Jourdan Options Adjacent Lithium Property

TORONTO, March 01, 2021 (GLOBE NEWSWIRE) -- Jourdan Resources Inc. (TSXV: JOR) (“Jourdan” or the “Company”) is pleased to announce that it has entered into an option agreement (the “Option Agreement”) effective March 1, 2021 (the “Effective Date”), pursuant to which the Company is entitled to acquire a property known as the La Corne lithium property (“LaCorne”). LaCorne is located north of Val d’Or, Quebec and is adjacent to the Company’s other Quebec lithium mining properties.

Rene Bharti, CEO of Jourdan, stated, “We are very pleased to announce the expected strategic acquisition of LaCorne, which borders our current land position. LaCorne has several pegmatite showings with spodumene (lithium-bearing pyroxene) occurrences. These showings were mapped and partially drilled in the past. Increasing Jourdan’s large land position in such a prolific lithium region takes us one step closer to realizing our ambition of becoming a leading Canadian hard rock lithium producer.”

Terms of the Transaction

Pursuant to the Option Agreement, Jourdan is entitled to acquire a 100% interest in LaCorne (the “Acquisition”) by completing staged payments of cash and/or shares totalling C$100,000 and 1,500,000 Jourdan common shares (the “Common Shares”) over a 12-month period following the Effective Date, as follows: 1.5 million Common Shares on the transfer of LaCorne to Jourdan and on the date that falls 12 months following the Effective Date, C$100,000 in cash or, at Jourdan’s sole option, Common Shares based on the greater of (A) $0.10 and (B) the 5-day volume weighted average price of the Common Shares on the TSX Venture Exchange ("TSXV") for the period immediately prior to the date of issuance.

In addition, Jourdan has agreed to grant the vendors of LaCorne a 2.0% net smelter returns royalty ("NSR") on the claims comprising LaCorne, of which Jourdan is entitled to, at any time, acquire one-half of the NSR for C$1,000,000, payable in cash or Common Shares in Jourdan’s sole discretion.

Dr. Andreas Rompel, Chairman of Jourdan, stated: “With the resurgence of the lithium price, we are very happy to announce that we are adding further ground to our already extensive land package north of the Quebec mining hub of Val d’Or. We can now add several spodumene-bearing pegmatites to the ones we have already delineated. This acquisition is expected to considerably enlarge the strike kilometres of our known pegmatites and increase the potential for drill targets.”