TORONTO, Aug. 31, 2018 /CNW/ - Namibian lithium developer
and emerging lithium concentrate producer Desert Lion Energy Inc.
(TSXV: DLI) (OTCQB: DSLEF) ("Desert Lion" or the
"Company") today announced that it has ceased all operations
in Namibia in light of the
continued decline in lithium carbonate pricing. The Board is
currently re-assessing the previously announced 3-stage execution
plan and is evaluating all available options to find a sustainable
path to the continued development of its Namibian Lithium
Project.
The Company has also commenced negotiations with its offtake
partner, Jiangxi Jinhui Lithium Co. Limited, to amend the pricing
metrics under its offtake agreement in light of the current lithium
carbonate pricing environment.
As previously disclosed, the Company intends to announce its
Maiden Resource Estimate and Preliminary Economic Assessment prior
to the end of Q3 2018.
About Desert Lion Energy
Desert Lion Energy is an
emerging lithium development company focused on building
Namibia's first large-scale
lithium mine to be located approximately 210 km from the nation's
capital of Windhoek and 220 km
from the Port of Walvis Bay. The Company's Rubicon and Helikon
mines are located within a 301 km2 prospective land
package, with known lithium bearing pegmatitic mineralization and
the Company is currently in Phase 1 of its production plan,
producing and exporting lithium concentrate from stockpiled
material. The project site is accessible year-round by road and has
access to power, water, rail, port, airport and communication
infrastructure.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking information"
within the meaning of applicable securities laws. Generally, any
statements that are not historical facts may contain
forward-looking information, and 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 indicates that certain actions, events or results
"may", "could", "would", "might" or "will be" taken, "occur" or "be
achieved." Forward-looking information is based on certain factors
and assumptions management believes to be reasonable at the
time such statements are made, including but not limited to,
continued exploration activities, lithium and other metal prices,
the estimation of initial and sustaining capital requirements, the
estimation of labour and production costs, the estimation of
mineral reserves and resources, assumptions with respect to
currency fluctuations, the timing and amount of future exploration
and development expenditures, receipt of required regulatory
approvals, the availability of necessary financing for the Project,
permitting and such other assumptions and factors as set out
herein.
Although the Company has attempted to identify important
factors that cause results not to be as anticipated, estimated or
intended, there can be no assurance that such forward-looking
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. Forward-looking information is made
as of the date of this presentation and the Company does not
undertake to update or revise any forward-looking information this
is included herein, except in accordance with applicable securities
laws.
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REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
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THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE Desert Lion Energy