Erin Ventures Announces Cancellation of Option and Joint Venture Agreement

VICTORIA, BC / ACCESSWIRE / December 27, 2022 / Erin Ventures Inc. ("Erin") [TSXV:EV], an international mineral exploration and development company with boron assets in Serbia, reports that its previously announced joint venture and option agreement with Temas Resources Corp. has been cancelled. As a result, Temas will no longer have any right to participate in the equity of Erin's Piskanja Boron Project.

In anticipation of this possibility, Erin has been in dialogue with several other potential strategic partners who are showing an interest in participation in the development of Piskanja. In tandem, Erin is continuing with the requisite studies, and remains on its timetable to meet its obligations towards receiving an exploitation permit on Piskanja.

Tim Daniels, President of Erin added, "Interest in our Piskanja boron project has grown substantially over the past many months. In fact, we have been approached both by companies that are important consumers of boron who are indicating a great interest in securing a long-term supply, as well as by international financiers who see Piskanja as a unique investment opportunity. This is due in large part to the robust numbers found in our recently published PEA, as well as the fact that boron demand is enjoying unprecedented growth as one of the singularly most important minerals in the green energy movement. As a result, we anticipate being able to secure a highly suitable new strategic partner in the near term."

In accordance with the terms of the option agreement, Temas has contributed less than the threshold amount required for it to secure a 1 percent interest in Piskanja. Therefore, as a result, Piskanja remains a 100 percent, wholly owned subsidiary of Erin.

About Piskanja Boron Project

Piskanja is Erin's wholly owned boron deposit with a Measured Mineral Resource of 1.39 million tonnes (averaging 35.59% B₂O₃), an Indicated Mineral Resource of 5.48 million tonnes (averaging 34.05% B₂O₃), and an Inferred Mineral Resource of 284.7 thousand tonnes (averaging 39.59% B₂O₃), calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves (CIM Standards), as disclosed in Erin's report titled, "Technical Report and Preliminary Economic Assessment For The Piskanja Borate Project, Serbia, June 24, 2022". The responsible person for the PEA and the Mineral Resource Estimate contained within, is Prof. Miodrag Banješević PhD. P.Geo, EurGeol, a Qualified Person in accordance with the CIM Definition Standards on Mineral Resources and Reserves (CIM Standards), and independent of Erin Ventures.