Hello Roberto08, sp hanging in very well, holders should do more DYOR, expecially this put out to the market several weeks ago, around the 1st week of May 2016.
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European Metals signs option to use L-Max®
European Metals signs licensing option with Lepidico for Cinovec
Cinovec is a globally significant hard rock lithium-tin deposit
L-Max® successfully used to process Cinovec ore in European Metals’ Scoping Study with excellent results
Platypus Minerals Ltd (ASX
LP)(“Platypus” or “Company”) is pleased to announce that Lepidico Ltd (“Lepidico”) has entered into a licensing agreement (“Agreement”) for its proprietary L-Max® technology with European Metals Holdings Limited (ASX:EMH)(“European Metals”).
Under the terms of the Agreement, Lepidico has granted European Metals an option to acquire a licence to use the L-Max® technology for the Cinovec project in the Czech Republic for consideration of $20,000 in cash.
The option will be valid for 12 months, and can be renewed for a further 12 months by payment of an additional option fee of $25,000.
Upon exercise of the option, Lepidico will issue a licence and European Metals will:
Pay Lepidico $30,000 cash and issue to Lepidico 890,215 European Metals fully paid ordinary shares Undertake an L-Max® mini-plant test run on Cinovec ore
Pay Lepidico a gross product royalty of 2% on all sales relating to lithium chemicals and other by-products produced using the L-Max® technology.
In 2015, European Metals completed a Scoping Study utilising the L-Max process to successfully precipitate battery grade lithium carbonate from Cinovec ore.
European Metals reports the key results of the Scoping Study and associated test work to be:
98% of lithium recovered via flotation to concentrate
99.5% of lithium extracted from concentrate via leaching
Short leach time; 97.6% of the lithium recovered in only 4 hours
99.56% pure lithium carbonate precipitated from a sample of Cinovec ore
By-product potassium sulphate also successfully precipitated
Estimated operating cost approximately US$1,500 per tonne of lithium carbonate produced (after potassium sulphate credit).
On a project basis, and after tin and tungsten credits, European Metals anticipates operating cost estimates for lithium carbonate production to reduce further.
Cinovec is a historical tin mine with a significant undeveloped lithium-tin resource comprising an Inferred Mineral Resource of 514.8 Mt @ 0.43% Li2O and 79.7 Mt @ 0.23% Sn.
European Metals reports that metallurgical testwork as part of a Scoping Study produced battery grade lithium carbonate and high grade tin concentrate.
A potential production cost of approximately $1,500 per tonne of lithium carbonate was indicated, excluding tin and tungsten credits.
Cinovec is located in an active mining region in central Europe close to key infrastructure.
PLP Lepidico Chairman Gary Johnson commented:
“We are very pleased to establish a relationship with European Metals.
The Cinovec project is a prime example of how L-Max® can be utilised to potentially unlock value at a project by treating non- conventional sources of lithium such as zinnwaldite, which is in abundance at Cinovec.”
UnQuote
Now firmly believe that PLP has a few other irons in the fire, i.e. more announcements to come very shortly IMHO. Great stock to hold in this current LITHIUM boom.
Time will Tell. Always does
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