted profitability this quarter. Despite continued pressure on vanadium prices, the operations team successfully completed the kiln refractory replacement ahead of schedule in addition to increasing global recoveries by 5% from the same quarter last year, setting a new quarterly record. Cash operating costs2 for the quarter were 4% lower compared to the same quarter last year and I am very pleased with the team's ability to remain focused on cost discipline at the mine."

"The Company's exploration initiatives are progressing as planned with drilling at the Novo Amparo Norte and Novo Amparo deposits now complete and the commencement of drilling at the São Jose deposit. The Company's work on a new resource estimate for Novo Amparo Norte is now well advanced and we look forward to providing an update to the market towards the end of Q2 2019."

He concluded: "We are committed to implementing a comprehensive capital return program to return cash to our shareholders in the form of dividends and/or the repurchase of shares and/or warrants following the intended repayment of the Company's remaining debt balance of US29.1 million. We intend to communicate the details of the comprehensive capital return program at or before our Annual Meeting of Shareholders in June."

Consolidated Q1 2019 Financial and Operational Results


Three months ended

March 31,


March 31,







Direct mine and mill costs



Operating costs



Net income before tax



Income tax expense



Deferred income tax expense



Net income (loss)



Basic earnings (loss) per share



Diluted earnings (loss) per share



Cash provided before non-cash working capital items





Net cash provided by operating activities



Net cash (used in) financing activities



Net cash (used in) investing activities



Net change in cash



As at

March 31,


December 31,





Restricted cash



Working capital3




Maracás Menchen Mine Production

Q1 2019

Q1 2018

Total Ore Mined (tonnes)



Head Grade of Ore Mined (%)



Ore Grade Mined - Effective Grade (%)6



Effective Grade of Ore Milled (%)



Concentrate Produced (tonnes)



Grade of Concentrate (%)



Contained V2O5 (tonnes)



Crushing Recovery (%)



Milling Recovery (%)



Kiln Recovery (%)



Leaching Recovery (%)



Chemical Plant Recovery (%)



Global Recovery (%)1



V2O5 Produced (Flake + Powder) (tonnes)



V2O5 produced (equivalent pounds)4



Cash operating costs2 per pound produced







Cash operating costs excluding royalties2 per pound produced







First Quarter 2019 Operational Results

Total production from the Maracás Menchen Mine in Q1 2019 was 2,099 tonnes of V2O5, representing a 5% decrease over Q1 2018. Lower production during the quarter was largely due to the completion of the kiln refractory replacement which occurred during the month of March 2019 and resulted in 11 days of production downtime. The kiln was shut down for the refractory replacement from March 12, 2019 until March 31, 2019.

In Q1 2019, 250,109 tonnes of ore with an effective V2O5 grade6 of 1.29% were mined. During the plant shutdown in March 2019, mining, crushing and milling operations continued to increase the concentrate stockpiles necessary for the shutdowns required to tie-in the expansion with the existing plant.

Global V2O5 recovery rates1 averaged 80.0% in Q1 2019 which is an increase of 5% over Q1 2018. This represents a new quarterly record for the Company and contributed to the stable operational performance of the plant during Q1 2019. This higher global recovery rate1 helped reduce the production impact from the kiln refractory replacement shutdown through the production of V2O5 stocks which were processed during this time.

First Quarter 2019 Financial Results

Sales of V2O5 during Q1 2019 were 2,100 tonnes, including 440 tonnes of high purity V2O5. This is an increase in high purity V2O5 sales of 80 tonnes compared with Q4 2018, and an increase of 40 tonnes compared with Q1 2018.

The Company recorded a net loss of $2.2 million in Q1 2019 after the recognition of an income tax expense of $1.1 million and deferred income tax expense of $2.5 million. This compares to net income of $45.8 million in Q1 2018 and is primarily due to a decrease in revenues for the quarter.

The Company recognized revenues of $44.3 million in Q1 2019, compared with $91.1 million in Q1 2018, with production for Q1 2019 of 2,099 tonnes of V2O5 being 115 tonnes lower than the 2,214 tonnes produced in Q1 2018. Vanadium sales from contracts with customers was $101.4 million in Q1 2019, compared with $73.1 million in Q1 2018. This increase is primarily attributable to an increase in the V2O5 price, with the average price per pound of V2O5 of approximately US$16.34 for Q1 2019, compared with approximately US$13.57 for Q1 2018. The overall decrease in revenues is primarily attributable to the remeasurement of trade receivables / payables as a result of the decrease in the V2O5 price from Q4 2018, when the average price was approximately $24.53 (refer to the Company's press release dated April 22, 2019). The valuation of trade receivables at March 31, 2019 resulted in a liability position and has been classified as trade payables.

In addition to the $57.1 million (approximately US$42.9 million) reduction in revenues recorded during Q1 2019 as a result of the remeasurement of trade receivables / payables under the Glencore contract, the Company anticipates recording an additional remeasurement charge of approximately $40.0 million (approximately US$30.0 million) to its revenues over the remainder of fiscal 2019 for sales pertaining to Q1 2019. This assumes a constant V2O5 price per pound of US$8.45 over the remainder of the year (being the average V2O5 price per pound at May 10, 2019).

Operating costs during Q1 2019 of $29.1 million improved when compared to $31.2 million in Q1 2018 and include direct mine and mill costs of $19.5 million, depreciation and amortization of $7.3 million and royalties of $2.3 million. Cash operating costs excluding royalties2 also improved in Q1 2019 to $4.54 (US$3.41) per pound from $4.75 (US$3.76) in Q1 2018, representing a decrease of 4%. The decrease seen in Q1 2019 as compared to Q1 2018 is primarily due to the improved global recovery1 of 80.0% for the quarter largely driven by the global recovery rate1 of 83.1% achieved in January 2019.

Conference Call

Largo Resources' management will host a conference call on Wednesday, May 15, 2019, at 12:00 p.m. EST, to discuss both operational and financial results for the first quarter 2019. In addition, the Company's third-party independent consultant, Mr. Terry Perles, will provide an update on the vanadium market during the call.

Conference Call Details:


Wednesday, May 15, 2019


12:00 p.m. EST

Dial-in Number:

Local / International: +1 (416) 764-8688

North American Toll Free: (888) 390-0546

Brazil Toll Free: 08007621359

Conference ID:


Replay Number:

Local / International: + 1 (416) 764-8677

North American Toll Free: (888) 390-0541

Replay Passcode: 496092#


To view press releases or any additional financial information, please visit our Investor Relations section of the Largo Resources website at:

A playback recording will be available on the Company's website for a period of 60-days following the conference call.

