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ERIN VENTURES INC. (:EV) Erin Ventures Announces Cancellation of Option and Joint Venture Agreement

Directive transparence : information réglementée

27/12/2022 09:10

VICTORIA, BC / ACCESSWIRE / December 27, 2022 / Erin Ventures Inc. ("Erin") [TSXV:EV], an international mineral exploration and development company with boron assets in Serbia, reports that its previously announced joint venture and option agreement with Temas Resources Corp. has been cancelled. As a result, Temas will no longer have any right to participate in the equity of Erin's Piskanja Boron Project.

In anticipation of this possibility, Erin has been in dialogue with several other potential strategic partners who are showing an interest in participation in the development of Piskanja. In tandem, Erin is continuing with the requisite studies, and remains on its timetable to meet its obligations towards receiving an exploitation permit on Piskanja.

Tim Daniels, President of Erin added, "Interest in our Piskanja boron project has grown substantially over the past many months. In fact, we have been approached both by companies that are important consumers of boron who are indicating a great interest in securing a long-term supply, as well as by international financiers who see Piskanja as a unique investment opportunity. This is due in large part to the robust numbers found in our recently published PEA, as well as the fact that boron demand is enjoying unprecedented growth as one of the singularly most important minerals in the green energy movement. As a result, we anticipate being able to secure a highly suitable new strategic partner in the near term."

In accordance with the terms of the option agreement, Temas has contributed less than the threshold amount required for it to secure a 1 percent interest in Piskanja. Therefore, as a result, Piskanja remains a 100 percent, wholly owned subsidiary of Erin.

About Piskanja Boron Project

Piskanja is Erin's wholly owned boron deposit with a Measured Mineral Resource of 1.39 million tonnes (averaging 35.59% B2O3), an Indicated Mineral Resource of 5.48 million tonnes (averaging 34.05% B2O3), and an Inferred Mineral Resource of 284.7 thousand tonnes (averaging 39.59% B2O3), calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves (CIM Standards), as disclosed in Erin's report titled, "Technical Report and Preliminary Economic Assessment For The Piskanja Borate Project, Serbia, June 24, 2022". The responsible person for the PEA and the Mineral Resource Estimate contained within, is Prof. Miodrag Banješević PhD. P.Geo, EurGeol, a Qualified Person in accordance with the CIM Definition Standards on Mineral Resources and Reserves (CIM Standards), and independent of Erin Ventures.

On behalf of the Board of Directors,
Tim Daniels

About Erin Ventures

Erin Ventures Inc. is an international mineral exploration and development company with boron assets in Serbia. Headquartered in Victoria, B.C., Canada, Erin's shares are traded on the TSX Venture Exchange under the symbol "EV". For detailed information please see Erin's website at www.erinventures.com or the Company's filed documents at www.sedar.com.

For further information, please contact:
Blake Fallis, General Manager
Phone: 1-250- 384-1999 or 1-888-289-3746
info@erinventures.com
www.erinventures.com

Erin's Public Quotations
Canada:
TSX Venture: EV
Europe:
Berlin: EKV

Qualified Persons

James Wallis, M.Sc. (Eng), P. Eng., a Director of Erin Ventures, and Nenad Rakic, EurGeol, Piskanja Project Field Manager, and a consultant to the Company, are qualified persons as defined by NI 43-101, have reviewed the technical information that forms the basis for this news release and have approved the disclosure herein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For Erin Ventures Inc. Investors

Certain statements made in this press release that are not based on historical information are forward-looking statements that involve substantial known and unknown risks and uncertainties. This press release contains express or implied forward-looking statements relating to, among other things, Erin Ventures' expectations concerning management's plans, objectives and strategies, including its plans for advancing the Company's Piskanja Project through to an exploitation license. These statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry.

Erin Ventures Inc. undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by Erin Ventures with the securities regulatory authorities, available at www.sedar.com. These and other factors made in public disclosures and filings by the Company should be considered carefully.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. "Inferred Resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. Investors are cautioned not to assume that all or any part of an inferred mineral resource reported in this news release will ever be upgraded to a higher category or to reserves. U.S. persons are advised that while mineral resources are recognized under Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. persons are also cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable.

SOURCE: Erin Ventures Inc.



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https://www.accesswire.com/733281/Erin-Ventures-Announces-Cancellation-of-Option-and-Joint-Venture-Agreement