ORGANIMAX ANNOUNCES CORPORATE UPDATE
Vancouver, British Columbia: Organimax Nutrient Corp. (TSX-V: KMAX) (“OrganiMax” or “the Company”) would like to update its shareholders’ to the status of the Company and future plans.
The Company is pleased to report that it has been successful in challenging the Mexican Mining Authority in the Federal Court of Administrative Justice to reduce its land position significantly focusing on its three primary salar assets and in so doing eliminating the past 3 years of back dated taxes charged by the government to the Company on its total land package. The judgment in favour has resulted in the Company’s accounts payable having been decreased by approximately 90% as the result of this positive ruling; a total of $1,448,960 has been written off from the Company’s balance sheet.
The rest of the Company’s landholdings have been eliminated and the taxes owing related to these landholdings eliminated. The Company presently controls 4,059 hectares, a decrease of 17,413 hectares at its salar project located on the Central Mexican Plateau. New licenses will be issued to the Company for the Caliguey and Santa Clara salars and the La Salada salar license will remain intact and as is. Organimax’s three primary salars have a significant lithium and potassium resource reported (see news release dated December 15, 2019 – Maiden Resource Estimate – here ).
Gilberto Zapata, Country Manager for Organimax states, “We are extremely pleased that the Mexican Federal Court has decreed a final judgment for the Company in our favour. After my thorough legal research on this matter, the Company moved forward on the advice given leading to this monumental decision.”
Organimax has also dropped from its portfolio of projects the Champion graphite property located in Ontario, Canada and its’ 402,528 hectare Coahuilla lithium exploration property in the state of Sonora, Mexico.
The board of directors of the Company believes after reviewing its flagship lithium/potash project and with careful consideration it is in the best interest of all shareholders’ that the Company with best efforts finds a joint venture partner to carry the project forward or the Company will consider an outright sale.
Organimax’s board of directors is determined to rebuild shareholder value incrementally through running the Company cost effectively and targeting strategic opportunities in the precious metals sector. The board has been working diligently in identifying its next flagship project and anticipates a project decision in the coming months.
About OrganiMax Nutrient Corp. (KMAX.V)
OrganiMax Nutrient Corp is an exploration company focused on advancing its 100%-owned potassium and lithium bearing salar complex of mineral concessions that comprise more than 4,000 hectares at the Central Mexican Plateau located in the states of Zacatecas, San Luis Potosi, Mexico. The Company has announced a maiden sediment mineral resource estimate (MRE) of both potassium and lithium at its three salars. Highlights include:
- 120 million tonnes (Mt) of Inferred Mineral Resources grading 4.6% potassium (K) and 380 ppm lithium (Li);
- a continuous high-lithium portion of La Salada salar containing 7 Mt grading 1,490 ppm
- a contained 12.3 million tonnes (Mt) of Sulfate of Potash (SOP) and 243,000 tonnes of lithium carbonate equivalent (LCE);
- Sampling is restricted to 5 metre depths in most areas therefore there is good exploration potential to increase the Mineral Resource at depth and also extending the sampling to the edge of the salar basins where sampling has not taken place;
- Geophysical surveys completed suggest there is potential for additional similar layers of potassium or lithium enriched material to be found under the current pitting/drilling.
- Recent regional geophysical work has indicated that the depths of the salar basins may be much greater than previously thought, making the salars highly prospective for large brine aquifers to be discovered at depth.
The Company is targeting Sulfate of Potash (SOP) as its primary product along with associated by-products Lithium Carbonate (LCE) and boron for both the domestic and international markets. SOP is a premium specialty fertilizer that is used in the production of high-value chloride sensitive crops such as fruits, vegetables, and nuts.
On behalf of the Board of Directors of OrganiMax Nutrient Corp.,
Brandon Rook, President and Chief Executive Officer.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.”
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