ALCHEMIST OPTIONS LITHIUM PROPERTY ADJACENT TO NEMASKA LITHIUMíS WHABOUCHI PROPERTY
Vancouver, British Columbia – (September 8, 2016) – Alchemist Mining Incorporated (CSE: AMS) (“Alchemist” or the “Company”) is pleased to announce that it has entered into an exclusive option agreement (the “Agreement”) with Great Thunder Gold Corp. (TSXV: GTG) to acquire up to a 70% interest in 213 hectares known as the Nemaska Lake Property, Quebec (the “Property”). The Property adjoins Nemaska Lithium Inc.’s Whabouchi Property to the northwest, and is located approximately 3 kilometers north of the Whabouchi Property’s reported deposit and proposed open-pit mine.
Alchemist’s President, Keith Anderson, stated: “We are very excited to have entered into this option with Great Thunder Gold. Nemaska Lithium has proven the Whabouchi Project to be a world-class deposit. The area should continue to garner interest as Nemaska Lithium carries on with a development drill program and moves towards a production decision.”
Under the terms of the Agreement, the Company can acquire a 51% interest by issuing an aggregate 1,200,000 common shares and paying a total of $35,000 over a one-year term. The Company would also need to spend a minimum of $250,000 in exploration expenditures by the second year anniversary. The Company may increase its interest to 70% by paying an additional $30,000 and issuing 1,000,000 common shares in the following year. The Company would also need to spend another $450,000 by the third year anniversary. Once the Company has acquired either a 51% or 70% interest, a joint venture will be formed to further explore the Property.
John R. Kerr, P.Eng., is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and approved its technical content.
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On Behalf of the Board
Keith Anderson, President/CEO, Alchemist Mining Inc. (604) 786-7774