Victory Resources, Urban Mining enter JV for Rich Lake

Sep 1, 2016

VICTORY ANNOUNCES RICH LAKE JOINT VENTURE

Victory Resources Corp. entered a joint venture on Aug. 29, 2016, with Urban Mining Ventures Inc. to earn 25 per cent of the mineral rights on the Rich Lake lithium property, located 360 kilometres north of Thunder Bay, and within 20 kilometers of Fort Hope in north-central Ontario.

The property is situated within the Fort Hope greenstone belt, which, in this area, hosts numerous pegmatite dikes that have been explored for their lithium and precious metal mineralization since the 1950s. As interest and demand in lithium minerals have increased significantly, driven by the increased importance and production of lithium-ion batteries as the next-generation power source, the search for lithium has been renewed, with many historically explored lithium properties under investigation.

In order to maintain the option, Urban Mining Ventures shall pay cash and make the following share issuance:

$100,000 (U.S.) no later than 15 calendar days after the execution date;
85 million shares of its capital stock no later than 21 calendar days after the execution date.

Roger Frost, chief executive officer of Victory Resources, stated, “The company is very pleased to establish a partnership with Urban Mining Ventures Inc.; I believe that lithium is poised to become an explosive force in the mineral exploration industry, and having a strong partner will assist us greatly as we strive to create a big win for our shareholders.”

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