VANCOUVER, BRITISH COLUMBIA – June 2, 2016: Altair Gold Inc. (“Altair” or the “Company”) (TSXV: AVX) Mr. John Huguet, Chairman of the Board is pleased to announce the signing of a Letter of Intent to acquire 100% of the shares of Mathers Lithium Corp., whose sole asset is the Mathers Lithium Property in Quebec.
The Mathers Lithium Property consists of 213 contiguous claims totalling approximately 12,290 hectares. The claims are located 32 kilometres south of the community of Malarctic and 50 kilometres southwest of RB Energy Inc.’s (formerly Canada Lithium’s) Quebec Lithium Project, which hosts 17.1 million tonnes of 0.94% lithium oxide. Other lithium showings in the vicinity of the project include the Ile du Refuge showing less than 10km south of the claims which 2.1% lithium; the Lac Simard showing located 10km west of the claims which contained 1% lithium oxide; and the Wells-Lacourciére showing 23km northwest of the claims which contained 2.87% lithium. Though there are several lithium occurrences in the vicinity, the property itself has seen limited exploration. Geological mapping and outcrop mapping were conducted in 1956 and 1957 respectively with the geological mapping being reinterpreted in 2009. This new geologic map revealed the presence of multiple zones of pegmatite and granite. The work on the property in the 1950s identified three beryl showings in pegmatite veins; this is important as these pegmatites could also host lithium mineralization. No drill testing has been recorded on the claim group.
The proposed terms of the acquisition of Mathers Lithium Corp. are the payment of $30,000 and 500,000 common shares of Altair Gold. The shares are to be issued upon TSX Venture Exchange approval. A total of 375,000 shares will be subject to voluntary trading restrictions as follows: 125,000 restricted from trading for 3 months, 125,000 restricted from trading for 6 months and 125,000 restricted from trading for 9 months. The proposed acquisition is an arm’s length transaction and is subject to a definitive agreement. Upon closing the Company will pay a finder’s fee of 56,380 shares. This acquisition and related finder’s fee remains subject to acceptance of filings with the TSX Venture Exchange.
Said Mr. Huguet, “The Company has now completed its land assembly in the Abitibi region of Quebec having acquired more than 18,000 hectares (180 square Kilometers). The province of Quebec is one of the best jurisdictions in the world for resource companies. We believe the shift in the Lithium market towards higher quality properties bodes well for the Lithium deposits in Quebec. The Company will now plan its work programs for the coming months and the results of these programs will tell us how serious a participant we can become.” Mr. C. Ulansky, P. Geo., a Qualified Person, has reviewed and verified the technical contents of this release.
ON BEHALF OF THE BOARD,
John Huguet, FCPA, FCMA Chairman and Independent Director