The information provided within this release should be read in conjunction with Largo's unaudited condensed consolidated interim financial statements and management's discussion and analysis for the three months ended March 31, 2019, which are available on our website at and on SEDAR.

Technical Disclosure/Qualified Person

Mr. Paul Sarjeant B.Sc. P.Geo., Manager of Geology at Largo Resources is a Qualified Person as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed the technical information in this press release.

About Largo Resources

Largo is a Toronto-based strategic mineral company focused on the production of vanadium flake, high purity vanadium flake and high purity vanadium powder at the Maracás Menchen Mine located in Bahia State, Brazil. The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "LGO". For more information on Largo, please visit our website at

Neither the Toronto Stock Exchange (nor its regulatory service provider) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

Disclaimer: This press release contains forward-looking information under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to timing for and completion of the Maracás Menchen Mine expansion project and the costs associated therewith; Largo's development potential and timetable of its operating, development and exploration assets; Largo's ability to raise additional funds as may be necessary; the future price of vanadium; the estimation of mineral reserves and mineral resources; conclusions of economic evaluations; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Largo to be materially different from those expressed or implied by such forward looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on SEDAR from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&As.

Non-GAAP7 Measures

The Company uses certain non-GAAP financial performance measures in its Management's Discussion and Analysis for the three months ended March 31, 2018, which are described in the following section.

Cash Operating Costs

The Company's press release refers to cash operating costs per pound produced, a non-GAAP performance measure, in order to provide investors with information about a key measure used by management to monitor performance. This information is used to assess how well the Maracás Menchen Mine is performing compared to plan and prior periods, and also to assess its overall effectiveness and efficiency.

Cash operating costs includes mine site operating costs such as mining costs, plant and maintenance costs, sustainability costs, mine and plant administration costs, royalties and sales, general and administrative costs, but excludes depreciation and amortization, share-based payments, foreign exchange gains or losses, commissions, reclamation, capital expenditures and exploration and evaluation costs. These costs are then divided by the pounds of production from the Maracás Menchen Mine to arrive at the cash operating costs per pound produced.

The measure, along with revenues, is considered to be one of the key indicators of the Company's ability to generate operating earnings and cash flow from its Maracás Menchen Mine. These cash operating costs do not have any standardized meaning prescribed by IFRS and differ from measures determined in accordance with IFRS. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not necessarily indicative of net earnings or cash flow from operating activities as determined under IFRS.

In addition, the Company's press release refers to cash operating costs excluding royalties. This is a non-GAAP performance measure and is calculated as cash operating costs less royalties, as disclosed in the following tables.

The following tables provide a reconciliation of cash operating costs per pound produced for the Maracás Menchen Mine to operating costs, excluding depreciation expense as per the Q1 2019 unaudited condensed interim consolidated financial statements.

Three months ended

March 31,

March 31,

Operating costsi





Professional, consulting and management feesii



Other general and administrative expensesii



Less: depreciation and amortization expensei



Cash operating costs





Less: royaltiesi



Cash operating costs excluding royalties





V2O5 flake produced (000s lb)



Cash operating costs per pound produced ($/lb)





Cash operating costs excluding royalties per pound produced ($/lb)






Refer to note 20 in the Company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2019 and 2018.


Refer to the Mine properties segment in note 16 in the Company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2019 and 2018.



Global recovery is the product of crushing recovery, milling recovery, kiln recovery, leaching recovery and chemical plant recovery.


Largo reports non-GAAP measures such as "Cash Operating Costs". Please see information on this non-GAAP measure in the "Non-GAAP Measures" section of this new release.


Defined as current assets less current liabilities per the consolidated statements of financial position.


Conversion of tonnes to pounds, 1 tonne = 2,204.62 pounds or lbs.


Refer to Management's Discussion and Analysis for the three months ended March 31, 2018 for exchange rates used.


Effective grade represents the percentage of magnetite in ore mined multiplied by the percentage of V2O5 in the magnetic concentrate.


GAAP – Generally Accepted Accounting Principles.

SOURCE Largo Resources Ltd.

For further information: Alex Guthrie, Manager, Investor Relations and Communications,, 416-861-9797

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To: LoneClone who wrote (15909)5/15/2019 11:50:32 AM
From: LoneClone
   of 16738
[Cobalt] Honey Badger Drilling Confirms the Extension of the Beaver Vein

May 15, 2019 06:00 ET | Source: Honey Badger Exploration Inc.

Figure 1.

The Beaver Vein
Honey Badger Exploration Inc.

TORONTO, May 15, 2019 (GLOBE NEWSWIRE) -- Honey Badger Exploration Inc. (TSX-V: TUF) (“Honey Badger” or the “Company”) announces that the down-dip extension of the Beaver Vein, host of historic silver mineralization at the Beaver Mine, was intersected in the three holes completed as part of its 2,000-metre drilling program on the Thunder Bay Silver-Cobalt Project, located west of Thunder Bay, Ontario. The intersections are located below the Beaver Mine underground developments.

Quentin Yarie, President and CEO of Honey Badger stated: "The Beaver Silver Mine closed in 1893. Honey Badger is the first, in over a century, to drill in the Beaver Vein. In 2018, we intersected high-grade silver (682 g/t silver over 2.4 metres) below the mine workings, confirming the extension of the mineralized structure below the mine. These latest results indicate that the Beaver Vein is continuous for at least 70 metres in length. Our next drill holes will test whether that can be extended further along strike and down dip. If so, there may be an opportunity to move towards a resource definition program.”

About the Spring 2019 Drilling Program
The Beaver Vein is composed of quartz, amethyst quartz, and carbonate, with variable sphalerite, galena and pyrite (Figure 1). The three holes, from the current 2019 Spring Drill Program, intersected the Beaver Vein within 35 to 40 metres of the 2018 intersection of 682 g/t silver over 2.4 metres (August 8, 2018 News Release). The 2018 silver intersection was interpreted to represent the extension of the Beaver Vein. This interpretation is now supported by the current drilling. Results to date indicate that the Beaver Vein extends over a strike length of at least 70 metres, approximately 40 metres down-dip of the historic mine workings. Historically, the Beaver Vein produced approximately 500,000 ounces of silver at grades averaging 2565 g/t silver.

