Aberdeen Acquires the Diabillios Lithium Project for Total Consideration of CDN$5 MillionDecember 29, 2015
Aberdeen International, Inc. – Investment Company Focusing on Mining and Resource SectorJanuary 20, 2016
TORONTO, ONTARIO–(Marketwired – Dec. 31, 2015) – ABERDEEN INTERNATIONAL INC. (“Aberdeen”, or the “Company”) (TSX:AAB) At the request of the Investment Industry Regulatory Organization of Canada (IIROC), Aberdeen would like to clarify and retract certain statements contained in its December 29th, 2015 press release announcing the acquisition of the Diablillos Lithium Project for a total consideration of CDN$5 Million.
Disclosure on the Diablillos Preliminary Economic Assessment (PEA)
The PEA and technical report referenced in the news release was completed by SRK Consulting and filed on the Rodinia Lithium SEDAR profile at www.sedar.com on December 22, 2011. The PEA is not compliant with current NI 43-101 standards and as such, the disclosed project economic details are considered historical in nature and should not be relied upon. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Aberdeen will be completing an up-to-date technical report done in accordance with current NI 43-101 standards within the prescribed timelines.
Disclosure of Production Potential
The release disclosed potential production of “2.8 million tonnes lithium carbonate equivalent and 11.2 million tonnes potassium chloride equivalent“. The Company wishes to clarify that this potential production information is based on the PEA information from the technical report issued on December 22, 2011, and is considered historical in nature and should not be relied upon.
Disclosure of Mineral Resources
The release disclosed mineral resources of “2.8 million tonnes lithium carbonate equivalent from an in-situ inferred brine resource of 4.9 million tonnes lithium carbonate equivalent. The project also contains a recoverable inferred brine resource of 11.2 million tonnes potassium chloride equivalent from an in-situ inferred brine resource of 19.83 million tonnes potassium chloride equivalent“. The Company is treating this mineral resource as a historical estimate and as such, it cannot be relied upon. This historical estimate also uses terms such as “in-situ inferred resource” and “recoverable inferred resource” that are not recognized terms under the 2014 CIM Definition Standards on Mineral Resources and Mineral Reserves. A qualified person has not done sufficient work to classify this historical estimate as current mineral resources and the Company is not treating the historical estimate as a current mineral resource for the Diablillos Lithium Project. Aberdeen will be completing an up-to-date mineral resource estimate and technical report done in accordance with current NI 43-101 and CIM standards within the prescribed timelines.
Except for statements of historical fact contained herein, the information in this press release constitutes “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may”, “will” and include without limitation, statements regarding, proceeds to be received on closing or subsequently, the ability of the Company to generate additional value for shareholders as a result of such transactions, past success as an indicator of future success; net asset value of the Company; the potential of investee companies and the appreciation of their share price; the Company’s plan of business operations; industry opportunities and dynamics and anticipated returns. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are beyond the control of the Company. 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.Contact Information:
Aberdeen International Inc.
Manager, Investor Relations
Aberdeen International Inc.
President and Chief Executive Officer