Brasil Graphite Option Expiry and Renegotiation
Brisbane, Dec 2, 2015 AEST (ABN Newswire) - Sayona Mining Limited (ASX:SYA) ("Sayona" or the "Company") reports that the Option-to-Purchase agreement announced on the 5 August 2015 to acquire the Itabela graphite project from Brasil Graphite SA ("BGSA") expires today.
The Company is finalising a new agreement with BGSA to extend and re-structure the deal, including a substantial reduction in up-front committed cash. Sayona expects that the terms should be announced in the next ten days, once deal is finalized and signed.
BGSA has agreed to provide the Company with continued exclusivity until the new deal is signed.
About Sayona Mining Limited
Sayona Mining Limited (ASX:SYA) (OTCMKTS:SYAXF) is a North American lithium producer with projects in Quebec, Canada and Western Australia. In Quebec, Sayona's assets comprise North American Lithium together with the Authier Lithium Project and its emerging Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. (ASX:PLL). Sayona also holds a 60% stake in the Moblan Lithium Project in northern Quebec.
In Western Australia, the Company holds a large tenement portfolio in the Pilbara region
prospective for gold and lithium. Sayona is exploring for Hemi-style gold targets in the world-class Pilbara region, while its lithium projects include Company-owned leases and those subject to a joint venture with Morella Corporation (ASX:1MC).
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