With the information gathered so far in this drill program, Honey Badger has completed a robust 3D model of the underground developments of the Beaver Mine that will support the planning of future exploration programs.

Two additional drill holes will be completed in the Beaver Vein to cover most of the strike of the structure (approximately 150 metres) below the historic Beaver Mine. This will allow the Company to evaluate the continuity of high-grade silver mineralization in the Beaver Vein, below the historic mine workings.

Following the completion of those drill holes, the drill will test the Elgin and the Stewardson mines where Honey Badger’s grab sampling program identified high-grade silver in the veins exposed at surface. Results here will provide Honey Badger with valuable information on the geometry and grade continuity in the veins that were exploited in these historic mines in the late 19th and early 20th Century.

About the Thunder Bay Silver-Cobalt Project
Honey Badger’s Thunder Bay Silver-Cobalt Project is comprised of the Beaver Silver, Silver Mountain, and Mink Mountain Silver properties, covers more than 37,850 hectares and includes twelve past-producing high-grade mines with historical production of more than 1.67M oz silver. The project is located on the Lakehead Region, 25 to 70 kilometres southwest of Thunder Bay, Ontario. It is easily accessible and close to infrastructure.

There are two main polymetallic vein groups in the Lakehead Region - the Mainland and Island vein groups that were historically mined for silver, cobalt, copper, nickel, lead and zinc. Some of the veins also produced gold. The Island Vein group produced a total of 3,188,297 oz silver with most of that production coming from the Silver Islet Mine. The Mainland Group of silver veins produced 1,991,314 oz silver. The polymetallic silver veins in the region are most often found hosted in sediments, most notably the upper Rove Unit, near or within diabase intrusions. This geological setting parallels the other major silver district in Ontario - the Cobalt Silver District.

Honey Badger is the early mover in consolidating key ground in this historic silver camp that has strong potential for polymetallic mineralization. Since initiating its exploration program in March 2018, the Company has made several promising discoveries:

  • Geophysics and drilling uncovered >2 km “five-element” veins (polymetallic veins that can contain, amongst others, silver, cobalt, copper, nickel, lead and zinc) at the Beaver Mine;
  • Airborne geophysics identified numerous targets on the project’s land package that exhibit the same response as the historic Beaver Mine “five-element” vein; and
  • Assay results from the 2018 drilling program identified high-grade silver mineralization below the lower-most level of the Beaver Mine (682 g/t silver over 2.4 metres, including 1,254 g/t silver over 1.2 metres) and discovered a wide and near-surface zone of high-grade cobalt mineralization in the Rove Shale (0.26% Cobalt over 10.8m) near the mine.

  • On-site Quality Assurance/Quality Control (“QA/QC”) Measures
    Drill core samples are transported in security-sealed bags for analyses to Activation Laboratories Ltd. in Thunder Bay, Ontario. Individual samples are labeled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags that are delivered by Honey Badger to the lab in Thunder Bay. The remaining coarse reject portions of the samples remain in storage if further work or verification is needed.

    Qualified Person
    Quentin Yarie, P Geo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.

    About Honey Badger Exploration Inc.
    Honey Badger Exploration is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada with properties in Quebec and Ontario. The Company’s common shares trade on the TSX Venture Exchange under the symbol “TUF”.

    For more information, please visit our website at

    Or contact:

    Quentin Yarie, President & CEO, (416) 364-7029,


    Mia Boiridy, Investor Relations, (416) 364-7029,

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

    Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

    A photo accompanying this announcement is available at

    Related Articles
    More articles issued by Honey Badger Exploration Inc. More articles related to: Company Announcement

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    To: LoneClone who wrote (15910)5/15/2019 12:09:53 PM
    From: LoneClone
       of 16738
    Scandium International Mining; Nyngan Project - New Mine Lease Application Filed

    Reno, Nevada--(Newsfile Corp. - May 15, 2019) - Scandium International Mining Corp. (TSX: SCY) ("Scandium International" or the "Company") advises that it has filed a new mine lease application ("MLA 568") with governmental regulators, related to the Nyngan Scandium Project, in New South Wales, Australia. The new application covers an estimated 371 hectares of ground where the surface rights are fully owned by the Company's Australian subsidiary, EMC Metals Australia Pty Ltd. The Company will seek the granting of a new mine lease for the Nyngan Scandium Project, based on this new MLA.

    The new MLA filing is in direct response to ongoing delays in governmental resolution of a neighboring landowner's objection to the Company's 2017 mine lease grant (ML 1763). The new MLA is not expected to encounter delays in processing by the relevant governmental departments, and specifically is not dependent on either timing or ultimate resolution of the ongoing landowner objection to the award of ML 1763.


  • The Company believes it can permit and construct a scandium mine, of similar design and scale to our current plans, within the footprint defined by this new MLA 568,
  • Ongoing review by governmental departments of the landowner objection will continue, and depending on the final ruling, could result in the grant of a new mining lease over the original 875 hectare footprint and boundaries defined in the original ML 1763,
  • The Company fully intends to proceed with development of the Nyngan Scandium Project, regardless of the final outcome of the pending landowner objection.


    The Company has filed two 2019 news releases on this matter, in January and April, outlining the issues, the timing of events and discoveries, and the pathways to resolution for ourselves, our neighboring landowner, and the Department of Planning and Environment (the "Department"). While the Department now has a new Minister and a revised portfolio, the Secretary of the Department remains charged with the task of determining the validity of the affected landowner's 'Agricultural Land' objection, and the 'first principles' investigations related to that final determination have been ongoing since initiated in 2018. The Secretary of the Department must make a ruling on the objection, but that ruling can be made at any time. If the Secretary of the Department rejects the landowner's objection, the Department will grant a new Mining Lease over the area of the 2017 granted ML 1763, currently determined to be invalid.

    The Company's decision to file a parallel MLA 568, and request a new mine lease grant on that new MLA, is fully independent of other potential resolution paths, and is specifically not impacted by related and ongoing matters between the Department and the landowner. No neighboring landowner surface rights are included in MLA 568.

    The critical observation for both shareholders and future customers is that the Company believes it can permit and construct a scandium mine, of similar design and scale to our current plans, without the requirement by Scandium International's Australian subsidiary to own or control the objecting landowner's portion of land previously included in the 2017 granted ML 1763.

