CGrowth Capital Inc. Granted Four New Prospecting Licenses, Unveils Detailed Rollout Schedule, and Key Milestones for Lithium Mining Project

NEW YORK, NY, Dec. 29, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- CGrowth Capital Inc. (OTC: CGRA) is a public holding company for alternative and undervalued assets. The company is sector and industry agnostic and currently consists of two divisions including Sports Technology and Mining. The company is focused on investing in growth-oriented opportunities where the company’s capital, expertise, and capabilities can help create significant added value for shareholders.

CGrowth Capital Inc. is excited to update shareholders that the company has been officially granted four additional, four-year prospecting licenses by the Ministry of Minerals and the Mining Commission of the United Republic of Tanzania, spanning a total of 140.74 square kilometers. These additional licenses bring the total number of officially granted prospecting licenses to eleven, covering a total area of 330.04 square kilometers. Shareholders can also expect additional announcements on the award of further licenses within the coming weeks. For detailed information, including viewing the official prospecting licenses and associated formal documents from the Ministry of Minerals and the Mining Commission, please visit the investor section of the CGRA mining website.

As a key driver in the global energy transition, lithium has seen its demand skyrocket. Central to the green energy revolution, the demand for lithium is set to increase as the push towards decarbonization intensifies, especially following specific initiatives discussed at the recent COP 28 summit held in the United Arab Emirates. In the coming years, batteries are expected to account for 95% of lithium demand, reflecting the ambitious electric vehicle (EV) production targets set by major automotive manufacturers. EVs, which require six times the mineral inputs of conventional cars, including significant amounts of lithium for their batteries, will drive this demand. Given these market dynamics, CGRA is now ideally positioned to capitalize on the booming global demand for lithium.

Following the recent release of the desktop research and reconnaissance survey, the company has disclosed a comprehensive overview of the initial phase of the project's rollout schedule. Dedicated teams are already on the ground, actively executing the plan. This document outlines the action plan and timelines essential for completing a Preliminary Economic Assessment (PEA) by Q2 2024, including critical dates for key activities like drilling and core sampling. It also introduces the main exploration team members leading this phase. In addition, as part of the detailed rollout, further samples from the prospecting license sites have been obtained and submitted for comprehensive laboratory analysis. The management team anticipates the initial results from this thorough lab assessment in the coming weeks and is hopeful that these findings will lead to a discovery announcement of significant importance, potentially marking a major milestone in the project's advancement. Shareholders seeking a comprehensive overview of the rollout plan and associated task deliverables are invited to visit the investor section of the CGRA Mining website.