Arianne Phosphate (TSX-V: DAN) (OTCQX: DRRSF) (FRANKFURT: JE9N) a development-stage phosphate mining company, advancing the Lac à Paul project in Quebec’s Saguenay-Lac-Saint-Jean region, is pleased to announce that it has sold royalties covering 25 claims in the James Bay area to Lithium Royalty Corp. for $2,350,000. The royalty, retained by Arianne as part of an earn-in option agreement first entered into in 2009, provided for a 1.5% NSR on the property. These claims currently constitute part of Allkem Limited’s James Bay lithium project.
“After a thorough review, there is no doubt the transaction is win-win for both companies,” said Brian Ostroff, President of Arianne Phosphate. “The purchase by Lithium Royalty Corp. allows them to expand their core business while providing Arianne additional financial resources without any dilution to our shareholders. Following up on our exciting news regarding the confirmation that our high-purity phosphate concentrate can supply the emerging LFP battery business, this transaction significantly increases our cash position and will allow us to accelerate the development of our Lac à Paul deposit.”
About Arianne Phosphate:
Arianne Phosphate is developing the Lac à Paul phosphate deposits located approximately 200 km north of the Saguenay/Lac St. Jean area of Quebec, Canada. These deposits will produce a high quality igneous apatite concentrate grading 39% P2O5 with little or no contaminants (Feasibility Study released in 2013). The Company has 190,270,681 shares outstanding.
Raphael Gaudreault, eng., Qualified Person by NI 43-101, has approved this release. Mr. Gaudreault is also the Company’s Chief Operating Officer.
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