    The NI 43-101 Nyngan Project resource represents multiples of size relative to the 20 year initial development program put forward in the Company's feasibility study. The Company owns land over a significant portion of that resource, and has established rights and permissions to develop. Whether an ML is granted over EMC Metals Australia Pty Ltd freehold land, or is granted to also include additional land currently owned by a neighboring landowner, the Company intends to pursue plans to construct and operate the world's first primary scandium mine on the Nyngan project site.


    The Company is focused on developing its Nyngan Scandium Project, located in NSW, Australia, into the world's first scandium-only producing mine. The project owned by our 100% held Australian subsidiary, EMC Metals Australia Pty Ltd.

    The Company filed a NI 43-101 technical report in May 2016, titled "Feasibility Study - Nyngan Scandium Project". That feasibility study delivered an expanded scandium resource, a first reserve figure, and an estimated 33.1% IRR on the project, supported by extensive metallurgical test work and an independent, 10-year global marketing outlook for scandium demand.

    Willem Duyvesteyn, MSc, AIME, CIM, a Director and CTO of the Company, is a qualified person for the purposes of NI 43-101 and has reviewed and approved the technical content of this press release on behalf of the Company.

    For inquiries to Scandium International Mining Corp, please contact:

    Edward Dickinson (CFO)
    Tel: (775) 233-7328

    George Putnam (CEO)
    Tel: (925) 208-1775


    This press release contains forward-looking statements about the Company and its business. Forward looking statements are statements that are not historical facts and include, but are not limited to statements regarding any future development of the project. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include, without limitation: risks related to uncertainty in the demand for scandium, the possibility that results of test work will not fulfill expectations, or not realize the perceived market utilization and potential of scandium sources that may be developed for sale by the Company, and risks associated with permitting. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and other than as required by applicable securities laws, the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change.

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    To: LoneClone who wrote (15911)5/15/2019 12:12:14 PM
    From: LoneClone
       of 16738
    Lithium Americas Reports Q1 2019 Financial and Operating Results

    May 15, 2019 07:59 ET | Source: Lithium Americas

    VANCOUVER, British Columbia, May 15, 2019 (GLOBE NEWSWIRE) -- Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) ("Lithium Americas" or the "Company") has announced its financial and operating results for the quarter ended March 31, 2019.

    This news release should be read in conjunction with Lithium Americas’ unaudited condensed consolidated interim financial statements and management's discussion and analysis ("MD&A") for the three months ended March 31, 2019, which are available on Lithium Americas’ website and SEDAR.



    On April 1, 2019 the Company entered into a definitive transaction agreement whereby Ganfeng Lithium Co., Ltd. (“Ganfeng”) has agreed to subscribe, through a wholly-owned subsidiary, for 141 million newly issued shares of Minera Exar, for cash consideration of US$160 million (such transaction, the “Project Investment”). On closing of the Project Investment, Ganfeng will increase its direct interest in the Cauchari-Olaroz project from 37.5% to 50%, with Lithium Americas holding the remaining 50% interest (each subject to the rights of JEMSE (the Government of Jujuy) to acquire an approximate 8.5% interest in Minera Exar).

    Lithium Americas and Ganfeng have agreed to implement certain amendments to the Shareholders Agreement governing the Minera Exar joint venture, including the provision of equal representation on the Minera Exar board of directors and the Management Committee governing the joint venture. In addition, on closing of the Project Investment, Minera Exar is expected to repay an $8 million loan, together with accrued but unpaid interest thereon, that was previously advanced by the Company in order to provide interim funding used for the construction and development of Caucharí-Olaroz during the closing of the 2018 transactions between Lithium Americas and Ganfeng.

    The Project Investment constitutes a related party transaction. Closing of the Project Investment remains subject to Ganfeng shareholder and regulatory approvals, the consent of BCP Innovation Pte. Ltd. in its capacity as lender pursuant to the Company’s senior credit facility, the Company’s shareholder approval and other customary closing conditions.

    Lithium Americas and Ganfeng continue to actively work with Minera Exar to advance construction, procurement and engineering at Cauchari-Olaroz with the goal of producing the highest quality battery grade lithium carbonate for the lowest cost. Minera Exar is undertaking a feasibility study in respect of an increase in the stated production capacity of the Cauchari-Olaroz project from 25,000 tonnes per annum (“tpa”) to an aggregate of 40,000 tpa of lithium carbonate, as well as to advance certain permitting, design and other development planning activities at Cauchari-Olaroz.

    Development activities are on schedule with the advancement of detailed engineering, ponds construction, production wells drilling, camp construction, plant design and equipment procurement to support the start of production in the second half of 2020.

    Two evaporation ponds are completed, one pond is filled with brine and subsequent to the quarter end Minera Exar started filling the second pond and the third, partially completed, pond. Nine ponds are at various stages of construction. A total of seven wells are currently pumping brine to the ponds and three more wells are under construction.

    Requests for quotations for most of the long lead equipment items are under evaluation. The first plant construction package was awarded and the contractor mobilized to perform the work.

    A total of $73 million was advanced to Minera Exar in 2019 year to date (including $45.6 million by the Company) in the form of loans to fund the construction.

    As of the current date, 520 people are working at the site, 178 are Minera Exar employees and 342 are contractors. Current camp capacity at the site accommodates 554 people and an additional 128 beds will be added in 2019 in preparation for construction activities in addition to the operations camp capacity that will follow.

    Initial Stage 1 capital cost estimate of $425 million, on a 100% basis and before value-added taxes (“VAT”), remains unchanged.

    The Company increased the Measured and Indicated mineral resource at its Cauchari-Olaroz project by 53% to 17.9 million tonnes of lithium carbonate equivalent (“LCE”) at 581 mg/L average grade and the Inferred mineral resource to 5.1 million tonnes of LCE at 602 mg/L. The updated Measured and Indicated mineral resource has not been used to update the assumptions in the Company’s detailed feasibility study, see discussion below. Lithium Nevada:

    The permitting process for Thacker Pass is underway, with environmental baseline data collection complete and a conceptual Mine Plan of Operations (“MPO”) submitted to the Bureau of Land Management (“BLM”). A final MPO is forecasted to be submitted to the BLM in the second half of 2019.

    A process testing facility has been constructed and commissioned in Reno, Nevada to optimize the process (predominantly to reduce the consumption of sulfuric acid), prepare tailings samples for stability and geochemical analysis and to provide feed samples to vendors who will design the equipment and provide performance guarantees. The Company is considering the production of lithium hydroxide directly from lithium sulfate to provide added flexibility to market demand.

