Vancouver, British Columbia: Alset Minerals Corp. (TSX-V: ION) (“Alset” or “the Company”)is pleased to provide a corporate update and proposed private placement.
The Company wishes to announce a proposed change of name to OrganiMax Nutrient Corp. The purpose of the name change is to reflect the potentially exceptional quality of potassium contained in both the sediments and brines of the Company’s salars located in the states of Zacatecas and San Luis Potosi of Mexico, and the potential for this potassium to produce potassium sulfate, also known as sulfate of potash (SOP), which is used as a premium fertilizer for high-valuecrops.
The Company previously announced sediment and brine sampling results for potassium and lithium in press releases dated August 9thand October 27th, 2017. In February of this year, the Company engaged SRK Consulting to perform mineral resource estimates on three of its largest salars: La Salada, Santa Clara, and Caliguey (27 February 2018 press release). This work is on going and is further being supported by consultants conducting mineralogy and beneficiation testwork. In parallel to this program, the Company will also be furthering its investigation of the potassium and lithium potential of the salar brines.
Key Addition to Board of Directors and Management
The Company also announces that Timothy Mosey has agreed to join the board of Alset with immediate effect and to become the Company’s interim Chief Executive Officer. Gennen McDowall has stepped down as Chief Executive Officer, President and Director in favor of retirement. The Company wishes to thank Mr. McDowall for his leadership of the Company over the past 6 months, and looks forward to continuing to work withhim.
Mr. Mosey has over 27 years’ experience in the mining industry, with the past 11 years in the private equity investment space at Resource Capital Funds (RCF) and Traxys. As the Managing Director of the Traxys Projects investment fund, Tim was directly responsible for the investment and management of 15 projects around the globe. In a career focused on technical due diligence and project finance, Tim has reviewed projects from around the world, traveled extensively to more than 60 countries on six continents, and has gained experience across the commodity spectrum, from preciou s, base, and minor metals, to ferro alloys, rare earths, industrial minerals, coal and uranium.
Tim was a senior engineer with SRK Consulting responsible for project management and execution of geologic modeling, ore reserve estimates, mine planning and design, production schedul in g, and capital and operating cost estimation in support of resource evaluations for due diligence, pre-feasibility, and feasibility studies.
Earlier in his career, Tim accumulated experience in both precious/base metals and industrial minerals sectors of the industry with emphasis on exploration throughout the Western U.S. and management of an industrial minerals operation in Colorado. Tim worked in many phases of precious metals exploration and evaluation throughout the Western U.S., responsible for exploration target generation, submittal evaluation, and project management and development.
Tim holds a Bachelor of Science degree in Geological Engineering from South Dakota School of Mines and Master of Science degree in Mining Engineering from the Colorado School of Mines.
The Company also announces the resignation of Gilberto Zapata from the board of directors. Mr. Zapata will remain as Country Manager in Mexico and a consultant to theCompany.
Proposed Private Placement
The Company also wishes to announce that, subject to the approval of the TSX Venture Exchange, it proposes to undertake a non-brokered private placement of up to 4,000,000 units (the “Units”) at a price of $0.075 per Unit for gross proceeds of up to $300,000. Each Unit shall comprise one common share in the capital of the Company and one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at a price of 15 cents ($0.15) per share at any time within 36 months of the date of issuance. All securities to be issued under this private placement will be subject to a four-month resale restriction.
Emily Hanson, PGeo, Vice-President of exploration and director for Alset Minerals, is the qualified person responsible for the technical content of this release.
About Alset Minerals Corp. (ION.V)
Alset Minerals is a TSX Venture Exchange-listed exploration company focused on the exploration and development of a group of high-grade lithium and potassium projects in the Central Mexican plateau. Alset has an extensive portfolio of 100-per-cent-owned highly prospective salars in the Mexican states of San Luis Potosi, Zacatecas and Coahuila.
On behalf of the Board of Directors of Alset Minerals Corp., “Timothy Mosey”
Timothy Mosey, Chief Executive Officer.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.”
For further information contact Timothy Mosey@ 303-547-6300. www.alsetminerals.com