Fairmont Grants Right of First Refusal to Jourdan on Rome Lithium Property Adjacent to Na Lithium Mine
Mississauga, Ontario (FSCwire) - Mississauga (Canada), June 29, 2017: Jourdan Resources Inc. (TSX-V NEX: JOR.H) ("Jourdan") and Fairmont Resources Inc. (TSX-V: FMR) ("Fairmont") are pleased to announce that they have entered into a non arm’s length letter agreement (the “Agreement”), pursuant to which Fairmont granted to Jourdan a right of first refusal (the “ROFR”) to acquire a 100% interest in the Rome Lithium Property (the "Property"), which is adjacent to North American Lithium's Quebec Lithium Mine near Val d'Or, Quebec.
Map 1. Location of the Fairmont Resources Rome property (yellow) on map showing Jourdan Resources and North American Lithium Properties. Scale Bar in Kilometres. Link to larger version of map: https://goo.gl/Sd354v
In consideration for the ROFR, which entitles Jourdan to match any offer that Fairmont solicits from a third party for the Property until July 22, 2017, Jourdan made a refundable cash payment of $25,000 to Fairmont (the “ROFR Payment”). In the event that Jourdan chooses not to exercise its ROFR, Fairmont will reimburse the ROFR Payment to Jourdan.
Should Fairmont fail to refund the ROFR Payment, Fairmont will transfer to Jourdan its option to acquire a 100% interest in the Property in consideration of: (i) a $25,000 cash payment, (ii)1,500,000 common shares of Jourdan, and (iii) a 2% net smelter return ("NSR") on the Property, of which half (1%) may be bought back for $1,000,000 at any time (the “Option”).
About Jourdan Resources
Jourdan Resources Inc. is a Canadian junior mining exploration company trading under the symbol JOR.H on the TSX Venture NEX Exchange. The Company is focused on the acquisition, exploration, production, and development of mining properties in lithium.
Please visit the Company’s website at www.jourdanresources.com
About Fairmont Resources Inc.
Fairmont Resources Inc. is a rapidly growing industrial mineral and dimensional stone company trading on the Toronto Venture Exchange symbol FMR.
Fairmont's Quebec properties cover numerous occurrences of high-grade titaniferous magnetite with vanadium, with the Buttercup property having a permit to quarry dense aggregate. Where these occurrences have been tested they have display exceptional uniformity with respect to grade. Fairmont also controls three quartz/quartzite properties, with the Forestville property having independent end user testing confirming the suitability of quartzite from Forestville for Ferro Silicon production. Fairmont is also persuing the acquisition of the assets of Granitos de Badajoz (GRABASA) in Spain which includes 23 quarries and a 40,000 square metre granite finishing facility that has produced finished granite installed across Europe.
Please visit the Company’s websites at www.fairmontresources.ca
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/JourdanJune292017.pdf
Source: Jourdan Resources Inc. (TSX Venture:JOR.H)
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