    The Company intends to prepare a NI 43-101 compliant definitive feasibility study detailing the status of the permitting process and outcomes of the 2018 exploration program and process testing facility testing in due course, along with other applicable updates.

    The Company is evaluating potential partnership and financing scenarios for Thacker Pass. RheoMinerals:

    RheoMinerals’ sales for the three months ended March 31, 2019 were $1.3 million (2018 – $1.1 million).

    As a result of lower than expected sales, in Q4 2018 the Company recognized an $11.58 million impairment of Organoclay property, plant and equipment. In April, 2019, the Company reviewed RheoMinerals’ business plan and implemented cost-reducing measures with the aim to make the business profitable. Finance:

    As at March 31, 2019, the Company had $36.2 million in cash and cash equivalents.

    The Company has a $205 million credit facility to finance its share of capital expenditures in Minera Exar. Since the inception of the credit facility, the Company has drawn $63.1 million ($17.5 million of which was drawn in 2018, $37.5 million in Q1, 2019 and $8.1 million subsequently to Q1 2019).

    As part of the Transaction, Ganfeng also provided LAC an additional $100 million unsecured, limited recourse, subordinated loan facility, which is undrawn at the date of this MD&A, increasing LAC’s overall credit availability to $241.9 million (net of drawdowns to date). The proceeds of the subordinated loan facility are available to the Company to be used for general corporate purposes. Corporate:

    Tom Hodgson has retired as Chief Executive Officer and as a director of the Company, effective May 15, 2019. The Board of Directors has appointed Jonathan (Jon) Evans, currently President and Chief Operating Officer, to the role of President and Chief Executive Officer and to replace Mr. Hodgson on the Board. Mr. Hodgson has agreed to stay on as a consultant to assist with the transition and will continue to support the Company as needed. Updated Cauchari-Olaroz Mineral Resource

    On April 1, 2019, the Company published the technical report dated March 31, 2019, with an effective date of March 1, 2019, entitled “NI 43-101 Technical Report Updated Mineral Resource Estimate for the Cauchari-Olaroz Project, Jujuy Province, Argentina” (“Cauchari TR”). Included in the Cauchari TR is an updated Mineral Resource estimate for the Cauchari-Olaroz Project as summarized in the table below, reported on a 100% project equity basis. LAC no longer reports a potassium Mineral Resource on the project.

    Mineral Resources

    The Mineral Resource estimate below is expressed relative to a lithium grade cut-off of greater than or equal to 300 mg/L.

    Updated Mineral Resource Estimate for Lithium at the Cauchari-Olaroz project




    Measured + Indicated

    (1) The Mineral Resource estimate has an effective date of February 13, 2019.
    (2) Mineral Resources have a cut-off grade of 300 mg/L of lithium.
    (3) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted to Mineral Reserves.
    (4) LCE is calculated based on the following conversion factor: mass of LCE = 5.322785 x mass of lithium metal.

    The updated resource provided above constitutes a change of -1% for total average lithium concentration of Measured + Indicated (585 mg/L vs. 581mg/L) and a change of +53% for total LCE Measured + Indicated (11,752,000 tonnes LCE vs. 17,977,200 tonnes LCE). The increase in overall mass can be attributed to the expansion and deepening of the Resource Evaluation Area based on exploration results obtained in 2017 and 2018. The decline in total average concentration can be attributed to the updated Resource estimate affected by the 2017 and 2018 range of samples collected in SdO and Archibarca areas of the Cauchari-Olaroz Project. When spatially averaged with the lithium concentration of SdC samples, which essentially dominated the prior estimate, the updated estimate has a relatively small percentage decrease in the overall concentration of lithium.

    Technical Information

    Detailed scientific and technical information on the Cauchari-Olaroz Project can be found in the Cauchari TR that was filed with the securities regulatory authorities in each of the provinces of Canada on March 31, 2019. The Cauchari TR has an effective date of March 1, 2019 and was prepared by Ernest Burga, P.Eng., David Burga, P.Geo., Wayne Genck, P.Eng. and Daniel Weber, P.G., RM-SME, each of whom is a “qualified person” for the purposes of NI 43-101.

    Financial Results:

    The following selected financial information is presented in thousands of US dollars, shares and other equity instruments in thousands, unless otherwise stated and except in relation to per share amounts.

    The following table summarises the items that resulted in the increase in net loss for the three months ended March 31, 2019 (Q1 2019) versus the three months ended March 31, 2018 (Q1 2018), as well as certain offsetting items:

    Financial results
    Period ended March 31,


    Organoclay sales



    Cost of sales

    Exploration expenditures

    Organoclay research and development

    General and administrative expenses

    Share of gain/(loss) in Joint Venture


    Stock-based compensation

    Transaction costs


    Foreign exchange (loss)/gain


    Finance costs


    Other income



    Net Loss


    Net loss for the three months ended March 31, 2019 was $4,468 compared to $4,567 for the three months ended March 31, 2018. The slight decrease in the net loss was mainly attributable to a share of gain (versus loss in Q1 2018) in Joint Venture and a decrease in stock-based compensation, partially offset by an increase in the foreign exchange loss, transaction costs and finance costs.

    Organoclay Sales and Cost of Sales

    The organoclay sales in Q1 2019 were $1,280 (Q1 2018 - $1,096), with related production costs of $1,315 (Q1 2018 - $1,496) and depreciation expense of $154 (Q1 2018 - $181) resulting in gross loss of $189 (Q1 2018 - $581).


    Exploration expenditures in Q1 2019 of $1,181 (Q1 2018 – $1,400) include expenditures incurred for the Thacker Pass project. The decrease in the Company’s exploration expenditures is mostly due to the timing and scheduling of expenditures on the Thacker Pass project.

    Gain from the Joint Venture in Q1 2019 of $1,384 (Q1 2018 – loss of $164) mainly represents the Company’s share of the Exar Capital BV Joint Venture interest income on the loans to Minera Exar for the Cauchari-Olaroz project.

    Stock-based compensation in Q1 2019 of $624 (Q1 2018 - $1,945) is a non-cash expense and consists of the $209 (Q1 2018 - $1,513) estimated fair value of stock options, the $98 (Q1 2018 - $432) fair market value of RSUs, and the $317 (Q1 2018 – nil) fair value of PSUs vested during the period. In Q1 2019 the Company granted 39 DSUs to its directors. Higher stock-based compensation during Q1 2018 was mainly due to the timing of the new stock option grants and RSU awards to the Company’s employees and officers.

