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May 20, 2016, VANCOUVER, B.C. – ASHBURTON VENTURES INC. (ABR-TSX:V) (ARB-FRANKFURT) (“Ashburton” or the "Company”) is pleased to announce it has signed an agreement to acquire the Whabouchi West property and the Whabouchi South Extension block from an arm’s length vendor.
The Whabouchi West property borders the western side of Nemaska Lithium Inc.’s (NMX-TSX:V) Whabouchi project. The property comprises one block of six mineral licenses (“claims”) located on geological strike with Nemaska Lithium’s proposed Whabouchi mine, the viability of which was supported by a NMX’s feasibility report released on April 4, 2016. The property is located less than 3 km west of Nemaska’s planned mine site, shown to contain the world’s second largest and richest deposit of spodumene - the source of lithium - in the world, with 27,000,000 t of proven and probable resources and an estimated mine life of 26 years (see Nemaska PR dated April 4, 2016).
The South Whabouchi Extension block is defined by eleven claims contiguous to the southern limit of Ashburton’s Whabouchi South property (see Ashburton PR dated April 18, 2016). The acquisition of the South Whabouchi Extension property block will double the size of the Whabouchi South property to 1176 hectares (11.8 km2). With the acquisition of 17 new claims, Ashburton has increased its total holdings surrounding Nemaska Lithium’s property project to 1496 hectares (15.0 km2) from the original 588 hectares (5.9 km2).
“We are excited to have come to terms with the vendors on this additional key ground that borders both the western and southern sides of Nemaska’s Whabouchi property” stated Michael England, CEO of Ashburton Ventures. “Since we made our first acquisition one month ago, the activity in the region has accelerated, with many other companies announcing project acquisitions and exploration work.”
Cumulative terms of the option agreement call for Ashburton to issue to the Vendors 2,500,000 common shares in the capital of ABR and a cash payment of $5,000 plus grant a 2.0% Royalty on Net Smelter Returns. Ashburton may, in its sole discretion but without obligation, purchase 1% of the Royalty for cancellation in consideration of $1,000,000. This transaction is subject to TSX Venture approval.
The technical contents of this release were approved by Michel Boily, PhD, geo a Qualified Person as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report.
ON BEHALF OF THE BOARD
Signed “Michael England”
Michael England, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-683-3995; Toll Free: 1-888-945-4770; www.ashburtonventures.com
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Ashburton Ventures Inc. Actual results may differ materially from those currently anticipated in such statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.