VANCOUVER, BC--(Marketwired - Mar 13, 2014) - In the news release issued earlier today by Pure Energy Minerals Limited (TSX VENTURE: PE), we are advised by the company that the headline should read "Pure Energy Minerals Ltd. Enters Into Option Agreement to Lease up to 20 Acres of Private Property in Esmeralda County, Nevada, Potential Location for Brine Process Testing Plant." Complete corrected text follows.
Pure Energy Minerals Ltd. Enters Into Option Agreement to Lease up to 20 Acres of Private Property in Esmeralda County, Nevada, Potential Location for Brine Process Testing Plant
Vancouver, BC -- March 13, 2014 -- Pure Energy Minerals Limited (the "Company" or "PURE" ) (TSX VENTURE: PE) is pleased to announce that as part of its development strategy it has entered into an option to lease agreement (the "Agreement") with HRH Nevada Resources Ltd., a private Nevada Company ("HRH") pursuant to which PURE has the option (the "Option") to lease up to 20 acres (the "Property") of the 80 acres (the "HRH Property") of land located in Esmeralda County, Nevada and owned by HRH for the purpose of using the location as a staging area and a support location for exploration programs on the Company's mineral claims, and additionally as the possible location of an advanced lithium brine processing, clean water recovery demonstration plant.
PURE has until May 31, 2014 to exercise the Option, which if exercised will allow PURE to lease Property for an initial term (the "Initial Term") of up to ten years in consideration of:
(a) a minimum monthly lease payment of the greater of $2,000.00 or the equivalent USD of 33.76 grams of gold per month for 5 acres of the Property; and
(b) an additional minimum monthly lease payment of the greater of $6,000.00 or the equivalent USD of 101.27 grams of gold per month for the remaining 15 acres of the Property.
On expiration of the Initial Term, PURE has the option to renew the Agreement and lease the Property for an additional 10 years at a negotiated fair market value price.
The Agreement provides the Company the opportunity to lease the Property. Robert Mintak, CEO of PURE stated, "This Agreement allows us to pursue our objectives for development, while reducing permitting requirements and enabling us to fast track the project. I would like to reiterate our commitment to developing the project as an environmentally friendly project, as we progress we fully intend to provide local communities with information about our projects and the environmental, social, and economic impacts they will have."
The Agreement grants the Company an exclusive option to lease the Property from HRH. The Property is strategically located only 5 miles from Interstate 95 and 8 miles from PURE's Alkali Flats mineral claims.
Pursuant to the terms of the Agreement, the lease of the Property includes:
(a) a 50' wide easement to construct a road along the north edge of the HRH Property from the Property to the Esmeralda County road that passes through the HRH Property and which goes from Silver Peak (to the west) to Nevada State Highway 95 (to the south east); and
(b) a 25' wide electrical utility easement to access 3 phase high voltage power transmission. A substitution may be built at the south end of this easement to reduce the three phase transmission line voltage (approximately 66KV three phase) to a convenient distribution line voltage (such as 7600 V three phase).
The Agreement also permits PURE to drill a water well on the Property. A permit to drill permission from the Nevada State Water Engineer is required prior to any drilling on the Property.
ON BEHALF OF THE BOARD
PURE ENERGY MINERALS LIMITED
Chief Executive Officer
We Seek Safe Harbour. Neither 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.
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SOURCE: Pure Energy Minerals Limited