    Included in General and Administrative expenses in Q1 2019 of $1,910 (Q1 2018 - $2,017) are:

  • Office and administrative expenses of $303 (Q1 2018 - $327) include insurance, IT, telephone, and other related expenses and RheoMinerals’ general office expenses.

  • Professional fees of $241 (Q1 2018 - $325) consist mainly of legal fees of $73 (Q1 2018 – $144), consulting fees of $92 (Q1 2018 - $114) and accounting fees of $76 (Q1 2018 - $39). The decrease is due to the costs of listing the Company on the NYSE in Q1 2018.

  • Salaries and benefits of $853 (Q1 2018 - $771) include compensation to the Company’s employees and directors’ fees. The increase in salaries and benefits is mainly due to the new hires.

  • Regulatory and filing fees were $112 (Q1 2018 - $175). The decrease is due to the costs of listing the Company on the NYSE in Q1 2018.

  • Other Items

    The Company recognized in Q1 2019 a foreign exchange loss of $896 (Q1 2018 – gain of $1,369). The loss was due to the weakening of the US dollar against the Canadian dollar. The Company holds most of its cash in US currency.

    Other income in Q1 2019 was $457 (Q1 2018 - $304) and includes interest income earned on the Company’s cash and cash equivalents and a $150 progress payment received by RheoMinerals from Delmon.

    Qualified Person:

    The scientific and technical information in this news release has been reviewed and approved by Dr. Rene LeBlanc, a Qualified Person for purposes of NI 43-101 by virtue of his experience, education and professional association. Mr. LeBlanc is the Chief Technical Officer of the Company. Information on the Company’s data verification and QA / QC procedures is contained in Lithium Americas’ current technical reports for the Cauchari-Olaroz lithium project and the Thacker Pass lithium project, available at

    About Lithium Americas:

    Lithium Americas, together with Ganfeng Lithium, is developing the Caucharí-Olaroz lithium brine project, under construction in Jujuy, Argentina. In addition, Lithium Americas owns 100% of the Thacker Pass lithium project located in Nevada, the largest known lithium deposit in the United States. The Company trades on both the Toronto Stock Exchange and on the New York Stock Exchange, under the ticker symbol “LAC”.

    For further information contact:
    Lithium Americas Corp.
    Investor Relations
    Suite 300 – 900 West Hastings Street
    Vancouver, BC, V6C 1E6
    Telephone: 778-656-5820

    Forward-looking statements:

    This news release contains “forward-looking information” and “forward-looking statements” (which we refer to collectively as forward-looking information) under the provisions of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking information. Examples of forward-looking information in this news release include, among other things: the expected benefits from the Project Investment, including successful closing and timing thereof; successful development of the Caucharí-Olaroz and Thacker Pass projects, including timing, anticipated production, and results thereof, the Company’s ability to successfully fund such development, further optimization of Caucharí-Olaroz project, whether the resource update for Cauchari-Olaroz will ever be developed into reserves, including information and underlying assumptions related thereto, accuracy of estimates of mineral resources, whether the Company ever adopts a 40,000 tpa development plan for Caucharí-Olaroz, success of the Thacker Pass process testing facility, the results of any future feasibility study at Thacker Pass, results of partnership and financing options at Thacker Pass, and the results of RheoMinerals’ business plan and cost-reducing measures.

    Forward-looking information may involve known and unknown risks, assumptions and uncertainties which may cause the Company’s actual results or performance to differ materially. This information reflects the Company’s current views with respect to future events and is necessarily based upon a number of assumptions that, while considered reasonable by the Company today, are inherently subject to significant uncertainties and contingencies. These assumptions include, among others, successful closing of the Project Investment, including satisfaction of conditions precedent thereto and timing thereof; forecast demand for lithium products, the Company’s ability to fund, advance and develop its projects, including results therefrom, accuracy of mineral resources and mineral reserves, including whether resources will ever be developed into reserves, accuracy of current budget and construction estimates, maintenance of a positive business relationship with Ganfeng, and a stable and supportive legislative and regulatory environment. Forward-looking information also involves known and unknown risks that may cause actual results to differ materially, these risks include, among others, risks inherent in transactions similar to the Project Investment, including successful completion of all conditions precedent thereto; inherent risks in development of capital intensive mineral projects (including as co-owners), variations in mineral resources and mineral reserves, whether mineral resources can ever be converted into mineral reserves, whether the Company ever adopts a 40,000 tpa development plan for Caucharí-Olaroz, recovery rates and lithium pricing, changes in project parameters and funding thereof, changes in legislation or governmental policy, title risk, cost overruns, operational risks and general market and industry conditions. Additional risks, assumptions and other factors are set out in the Company’s management discussion and analysis and most recent annual information form, copies of which are available on SEDAR at

    Although the Company has attempted to identify important risks and assumptions, given the inherent uncertainties in such forward-looking information, there may be other factors that cause results to differ materially. Forward-looking information is made as of the date hereof and the Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Accordingly, readers are cautioned not to place undue reliance on forward-looking information.

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    To: LoneClone who wrote (15912)5/15/2019 12:28:04 PM
    From: LoneClone
       of 16738
    Regency Receives Conditional Approval for the Acquisition of Vanadium North, Announces Private Placement and Provides Corporate Update

    VANCOUVER, May 3, 2019

    VANCOUVER, May 3, 2019 /CNW/ - Regency Gold Corp. ("Regency" or the "Company") (NEX:RAU.H) provides an update with respect to its news release dated February 13, 2019 regarding the acquisition (the "Acquisition") of Vanadium North Resources Inc. ("Vanadium North").

    Conditional Approval

    The Company is pleased to announce that it has received conditional approval from the TSX Venture Exchange ("TSXV") for the previously announced acquisition of Vanadium North.

    Michael Konnert stated "We are very excited to announce conditional approval of the acquisition of Vanadium North. Galen McNamara, CEO of Vanadium North, has assembled an excellent land package in the Northwest Territories and we believe the project has significant exploration upside. Additionally, Regency has a LOI with Cellcube Energy Storage Systems Inc. whereby it may acquire the Bisoni-McKay and Bisoni-Rio vanadium projects in Nevada. It is our goal for Regency to become a leader in the North American vanadium space."

