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Enertopia Announces Closed
Definitive Agreement in Lithium exploration
Vancouver, BC -- May 12, 2016 -- InvestorsHub NewsWire
-- Enertopia Corporation (ENRT-OTCQB) (TOP-CSE) (the
"Company" or "Enertopia") announces that it has closed the
Definitive Agreement for the acquisition of the Lithium brine
exploration claims to be known as the Central Nevada Lithium Brine
Project currently covering 2,560 acres.
The Company is pleased to announce that it closed the Definitive
Agreement on May 12, 2016 with the Vendor respecting the option to
purchase a 100% interest in approximately 2,560 acres of placer
mining claims in Churchill, Lander and Nye Counties Nevada, USA.
These placer mining claims are subject to a 1.5% NSR from
commercial production with the Company able to buy back the NSR at
the rate of $500,000 per 0.5% NSR.
Since the 1950s 3rd party geological studies and work have
provided technical data that several basins in Nevada contain
elevated levels of Lithium. Clayton Valley is currently the only
Lithium brine producing mining location in America. While doing our
due diligence it became apparent that several other closed basins
were good exploration candidates with the potential to host brine
deposits that, to our knowledge, have never been drilled for
lithium.
The Central Nevada Lithium Brine Project covers three basins
with elevated surface Lithium (Li) samples that were reported in a
1976 USGS report (Lithium in sediments and rocks in Nevada, 1976,
Bohanan and Meier, U.S. Geological Survey). All three basins
exhibit six key exploration metrics for the ability to host an
enriched Lithium brine deposit:
1) Closed Basin to retain
potential Lithium enriched fluids
2) Lithium Bearing Source
rocks
3) Geothermal Clusters providing
heat source for cycling brine fluids
4) Multiple Tertiary Calderas
providing potentially enriched Lithium Ash deposits
5) Gravity Low indicating deep
basin for hosting brine aquifers
6) High evaporation to
precipitation climate
The claim blocks in each basin are situated over the basin lows
and should be situated above any potential Lithium brine deposit.
The three basin valleys that the Company has staked claims are
Edwards Valley at 418 square miles, Smith Valley at 583 square
miles and Big Smoky Valley at 1,315 square miles. For comparison
Clayton Valley has a footprint of 566 square miles.
For further information on the Central Nevada Lithium Brine
Project please visit www.enertopia.com/lithium-project/
Upon execution of the Definitive Agreement, the Company paid
USD$12,000 to the Vendor and issued 3,500,000 shares as directed on
closing. In order to earn its 100% interest, the Company is
required to make remaining cash payments of USD$33,500 over one
year and issue up to an additional 3,000,000 success shares based
on the successful drilling of a Lithium enriched brine aquifer with
a minimum Lithium average content of 300 ppm over 100 feet of
liquid brine reservoir.
The Company looks forward to the exploration and drilling phase
on the Central Nevada Lithium Brine Project and providing project
updates on a continuous basis as exploration unfolds, said Robert
McAllister, President.
The Company announces that the President has exercised 240,000
common stock options at 5 cents each for net proceeds of $12,000
dollars to the Company.
The securities referred to herein will not be or have not been
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.
The Qualified person:
The technical data in this news release have been reviewed by
Douglas Wood, P.Geol a qualified person under the terms of NI
43-101.
About Enertopia
Enertopia (www.enertopia.com) shares are quoted in the USA
with symbol ENRT and in Canada with symbol TOP. For additional
information, please visit www.enertopia.com or call Robert
McAllister, President, Enertopia Corporation at 1.250.765.6412
This release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Statements which are not historical facts are forward-looking
statements. Statements which are not historical facts are
forward-looking statements. The Company makes forward-looking
public statements concerning its expected future financial
position, results of operations, cash flows, financing plans,
business strategy, products and services, evaluation of placer
mining projects for participation and/or financing, competitive
positions, growth opportunities, plans and objectives of management
for future operations, including statements that include words such
as "anticipate," "if," "believe," "plan," "estimate," "expect,"
"intend," "may," "could," "should," "will," and other similar
expressions that are forward-looking statements. Such
forward-looking statements include: (i) While doing our due
diligence it became apparent that several other closed basins were
good exploration candidates with the potential to host brine
deposits that, to our knowledge, have never been drilled for
lithium.; (ii) The claim blocks in each basin are situated over the
basin lows and should be situated above any potential Lithium brine
deposit.; (iii) The Company looks forward to the exploration and
drilling phase on the Central Nevada Lithium Brine Project and
providing project updates on a continuous basis as exploration
unfolds. Such forward-looking statements are estimates reflecting
the Company's best judgment based upon current information and
involve a number of risks and uncertainties, and there can be no
assurance that other factors will not affect the accuracy of such
forward-looking statements. Factors which could cause actual
results to differ materially from those estimated by the Company
include, but are not limited to, government regulation, managing
and maintaining growth, the effect of adverse publicity,
litigation, competition, access to capital, and other factors which
may be identified from time to time in the Company's public
announcements and filings. The Company's evaluation of placer
mining claims covering 2,560 acres provides no assurance that any
particular project will have any material effect on the
Company.
The CSE has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.