Snow Lake Resources Signs Memorandum of Understanding with Tanco Mining Corporation of Canada to Accelerate Development of Thompson Brother Lithium Project

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SNOW LAKE RESOURCES LTD. (“Snow Lake”, “SNOW” or the “Company”) are pleased to announce that they have entered into a Memorandum of Understanding (MOU) with Tanco Mining Corporation of Canada Limited (Tanco) to work collaboratively between the mine Tanco and the Thompson Brothers Lithium Project. The Tanco mine is now operated by Tanco Mining Corporation of Canada Limited. and was previously the largest and only producer of spodumene, tantalum and cesium in North America on the northwest shore of Bernic Lake, Manitoba, Canada. The mine has the largest known deposit of pollucite, is also the world’s largest current producer of cesium.

Under this MOU, Tanco and Snow Lake will work together to explore all possible synergies to provide economic benefits to both parties. The agreement identifies a series of initiatives that can be pursued, including the study of processing Thompson Brothers material using Tanco’s infrastructure and Tanco’s support funding options for the project’s infrastructure. In addition, other means will be explored to maximize local employment with additional economic benefits for the Town of Snow Lake, Winnipeg and surrounding areas, including the head office of each operation.

This MOU now outlines and demonstrates our accelerated development strategy and signifies low capex, clear strategy and a path to production and cash flow for Snow Lake.

In light of this important development within the company which gives us a clear path to production, the company will be in talks with various investment bankers and brokers to reprice the listing and raise other strategic funds in the meantime. to speed up development and the opportunity to share, which may delay listing on the CSE for a few weeks.

As part of the memorandum of understanding, Snow Lake and Tanco will now engage in further discussions with the aim of formalizing an investment and operating strategy that will enable the “accelerated” development of the Thompson Brothers Lithium project.

Figure – Representatives of Tanco and Snow Lake

In summary, the MOU aims to:

    1. Study the viability of the partnership and the processing of lithium ore via the flotation circuit of Tanco Mine Spodumene.
    2. Facilitate strategies to maximize local economic benefits and employment opportunities resulting from the responsible development of Snow Lake and Winnipeg;
    3. Provide access to Tanco regarding basic economic scoping work for the Thompson Brothers Lithium Project to assess the suitability of potential synergies between Tanco and Snow Lake.
    4. Establish the foundation to develop a data sharing plan with Tanco and Snow Lake personnel working collaboratively.
    5. Provide a framework for Tanco and Snow Lake to work with local communities and other project stakeholders to incorporate their feedback through meetings and public consultation.
    6. Identify areas requiring federal, state, and local permits, and facilitate support for obtaining those permits as needed.
    7. Work collaboratively to establish an agreement for Snow Lake’s use of the Tanco Mine spodumene flotation circuit.
    8. Investigate Tanco-supported financing or removal options while establishing a fair pricing mechanism to supply Direct Shipment (“DSO”) ore to the Tanco Mine spodumene flotation circuit.
    9. Establish an estimated DSO spodumene grade delivery range to the Tanco Mine spodumene flotation system.
    10. Determine other ways to maximize local employment and other economic benefits.

The MOU will expire on the third anniversary of the Effective Date, unless otherwise extended by written agreement between the parties. Either party may terminate the MOU earlier for any reason and at any time after providing the other party with written notice of termination.

Snow Lake CEO Derek Knight said, “We are pleased to be working with Tanco Mining Corporation of Canada Limited and leveraging our relationship to accelerate the development of the Thompson Brothers lithium project and seek to provide additional power to the Tanco mine. This MOU now outlines and demonstrates our accelerated development strategy and signifies a clear strategy and path for Snow Lake to production and cash flow.

“The Snow Lake Technical Group has very strong relationships with past and current Tanco mine personnel. Some of these relationships span over 20 years. We hope this partnership will benefit both Snow Lake Resources and Tanco Mining Corporation of Canada Limited as well as communities in the Town of Snow Lake, Winnipeg and surrounding areas.

ON BEHALF OF COUNCIL

Signed “Derek Knight”

Derek Knight

CEO

For more information, please contact:

Derek Knight

[email protected]

Forward-Looking Statements and Disclaimers:

Certain statements contained herein are or may be “forward-looking statements” and represent Snow Lake’s intentions, projections, expectations or beliefs regarding, among other things, future exploration activities. The projections, estimates and beliefs contained in these forward-looking statements necessarily involve known and unknown risks, uncertainties and other factors, many of which are beyond Snow Lake Resources Ltd’s control, and which may cause Snow Lake’s actual performance to differ Lake in future periods. substantially from any express or implied estimate or projection. Nothing in this document is a promise or representation as to the future. Any statements or assumptions contained herein regarding future matters may prove to be incorrect and the differences may be material. Snow Lake Resources Ltd makes no representations or warranties as to the accuracy of any such statements or assumptions. Snow Lake notes that any meetings or considerations regarding any potential transaction are preliminary and there is no certainty that a binding agreement will be reached. The Company will inform shareholders of any further developments in this regard.

Source: media.abnnewswire.net

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