    Exercise of Warrants

    The Company also announces the exercise of 11,111,112 warrants at an exercise price of C$0.12 each, for aggregate consideration of C$1,333,333. A total of 11,111,112 common shares were issued in connection with the warrant exercise.

    Private Placement

    The Company also reports that the previously announced private placement financing is underway. Regency will raise up to C$2-million through the issuance of up to eight million common shares of the Company at a price of C$0.25 cents per share. In the event the private placement is oversubscribed, the Company will make provision for an overallotment option to allow the Company to increase the size of the private placement by up to 20 per cent and issue an additional two million common shares for additional gross proceeds of C$500,000. The pricing of the financing was determined in the context of the market. The common shares to be issued pursuant to the financing will be subject to a four-month hold period.

    The net proceeds from the financing are expected to be used to finance exploration activities at the Company's property and for working capital purposes.

    Board and Management

    Bill Radvak has resigned from his role as President, CEO and Director of the Company effective April 29, 2019. Regency thanks Bill for his years of service and wishes him well on his future endeavours.

    The Company is pleased to announce that on completion of the Acquisition, Simon Dyakowski will be joining the Board of Directors. Mr. Dyakowski has over ten years of corporate finance, corporate development and capital markets advisory experience. He holds an MBA in Finance from the University of British Columbia, is a CFA charter holder and holds a Bachelor of Management and Organizational Studies from the University of Western Ontario. As an independent capital markets consultant, he advises venture stage and growth-oriented public market issuers on deal structuring, capital markets, and corporate development strategies. His professional experience is in equity research and equity sales coverage with previous positions held at ACM Advisors Ltd. and Leede Financial Markets Inc. Mr. Dyakowski is the President and CEO of GSP Resource Corp. and the CFO of GK Resources Ltd., which are Exchange listed resource issuers.

    Loan to Vanadium North

    On or about March 26, 2019, the Company extended a loan to Vanadium North in the amount of C$150,000 (the "Loan") to be used to fund exploration and for general working capital. The Company and Vanadium North are entering into amended terms of the Loan, which among other things, will secure the Loan against the assets of Vanadium North, in compliance with Policy 5.2 of the TSX Venture Exchange (the "Exchange"). Further, the full amount of the Loan is repayable in cash, on an interest free basis, on demand.

    About Regency Gold Corp.

    Regency Gold Corp is a mineral exploration company based in Canada. It is engaged in the identification, acquisition, exploration and, development of exploration and evaluation assets. Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

    Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Regency Gold Corp. should be considered highly speculative.

    The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

    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.


    "Kelsey Chin"
    Kelsey Chin
    Chief Financial Officer

    Forward-Looking Information

    This news release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words, or such variations thereon or comparable terminology, are intended to identify forward-looking statements and information. The forward-looking statements and information in this news release include but are not limited to any statements concerning the expected results of the Acquisition; completion of the transactions contemplated by the DA and the anticipated timing thereof; completion of the Financing and the anticipated timing thereof and the expected use of proceeds from the Financing.

    By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

    The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.

    SOURCE Regency Gold Corp.

    View original content:

    please contact +1 604-719-5614Copyright CNW Group 2019

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    To: LoneClone who wrote (15913)5/15/2019 12:32:30 PM
    From: LoneClone
       of 16738
    Western Uranium & Vanadium’s Sunday Mine Complex Vanadium Project Update

    GlobeNewswireMay 14, 2019

    TORONTO and NUCLA, Colo., May 14, 2019 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE:WUC) ( WSTRF) (“Western” or ”Company”) updates the status of the Sunday Mine Complex (the “SMC”) Vanadium Project (the “Project”). Funding for the Project was completed in April and Project planning has been ongoing. The SMC is comprised of five individual permitted and developed mines in Western Colorado.

    Western now has assembled the personnel and resources to open the Sunday Mine Complex. Historic geological and mining data, as well as mine maps from past operations are being studied, while the team completes final ventilation requirements. Western will start the Project at two mines - the Sunday Mine and the St. Jude Mine. The first underground work is expected to commence in June.

    After mine opening, vanadium ore samples will be delivered to vanadium processors and users around the world. The focus of the current Project is to define the high-grade vanadium deposit. Underground drilling, in addition to bulk sampling, will be used to determine the vanadium resource. Historically, the SMC yielded a 6-to-1 vanadium-to-uranium ratio.

    To oversee the Project, Dr. Kaiwen Wu has been added to the Western team as Chief Geologist. Dr. Wu is a preeminent expert on conventional sandstone hosted vanadium/uranium deposits with extensive experience in the Colorado/Utah Mineral Belt. Notably, Dr. Wu previously completed an in-house geological evaluation of the Sunday Mine Complex. Formerly, Dr. Wu spent a decade working for Energy Fuels in a Senior Exploration Geologist capacity where he oversaw uranium and vanadium exploration, geologic data compilation and evaluation, and the resource estimate and technical reporting process. Dr. Wu received his Ph.D. in Geological Science from the University of Texas at El Paso under a doctoral program involving extensive geologic mapping and culminating in a dissertation on the Proterozoic tectonic evolution of Colorado’s Needle Mountains.

    As Western continues to advance the Project, additional milestones and updates will be provided to shareholders and investors.

    About Western Uranium & Vanadium Corp.

    Western Uranium & Vanadium Corp. is a Colorado based uranium and vanadium conventional mining company focused on low cost near-term production of uranium and vanadium in the western United States, and development and application of ablation mining technology.

    Cautionary Note Regarding Forward-Looking Information: Certain information contained in this news release constitutes “forward-looking information” or a “forward-looking statements” within the meaning of applicable securities laws (collectively, “forward-looking statements”). Statements of that nature include statements relating to, or that are dependent upon: the Company’s expectations, estimates and projections regarding exploration and production plans and results; the timing of planned activities; whether the Company can raise any additional funds required to implement its plans; whether regulatory or analogous requirements can be satisfied to permit planned activities; and more generally to the Company’s business, and the economic and political environment applicable to its operations, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company’s ability to control or predict. Please refer to the Company’s most recent Management’s Discussion and Analysis, as well as its other filings at and/or, for a more detailed review of those risk factors. Readers are cautioned not to place undue reliance on the Company’s forward-looking statements, and that these statements are made as of the date hereof. While the Company may do so, it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to the extent required under applicable laws and regulations.


    George Glasier
    President and CEO

    Robert Klein
    Chief Financial Officer

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    To: LoneClone who wrote (15914)5/15/2019 12:40:06 PM
    From: LoneClone
       of 16738
    Antimony: Low bromine production and rising prices could affect fire retardants

    Posted on 13th May 2019 in General News.

