MARCH 14, 2012 – MONTREAL, QUEBEC – CRITICAL ELEMENTS CORPORATION (TSX.V: CRE) (US OTCQX: CRECF) (FSE: F12) announce that, at its annual and special meeting held on March 9, 2011, shareholders of the Company approved all the items, including:
- Election of Jean-Sébastien Lavallée, Michel Robert, Jenna-Lee Nora Hardy, Ron MacDonald, Jean-François Meilleur and Mark Baggio as Directors;
- Appointment of Dallaire and Lapointe Inc. as auditors;
- Approval of the shareholders’ rights plan. The full text of the rights plan is available for consultation onSEDAR.
About Critical Elements Corporation
Critical Elements is actively developing its 100%-owned Rose Lithium-Tantalum flagship project located in Quebec.
A recent financial analysis of the Rose Project based on price forecasts of US$260/kg ($118/lb) for Ta2O5 contained in a tantalite concentrate and US$6,000/t for lithium carbonate (Li2CO3) show an after-tax Internal Rate of Return (IRR) of an estimated 25% for the Rose Project, with an estimated Net Present Value (NPV) of CA$279 million at an 8% discount rate. The payback period is estimated at 4.1 years. The pre-tax IRR is estimated at 33% and the NPV at $488 million at a discount rate of 8%. (Mineral resources that are not mineral reserves do not have demonstrated economic viability).
The project hosts a current NI 43-101-compliant Indicated resource of 26.5 million tonnes of 1.30% LI2O Eq. or 0.98% LI2O and 163 ppm Ta2O5 and an Inferred resource of 10.7 million tonnes of 1.14% LI2O Eq. or 0.86% LI2O and 145 ppm Ta2O5.
Critical Elements is presently in the tendering process for the various aspects of the feasibility study and has commissioned Genivar to complete an environmental impact study of Rose deposit and Acme Metallurgical Ltd. of Vancouver is carrying out project metallurgy.
Critical Elements’ portfolio also includes rare-earth and Tantalum-Niobium projects in the Rocky Mountains of British Columbia and in Quebec, as well as a 50% interest in the Croinor project, which is located in Quebec and hosts a current NI 43-101-compliant measured and indicated resource of 506,700 tonnes at 10.66 g/t Au, for 173,700 ounces of gold at a 5 g/t cut-off.
Jean-Sébastien Lavallée (OGQ #773), geologist, shareholder and president and chief executive officer of the Company and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release.
Critical Elements shareholders, please contact:
Jean-Sébastien Lavallée, P. Geo, President and CEO
Paradox Public Relations