TORONTO, ONTARIO–(Marketwired – April 25, 2016) – Crystal Peak Minerals Inc. (“Crystal Peak” or the “Company”) (TSX VENTURE:CPM) (OTCQX:CPMMF) announced today that, in addition to the targeted development and production of its potassium sulphate deposits, it intends also to focus on evaluating the development and production of associated minerals including lithium and magnesium compounds in its feasibility study currently underway on its premium specialty fertilizer project on the Sevier Playa in southwestern Utah, U.S.A. (the “Sevier Playa Project”).
Recent news articles have described the global increase in battery-related demand for lithium and the limits on global sources of supply as the world attempts to develop less carbon-intensive energy sources. According to an article in “The Economist”, dated January 16, 2016, “…companies are scrambling for supplies of lithium”. The article adds; “The price of 99%-pure lithium carbonate imported to China more than doubled in the two months to the end of December…”
“We think that we have an opportunity to make a big contribution to the environment,” said Lance D’Ambrosio, Chief Executive Officer of Crystal Peak. “By focusing our feasibility study on products in addition to specialty fertilizers, the Sevier Playa Project may be able to provide the lithium and magnesium needed to fuel the next round of modern electronic technologies and thereby provide a positive and sustainable impact on the environment.”
Crystal Peak’s preliminary feasibility study (“PFS”), entitled “NI 43-101 Technical Report Preliminary Feasibility Study of the Sevier Lake Playa Sulphate of Potash Project, Millard County, Utah” with an effective date of October 25, 2013, only targeted the production of specialty fertilizers, specifically potassium sulphate (“SOP”). However, that technical report also recommended the investigation of associated minerals indicating, “Preliminary evaluation of the feasibility of lithium production from solar pond bitterns is recommended… If this work shows promise, additional testing would be recommended to more fully define potential recovery and operating costs.” The PFS projected that lithium would be available in the bitterns as concentrate at 0.134 percent lithium and would require selective precipitation, resin ion exchange, solvent extraction, or membrane processing to produce.
Please refer to the PFS, which is available on SEDAR (www.sedar.com) and on the Company’s website, for further details.
Dean Pekeski, P. Geo., Crystal Peak’s Vice President Project Development, and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the contents of this news release.
About Crystal Peak Minerals Inc.
Crystal Peak is focused on the production of premium specialty fertilizers and other beneficial minerals. Crystal Peak controls, directly or through agreement, mineral leases on more than 124,000 acres on its Sevier Playa property in Millard County, Utah. With a brine mineral resource known to contain potassium, lithium, magnesium, sulphate, and a suite of other associated minerals, Crystal Peak is targeting the production of specialty fertilizers including SOP through the use of a cost-effective solar evaporation process. SOP and other specialty fertilizers are used in the production of high value, chloride-sensitive crops such as fruits, vegetables, and tree nuts. Crystal Peak is currently engaged in engineering and analysis designed to support a feasibility study, environmental permitting, and ultimately mineral production.
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.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to the completion and timing of a feasibility study and the results thereof, the targeting of the development and production of specialty fertilizers, including SOP, through the use of a cost- effective solar evaporation process, the targeting of the development and production of associated minerals including lithium and magnesium compounds, and the Crystal Peak’s future business. Generally, forward-looking information 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 state that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Crystal Peak to be materially different from those expressed or implied by such forward-looking information. Although Crystal Peak has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Crystal Peak does not undertake to update any forward-looking information, except in accordance with applicable securities laws.