    Chinese production of elemental bromine has continued to be affected by tightening environmental regulations as well as winter shut-downs. A tightening market has resulted in rising prices of bromine in China. The usual seasonal decline in prices, which typically begins in March, did not take place with many producers yet to return from their winter closures. Major bromine producer ICL reported record quarterly income in Q1 2019 for its bromine value chain segment, which saw operating margins of approximately 28% (after allocation of G&A expenses) compared to 21% in Q1 2018.

    Roskill view: While some industry members are reporting demand from bromine-based flame retardants to remain relatively stable, delegates at the MMTA conference in Edinburgh last month reported some concern that limited access to bromine supply was beginning to have an effect on the flame retardants market. Flame retardants are the largest end use sector for antimony, where the trioxide (Sb2O3) finds use as an effective synergist for halogenated flame retardants, most of which contain bromine. Antimony’s use in flame retardants is also under pressure from the possibility of stricter controls on the use and shipment of antimony trioxide in the EU and across several US states.

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    To: LoneClone who wrote (15915)5/15/2019 12:41:10 PM
    From: LoneClone
       of 16738
    Manganese: Q1 production results and rising demand

    Posted on 13th May 2019 in General News.

    Vale of Brazil has reported Q1 2019 manganese ore output of 365kt, 26% lower than production in Q4 2018. The decline was said to be a result of ‘usual weather-related seasonality at Mina do Azul, as well as lower productivity at Urucum’. Sales of manganese ore totalled 252kt in Q1, a 43% fall on the previous quarter, mainly due to ‘lower production and the impact of heavy rains, which affected São Luís port shipments’. It should be noted that Vale’s manganese ore mines are intertwined with the company’s vast iron ore mining operation, both in terms of the location of the mines and the transportation infrastructure. Vale’s Q1 manganese alloy production, meanwhile, was reported to be 41kt (similar to Q4), while ferroalloy sales totalled 25kt (a 31% fall on Q4) as a result of a ‘margin over volume strategy’.

    Elsewhere, Comilog increased its manganese ore production in Gabon by 14% to 1Mt in Q1 compared to Q1 2018, in line with its production target of 4.5Mt for 2019. Its ore shipments increased by 27% to 996kt and its external sales volumes increased by 13% to 776kt. In Q1 2018, the company’s shipments had been negatively impacted by the derailment of an ore train.

    Roskill view Demand for manganese remained robust though Q1 as a result of the strength of global steel production, notably in China. Steel accounts for 93% of manganese demand. Global crude steel output in Q1 2019 rose by 4.2% year-on-year; Chinese output increased by 9.5% year-on-year. Manganese demand has also been boosted by the stricter rebar standards which came into force in China last year.

    Production of manganese ore has been high over the last year, in response to high prices and robust demand. After falling at the start of the year, manganese ore stocks in Chinese ports have now stabilised at around 3.2Mt at the end of Q1.

    Roskill’s NEW Manganese: Global Industry, Markets & Outlook report will be published in July 2019.

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    To: LoneClone who wrote (15916)5/15/2019 1:10:40 PM
    From: LoneClone
       of 16738
    Gulf Manganese's DSO operation gets final approval
    15th May 2019

    By: Esmarie Iannucci
    Creamer Media Senior Deputy Editor: Australasia

    PERTH ( – ASX-listed Gulf Manganese has received final approval from the Indonesian Ministry of Trade for its direct shipping ore (DSO) licence.

    The approval from the Ministry of Trade follows earlier approval by the Ministry of Energy and Mineral Resources, and marks the final ratification for the DSO operation.

    The licence would allow Gulf to export up to 103 162 t/y of high-grade manganese ore from Indonesia, with Gulf saying on Wednesday that the company was working with a number of potential ore suppliers with a view to generating revenue in the near future.

    “Receiving DSO approval marks a major milestone for Gulf,” said MD Hamish Bohannan.

    Gulf, through its subsidiary PT Gulf Mangan Grup, is constructing the first ferromanganese smelting hub in Timor. The Kupang smelting hub will contain at least eight furnaces built in stages over a five-year period. At full production, the first two furnaces will produce some 320 000 t/y of manganese ore to deliver some 155 000 t/y of premium-quality ferromanganese alloy.

    Gulf’s share trading remained suspended on Wednesday pending the announcement regarding a capital raise by the company.

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    To: LoneClone who wrote (15917)5/15/2019 1:19:06 PM
    From: LoneClone
       of 16738
    [REE] Greenland Minerals optimises Kvanefjeld economics

    15th May 2019

    By: Esmarie Iannucci
    Creamer Media Senior Deputy Editor: Australasia

    PERTH ( – An optimised feasibility study into the Kvanefjeld rare earths project, in Greenland, has estimated a $31-million increase in annual revenue, at current rare-earth prices.

    ASX-listed Greenland Minerals on Wednesday reported that the optimised study had estimated an 8% increase in rare-earth recoveries, to 94% within the refinery circuit, compared with the original feasibility study calculations in 2016.

    The increased recoveries will result in the production of 32 000 t/y of rare-earth oxide, at a processing rate of three-million tonnes a year.

    The optimised study also estimated a 40% reduction in operating costs of $252.1-million a year estimated in the original feasibility study, while unit costs have been reduced to around $4/kg of rare-earth oxide, compared with the $11.18/kg estimated in 2016.

    “Recoveries and operating costs have now been finalised for the optimised Kvanefjeld feasibility study, and the results are exceptional. The low operating costs reflect the large output and simple, highly-efficient processing that are key project advantages,” said Greenland MD John Mair.

    “Substantial improvements to flotation performance result in a higher-grade, lower volume mineral concentrate, reducing the scale of the refinery circuit. This is complemented by further simplifications to the refinery circuit, reduced reagent consumption, and improved rare-earth recoveries.”

    Mair noted that the outcomes positioned Kvanefjeld as one of the lowest-cost, highest margin undeveloped rare earth projects globally.

    “The case continues to strengthen for Kvanefjeld to be developed as a major supplier of magnet metals critical to the electrification of transport systems, wind energy and green technologies.”

    Based on the current 108-million-tonne ore reserve, Kvanefjeld could have an initial mine life of some 37 years. The current ore reserve accounted for only 11% of the project’s mineral resource estimate.

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