|By Marketwired .||
|February 18, 2014 09:16 AM EST|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/18/14 -- Lithic Resources Ltd. (TSX VENTURE: LTH) is pleased to announce that it has changed its name to InZinc Mining Ltd. (the "Company"). The Company's new name and new trading symbol "IZN" will take effect at the start of trading on the TSX Venture Exchange on February 19, 2014, subject to Exchange approval. There is no share consolidation and no corporate reorganization accompanying the Company's name change.
"Our new name, InZinc Mining, reflects the Company's renewed confidence in the economic and development potential of our 100% owned West Desert Project in western Utah," stated Chris Staargaard, President and CEO of InZinc. "Global zinc supply is expected to undergo a significant decrease over the next few years due to the planned closure of a number of large, end-of-life zinc mines. InZinc is positioning itself to help fill that supply gap by advancing West Desert into an efficient mid-tier zinc producer in mining-friendly Utah."
West Desert hosts significant zinc-copper-indium resources with associated massive, high-grade iron (magnetite) mineralization. The Company expects to complete a Preliminary Economic Assessment (PEA) for West Desert in the current quarter. The PEA is evaluating new opportunities and improvements at West Desert, including a potential additional source of revenue from significant amounts of by-product iron (magnetite) generated from the processing of zinc-copper-indium resources. Metallurgical testwork completed in 2013 (May 21, 2013 news release) showed that a marketable, high-grade iron (magnetite) concentrate can potentially be produced as a co-product with zinc and copper concentrates using cost effective and conventional processing techniques.
The name change to InZinc Mining will not impact existing Lithic Resources share certificates. As this is a one-for-one name change (with no share consolidation), shareholders are not required to tender their old certificates in exchange for new.
The technical information in this news release was reviewed by Chris Staargaard, P.Geo., a Qualified Person as defined in NI43-101. Technical reports concerning the West Desert project may be found at www.inzincmining.com or on www.sedar.com.
InZinc Mining Ltd.
C.F. Staargaard, President and CEO
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the potential of the Company's mineral projects and the Company's planned drilling and exploration programs. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results, performance, or actions and that actual results and actions may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, those risks and uncertainties disclosed in the Company's Management Discussion and Analysis for the year ended December 31, 2012 filed with certain securities commissions in Canada and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
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.