Vancouver, B.C., Oct. 26, 2020 (GLOBE NEWSWIRE) -- Lomiko Metals Inc. (“Lomiko”) (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) is focused on the exploration and development of graphite for the new green economy. Lomiko has been monitoring emerging legislation aimed at reducing dependence on Chinese supply of graphite, lithium, and other electric vehicle battery materials. 100% of graphite is currently imported to the United States as there are no domestic graphite mines able to produce material for graphite anodes used in Electric Vehicles. Please also refer to news release September 9, 2020, and October 7 2020 related to changing government policies regarding critical minerals.
US Election Bonus for Critical Minerals Mining
In a boon for the critical minerals mining industry, former Vice President and current Presidential frontrunner Joe Biden’s campaign has privately told US miners it would support boosting domestic production of metals used to make electric vehicles, solar panels, and other products crucial to his climate plan, according to three sources familiar with the matter.
Biden, who served as Obama’s vice president and is well-regarded in conservation circles, has been expected to continue in that vein. The US Democratic presidential candidate also supports bipartisan efforts to foster a domestic supply chain for graphite, lithium, copper, rare-earths, nickel, and other strategic materials that the United States imports from China and other countries, the sources said. Biden is also well-regarded by the Canadian government on issues of mining and green energy which has a Canada-US supply strategy agreement.
On September 28, 2020, Canadian Ministers discussed opportunities to drive Canada’s natural resources advantage by building on Canada’s strong environmental, social, and governance performance record to attract investment, generate new value chains, and create job opportunities across Canada, including for Indigenous businesses and communities. Ministers agreed that an inclusive approach that builds capacity and ensures diversity is a key ingredient to Canada’s successful economic recovery.
Co-chaired by the Honourable Seamus O’Regan, Canada’s Minister of Natural Resources and the Honourable Ranj Pillai, Deputy Premier and Minister of Energy, Mines, and Resources for Yukon, they agreed to work together to build an all-Canadian Critical Minerals and Battery value chain across sectors and pursue engagement with our partners in the U.S. and beyond.
"Canada’s economy is in a strong position to recover and excel post-Covid because of our natural resource potential. All communities across Canada should play a part, whether it is contributing critical minerals to the supply chain, advancing innovative energy development, or adding jobs and capacity to our remote and northern communities.” The Honourable Ranj Pillai
Lomiko’s Opportunity in the Supply Chain
Graphite demand is expected to increase exponentially for the mined natural graphite material, as more is used in the production of spherical graphite for graphite in the anode portion of Electric Vehicle Lithium-ion batteries.
With the completion of a $ 750,000 financing October 23, 2020, Lomiko plans to work on its near-term goals of the company are as follows:
1) Complete 100% Acquisition of the Property, currently 80% owned by Lomiko Metals.
2) Complete metallurgy and graphite characterization to confirm li-ion anode grade material.
3) Complete a Technical Report to confirm the extent of the mineralization equals or surpasses the nearby Imerys Mine, owned by an international mining conglomerate.
A "technical report" means a report prepared and filed in accordance with this Instrument and Form 43-101F1 Technical Report, and includes, in summary form, all material scientific and technical information in respect of the subject property as of the effective date of the technical report;
4) Complete Preliminary Economic Assessment (PEA)
A PEA means a study, other than a pre-feasibility or feasibility study, that includes an economic analysis of the potential viability of mineral resources.
For more information on Lomiko Metals, Promethieus, review the website at www.lomiko.com, and www.promethieus.com, contact A. Paul Gill at 604-729-5312 or email: info@lomiko.com.
On Behalf of the Board
“A. Paul Gill”
Director, Chief Executive Officer
We seek safe harbor.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), accept responsibility for the adequacy or accuracy of this release.
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