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RM RouteMaster Capital Inc

0.83
0.00 (0.00%)
22 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
RouteMaster Capital Inc TSXV:RM TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.83 0.82 0.84 0 01:00:00

Rodinia Lithium Provides Corporate Update

29/08/2013 10:01pm

Marketwired Canada


Rodinia Lithium Inc. ("Rodinia" or the "Company") (TSX VENTURE:RM)(OTCQX:RDNAF)
is pleased to provide a comprehensive update on the Company's corporate
initiatives and development timeline, including a revised outlook for the
development of its wholly owned Salar de Diablillos lithium project, located in
Salta Province, Argentina; the future of the Clayton Valley lithium project,
located in Nevada, USA; and other measures to support the Company's near-term
development. 


William Randall, President and CEO of Rodinia, commented, "On behalf of the
entire team at Rodinia, both management and the board, I would like to reiterate
our commitment to the development of Diablillos. We continue to believe that
Diablillos will drive substantial value for our shareholders, and it has the
potential to become a significant contributor to the global lithium carbonate
supply over time. We have made significant strides at Diablillos over the course
of 2013, and done our best to preserve shareholder value while weathering a very
challenging capital markets environment."


Aaron Wolfe, Vice President, Corporate Development, added, "Our focus, now more
than ever, is 100% centered on Diablillos where we have spent approximately $12
million to acquire and advance the asset including the completion of a NI 43-101
compliant inferred mineral resource estimate of 2.8 million tonnes lithium
carbonate equivalent and 11.2 million tonnes of potash; and a Preliminary
Economic Assessment which detailed two production scenarios producing pre-tax
net present values ranging from US$561 million to US$964 million and internal
rates of return in excess of 34%. We remain steadfast in our belief that there
is significant value to be created at Diablillos."


Rodinia has made the following changes in order to respond to the current
capital market environment and continue to advance Diablillos through to
Feasibility Study: 


Diablillos: Revised Development Schedule 

The immediate focus continues to be on finalizing the updated NI 43-101
compliant mineral reserve estimate. Despite setbacks, Rodinia has outlined a
plan to finalize the revised mineral reserve estimate within Q4 2013.


Concurrent with the remaining mineral reserve estimate, work will continue to
finalize the ongoing Feasibility Study. The remaining work required for the
completion of the Feasibility Study includes portions of logistics and costing
review, certain parts of the evaporation pond engineering, and some plant
design. This work is largely desktop based at this stage with the significant
portion of on the ground work largely completed.


While discussions regarding potential strategic off-take arrangements for the
project are ongoing, management recognizes that a key component to such
discussions is the completion of the Feasibility Study. Aaron Wolfe added, "We
appreciate that prospective investors are keen to see a funding solution for our
development capital expenditure needs, and while we're working very hard to
finalize such a plan, in the context of the current market, it has become
increasingly more important to rely on the independent professional assessments
included in the development of a Feasibility Study."


Clayton Valley: Relinquishment of Claims

Effective September 2012, the Nevada Bureau of Land Management increased the
annual association mining claim fees from US$140 per claim to US$1,120 per
claim. As a result, and in an effort to conserve cash and direct its resources
toward Diablillos where more near-term value can be created for shareholders,
Rodinia has decided not to renew its Clayton Valley claim block and to
relinquish the claims that comprise the Clayton Valley project. 


Randall commented, "The decision to relinquish the Clayton Valley claims was not
easy and was only arrived at after a significant amount of effort to find
creative alternative solutions. At the end of the day, our exploration work did
not support the continued expenditures for the claims in a challenging capital
markets environment and we believe our financial resources can provide better
returns if deployed to advance Diablillos."


Balance Sheet Cleanup: Debt Reduction

The Company has entered into agreements to satisfy outstanding debt of
approximately $597,185 by the issuance of 5,327,253 common shares of the Company
(the "Shares") at a deemed price of $0.1121 per share. The debt consists of fees
incurred for certain exploration expenses and drill work associated with the
Diablillos property. The issuance of the Shares is subject to the approval of
the TSX Venture Exchange. In accordance with applicable securities legislation
and the policies of the TSX Venture Exchange, the Shares will be subject to a
hold period of four months plus one day from the date of completion of the debt
settlement.


Working Capital: Continue to Preserve Cash

While the Company sees an increase in available working capital through the
relinquishment of the Clayton Valley claims, programs remain in place to reduce
corporate expenses and to preserve resources for value driving developments.
Among the preservation programs is place is a commitment by the team to not take
management fees or pay non-arm's length compensation or advisory fees. On site,
the team has been reduced and work programs adjusted accordingly.


About Rodinia Lithium Inc.:

Rodinia Lithium Inc. is a Canadian mineral exploration and development company
with a primary focus on Lithium exploration and development in Argentina. The
Company is also actively exploring the commercialization of a significant Potash
co-product that is expected to be recoverable through the lithium harvesting
process.


Please visit the Company's web site at www.rodinialithium.com or write us at
info@rodinialithium.com. 


Cautionary Notes 

Except for statements of historical fact contained herein, the information in
this press release may be deemed to constitute "forward-looking information"
within the meaning of Canadian securities law. Such forward-looking information
may include, without limitation, statements (express or implied) regarding the
anticipated timing and results of the revised mineral resource estimate and
feasibility study, the anticipated timing and completion of the shares for debt
settlement and the development of the Diablillos property. There can be no
assurance that such statements (express or implied) will prove to be accurate,
and actual results and future events could differ materially from such
statements. Investors are cautioned not to put undue reliance on forward-looking
information. Except as otherwise required by applicable securities statutes or
regulation, the Company expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new information,
future events or otherwise.


NEITHER THE 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Rodinia Lithium Inc.
Aaron Wolfe
Vice-President, Corporate Development
+1 (416) 309-2696
info@rodinialithium.com
www.rodinialithium.com

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