LonyerGreenCooper to Test Fairmont DSO Lump Titano-Magnetite
May 07 2014 - 6:00AM
Marketwired
LonyerGreenCooper to Test Fairmont DSO Lump Titano-Magnetite
- Samples to be tested at an independent laboratory for
LonyerGreenCooper
- Successful tests results to determine initial
contract/shipment
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 7, 2014) -
Fairmont Resources Inc. (TSX-VENTURE:FMR) (PINKSHEETS:FRSSF)
(FRANKFURT:F0O1) ("Fairmont") is pleased to announce it has shipped
DSO Lump Titano-Magnetite from its 100% owned Buttercup Property
near Saguenay, Quebec, to a test facility for LonyerGreenCooper
Trading Co. Ltd.("LonyerGreenCooper").
LonyerGreenCooper was formed in 2013 as a joint venture between
Lonyer Fuels Co., Ltd, a listed company in the Shanghai Stock
Exchange and GreenCooper (Shanghai) Investment Management
Limited.
Fairmont has shipped an initial 7.6 kg sample to a laboratory
selected by LonyerGreenCooper for independent testing. If required,
an additional 50kg sample would be shipped following the initial
sample test results. Based on positive test results,
LonyerGreenCooper has expressed interest in 60,000 tonnes of DSO
Lump Titano-Magnetite, and if their customer's acceptance of the
product is well received, discussion would begin for a three year
offtake agreement, for potentially 100% of DSO Lump
Titano-Magnetite production from the Buttercup Property.
"Discussions with LonyerGreenCooper have brought us to the point
where they are testing material from our Buttercup property at an
independent facility in China that verifies their products. As we
continue the permitting process we are also working to find
customers in the aggregate, cement and blast furnace industries"
states Michael Dehn, President and CEO of Fairmont.
Fairmont acquired the Buttercup property with an Exclusive Lease
to Mine Surface Mineral Substances, BEX 1270, which covers a
surface area of 15.3 hectares.
Fairmont's Quebec properties cover numerous occurrences of
high-grade titaniferous magnetite with vanadium. Where these
occurrences have been tested they have display exceptional
uniformity with respect to grade. These occurrences are of
considerable interest due to their proximity to tide water, with
the Grand Anse Sea Terminal at the Port of Saguenay located within
100km of all of Fairmont's properties.
Any decision to commence production at the Buttercup
Property will not be based on a NI 43-101 mineral resource or
reserve estimate, a pre-feasibility study or feasibility study. In
the event that Fairmont commences operations, there is no assurance
that Fairmont will be able to commercially extract DSO Lump
Titano-Magnetite.
Clay-Powell Amendment Agreement
Fairmont has entered into an amendment agreement (the "Amendment
Agreement") to amend the terms of its option agreement to acquire
up to a 70% interest in the Clay-Powell Property, located in the
Thunder Bay Mining Division. Under the terms of the Amendment
Agreement, the optionors have agreed to extend the deadline of the
required exploration expenditures to December 31, 2014. In
consideration of which, Fairmont agreed to issue to the optionors
the 25,000 common shares due under the option agreement and an
additional 100,000 common shares within 10 days of TSX Venture
Exchange Agreement.
The Amendment Agreement is subject to the approval of the TSX
Venture Exchange.
Forward-Looking Statements
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions and expectations. They are
not guarantees of future performance. Fairmont cautions that all
forward looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond Fairmont's control. Such factors include, among
other things: risks and uncertainties relating to Fairmont's
exploration program of its mineral properties, Fairmont's ability
to enter into sales agreements with respect to DSO Lump
Titano-Magnitite and Fairmont's limited operating history.
Accordingly, actual and future events, conditions and results may
differ materially from the estimates, beliefs, intentions and
expectations expressed or implied in the forward looking
information. Except as required under applicable securities
legislation, Fairmont undertakes no obligation to publicly update
or revise forward-looking information. Except as required under
applicable securities legislation, Fairmont undertakes no
obligation to publicly update or revise forward-looking
information.
NEITHER 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.
Fairmont Resources Inc.Michael A. DehnPresident and
CEO647-477-2382michael@fairmontresources.cawww.fairmontresources.ca
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