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VANCOUVER, British Columbia, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Medaro Mining Corp. (CSE: MEDA) (OTC: MEDAF) (FWB: 1ZY) (“Medaro” or the “Company”), is pleased to announce that it has entered into a property option agreement with Rock Edge Resources Ltd. (CSE: REDG) (“REDG”) pursuant to which it has granted REDG an option (the “REDG Option”) to acquire an undivided 70% interest in Medaro’s Superb Lake Lithium Property (the “Property”) in Northwestern Ontario, Canada. The Property consists of 8 mining claims totalling approximately 2,187 hectares of land in the O’ Sullivan Lake / Maun Lake Area, Thunder Bay Mining District of Northwestern Ontario, Canada, about 375 kilometers to the northeast of Thunder Bay. Medaro holds an option to acquire 100% of the Property from Alex Pleson and the REDG Option is dependent upon Medaro earning its interest in the Property.
In order to earn its 70% interest in the Property under the REDG Option, REDG is required to do the following over a two year period: pay an aggregate of $200,000 in cash to the Company; issue an aggregate of 1,700,000 REDG common shares to the Company; and perform mining exploration and incur qualified expenditures on the Property in an aggregate amount of $700,000. Upon REDG earning its 70% interest, assuming it does so, Medaro and REDG will enter into a joint venture with the goal of advancing the exploration and potential development of the Property.
CEO Michael Mulberry notes, “We are very pleased to be partnering with Rock Edge Resources Ltd. They bring a management team with an extensive background in mining exploration and public market finance. We look forward to them taking the Superb Lake project to the next level.”
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Mulberry
Chief Executive Officer
About Medaro Mining Corp. (CSE: MEDA) (OTC: MEDAF) (FWB: 1ZY)
Medaro Mining is a lithium exploration company based in Vancouver, BC, which holds options on the Superb Lake lithium property located in Thunder Bay, Ontario, the Cyr South lithium property located in James Bay, Quebec, the Yurchison uranium property located in Northern Saskatchewan, the Rapide Li-Be property located in Abitibi, Quebec, the Lac La Motte lithium property located in Val D’Or, Quebec, and the Darlin lithium property, located in Val D’Or, Quebec. The Company is also involved in the development and commercialization of a new process to extract lithium from spodumene concentrate through its Global Lithium Extraction Technologies joint venture. Find out more at: https://medaromining.com/.