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Raymor Resources Ltd. Announces Lithium Project Development QUEBEC CITY, QUEBEC(BUSINESS WIRE) Feb.10, 1998-The mining exploration company Raymor Resources Ltd. (Alberta Stock Exchange:RAR) is pleased to announce that it has won the support of Francois Gendron, Abitibi-Ouest MNA and chair of the Parti Quebecois caucus, and that of Guy Chevrette, Minister of State for Natural Resources, Minister responsible for Regional Development and Minister responsible for Native Affairs, in its discussions with Hydro Quebec to work out a partnership arrangement for a project to bring the lithium deposit on Raymor's La Motte property into production as quickly as possible. The purpose of the meeting with Hydro Quebec is to develop plans for a consortium that would involve Hydro Quebec, Raymor Resources and a group of businessmen represented by Andre Brunet, chairman of the Abitibi Temiscamingue Regional Development Council (CRDAT) and mayor of the municipality of Amos. The final agreement will enable Raymor Resources to structure financing for the construction of a concentration plant, a lithium refinery and a high-tech manufacturing facility that uses lithium. According to preliminary estimates, the first stage of the two-stage financing plan will require a total of over $35 million, and generate net revenues of over $2.5 million per year for Raymor Resources; the second stage will be the construction of the high-tech plant using lithium to manufacture a product with a world-wide market. The cost of the plant will be disclosed when the final consortium agreement is signed. The additional revenues for Raymor Resources will be based on a percentage of the gross income of the plant, in which Raymor Resources may increase its interest up to 49 percent. The new plants will create hundreds of jobs in the Amos region. An American fund that has previously financed lithium projects has expressed interest in financing the La Motte project. According to MNA Francois Gendron, the partnership between Raymor Resources and Hydro Quebec will be very beneficial. ''I don't think I will have to spend a long time persuading people how positive the impact of a decision like this would be on job creation in the regions at this time, in early 1998, especially since this is one of the few times in Abitibi when we are talking about a company that manufactures a finished product from one of our resources instead of simply exporting raw materials like some many times in the past.'' Raymor Resources is in the process of completing the formalities to obtain a listing on the Montreal Stock Exchange as soon as possible. Salient facts about the La Motte property Lithium Project: 100 percent-owned by Raymor Resources Ltd. 240 hectare site Reserves indicated by drilling: 4.55 million tonnes (1.07 percent Li2O) at a depth of 90 metres (open-pit mineable) and another 2.5 million tonnes below 90 metres (300 feet). May 1996: 30-tonne ore sample taken from the La Motte property to produce lithium carbonate at the test plant of the Centre de Recherche Minerale (CRM). June 1997: CRM final report issued confirming the very high quality of lithium carbonate produced and the cost-effectiveness of the production process. The numerous services located nearby favour the development of the La Motte property: a natural gas pipeline, a secondary road, a Hydro Quebec power line and a paved road are all only half a kilometre away, and the site is only 20 kilometres from the towns of Amos and Malartic and 35 kilometres from Rouyn-Noranda. -0- The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. Contact: Raymor Resources Ltd., Quebec City Stephane Robert or Jean-Claude Vachon, 418/ 652-7571 | ||||||||||||||
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