Vancouver, British Columbia – (Newsfile Corp. – October 13, 2022) – US Critical Metals Corp. (“USCM” or the “Company”) (TSXV:USCM; OTCQB:USCMF; FSE:0IU0) is pleased to announce that pursuant to the option agreement (the “Option Agreement”) for the Clayton Ridge Lithium Project in Nevada (the “Clayton Ridge Project”), between the Company’s wholly-owned subsidiary, US Energy Metals Corp. (“US Energy”) and Nevada Alaska Mining Co, Inc. (“Nevada Alaska”), the Company has fulfilled its first year option obligations by making aggregate cash payments of $75,000 and by issuing an aggregate of 500,000 common shares to Nevada Alaska. Under the terms of the Option Agreement, USCM has the option to acquire a 100% ownership interest in the Clayton Ridge Project. The shares were issued in accordance with applicable securities laws at a deemed price of $0.26 per share and are subject to a four month hold period.
The Company further announces that it has, through US Energy, executed an amending agreement (the “Amendment”) with Nevada Alaska to amend the terms of the Option Agreement. The Amendment extends the time frame by which US Energy is required to complete its drilling work commitment under the Option Agreement by one year, to October 11, 2023. The drilling work commitment requires the completion of 5,000 feet of drilling. The Company is currently in the process of filing a Notice of Intent with the Bureau of Land Management.
About US Critical Metals Corp.
USCM is focused on mining projects that will further secure the US supply of critical metals and rare earth elements, which are essential to fueling the new age economy. Pursuant to option agreements with private Canadian and American companies, USCM’s assets consist of three agreements, each providing USCM with the right to acquire interests in four discovery focused projects in the US. These projects include the Clayton Ridge Lithium Property located in Nevada, the Haynes Cobalt Property located in Idaho, the Sheep Creek located in Montana, and Lemhi Pass located in Idaho. A significant percentage of the world’s critical metal and rare earth supply comes from nations with interests that are contrary to those of the US. USCM intends to explore and develop critical metals and rare earth assets with near- and long-term strategic value to the advancement of US interests.
For further information please contact:
Chief Executive Officer & Director
Telephone: +1 (786) 633-1756
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
Disclaimer for Forward-Looking Information
This news release contains certain information that may be deemed “forward-looking information” with respect to USCM within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause USCM’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.
Although USCM believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that USCM maintains good relationships with the communities in which it operates or proposes to operate; future legislative and regulatory developments in the mining sector; USCM’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of USCM to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work; risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits; the possibility that results will not be consistent with USCM’s expectations; as well as other assumptions, risks and uncertainties applicable to mineral exploration and development activities and to USCM, including as set forth in the USCM’s public disclosure documents filed on the SEDAR website at www.sedar.com.
The forward-looking information contained in this press release represents the expectations of USCM as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While USCM may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.