Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: CHELF) (FSE: 1QB0) has announced that it has entered into a binding letter of intent (LOI) for a transaction with Prestwick Capital Corporation Limited (TSXV: PWIK). Prestwick will obtain an option to acquire a 100% undivided interest in the Baner Gold Project located in Idaho County, Idaho, USA.

Details of the Baner Gold Project Transaction

The Baner Gold Project includes 215 unpatented lode claims covering approximately 4,520 acres (1,829 hectares). Prestwick is required to make cash payments and issue securities to exercise the option as follows:

– $25,000 upon execution of the LOI.
– On completion of the transaction:
– $75,000
– 1.1 million common shares of Prestwick
– Warrants to purchase up to 200,000 common shares at $0.30 per share for two years.
– Within 18 months from the completion of the transaction:
– $350,000
– 200,000 common shares
– Warrants to purchase up to 200,000 common shares at the last closing price for two years.
– Within 12 months from the first payment date:
– $500,000
– Warrants to purchase up to 200,000 common shares at the last closing price for two years.

Exclusive Management and Operation Rights

During the term of the option, Prestwick will have exclusive rights to manage and operate all work programs on the Baner Gold Project. Prestwick will also maintain the project in good standing.

Company Focus

Jonathan Buick, President and CEO, commented on the search for a partner to advance their gold assets. With Prestwick’s experienced team, the Baner Gold Project will receive needed capital and expertise, allowing Champion Electric to focus on its lithium and cobalt operations.

Further Information

Champion Electric Metals Inc. is committed to advancing its lithium properties in Quebec, Canada, and cobalt properties in Idaho, USA. The company also owns the Champagne polymetallic project near Arco, Idaho, and maintains other significant projects. For inquiries, contact jbuick@champem.com.

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