SYDNEY, AUSTRALIA: European Lithium Limited has executed a binding Heads of Agreement with 2743718 Ontario Inc. (Ontario), a subsidiary of Richmond Minerals Inc. to acquire 100% of the rights, title and interest in the Bretstein-Lachtal Project, Klementkogel Project and the Wildbachgraben Project (together Austrian Lithium Projects).
Tony Sage, Chairman, commented: “The acquisition is an excellent opportunity to secure ground in a largely unexplored area highly prospective for lithium and builds on our portfolio of European projects in a known jurisdiction where we have exploration and development experience. The Company is in the final stages of completing a proposed merger transaction that will see the advanced Wolfsberg Lithium Project develop under the control of Critical Metals Corp. that intends to list on NASDAQ. Once complete, together with our Ukrainian assets, the Company will refocus on building and developing critical metal projects in Europe.”
The Austrian Lithium Projects consist of 245 exploration licenses covering a total area of 114.6 km2. The licenses cover ground that is considered prospective for lithium occurrences in the Styria mining district of Austria.