VANCOUVER, BC, Aug. 6, 2020 /PRNewswire/ - Leading Edge Materials Corp. ("Leading Edge Materials" or the "Company") (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) provides a further update on the tender process for the Bihor Sud Exploration License in Romania.
As announced on January 29, 2020, the adjudication of the competitive tender round for the Bihor Sud Exploration License (the "Exploration License") by the Agenţia Natională Pentru Resurse Minerale ("NAMR") has been suspended while the Bucharest Court of Appeal (the "Court") is judging an appeal against NAMR lodged by the competing bidder for the exploration license, Global Centurions S.R.L. (the "Case").
The Company has been informed that the Court published a ruling today dismissing the Case in full as ungrounded. The Court will now proceed to serve the parties of the Case with the full ruling upon which a 15-day appeal window opens. Subject to the ruling not being appealed, the ruling becomes final and NAMR can reinstate the adjudication process of the competing bids for the Exploration License. Leading Edge Materials will advise the market as further information becomes available.
The Bihor Sud Exploration License application covers 25 square kilometers in the Northern Apuseni Mountains of Transylvania. Bihor Sud lies within the Western Tethyan Metallogenic Belt, a well-mineralized district that includes the Timok copper-gold project along with the Skouries, Chelopech, Bor and Majdanpek deposits. The Northern Apuseni Mountains are famous for high grade skarn and carbonate replacement mineralization with historic production of Cu, Mo, Ag, Au, Zn, U and Pb associated with Tethyan Arc intrusions. The area under application includes a substantial former mine that was closed in 1998.
On behalf of the Board of Directors,
Leading Edge Materials Corp.
Filip Kozlowski, CEO
About Leading Edge Materials
Leading Edge Materials is a Canadian public company focused on developing a portfolio of critical raw material projects located in the European Union. Critical raw materials are determined as such by the European Union based on their economic importance and supply risk. They are directly linked to high growth technologies such as lithium-ion batteries and permanent magnets for electric motors and wind power that underpin the sustainability transition of society. The portfolio of projects includes the 100% owned Woxna Graphite mine (Sweden), Norra Kärr HREE project (Sweden), Bergby lithium project (Sweden) and the 51% owned Bihor Sud Nickel Cobalt exploration alliance (Romania).
The Company's consolidated financial statements and related management's discussion and analysis are available on the Company's website at www.leadingedgematerials.com or under its profile on SEDAR at www.sedar.com
The information was submitted for publication through the agency of the contact person set out above, on August 6, 2020, at 2:45 pm Vancouver time.
Leading Edge Materials is listed on the TSXV under the symbol "LEM", OTCQB under the symbol "LEMIF" and Nasdaq First North Stockholm under the symbol "LEMSE". Mangold Fondkommission AB is the Company's Certified Adviser on Nasdaq First North and may be contacted via email [email protected] or by phone +46 (0) 8 5030 1550.
This news release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
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SOURCE Leading Edge Materials