July 26, 2016 – Toronto, Ontario – Matica Enterprises Inc. (MMJ–CSE) (39N – Frankfurt) (MQPXF – OTC PINK) (“Matica” or the “Company”) is pleased to report that the Company has sold its interest in both Nevada lithium projects, the Elon and the McGee lithium projects, to a private British Columbia corporation (“Privateco”) for shares in said company. Privateco has been purchased in its entirety by Spearmint Resources Inc. (TSXV – SRJ) (“Spearmint”). Matica’s subsidiary, Ravenline Explorations Ltd., is receiving 4.7 million shares of Spearmint for its portion Privateco. The Company is pleased to report that it will continue to hold a two per cent (2%) NSR on the Elon lithium project, which Spearmint may purchase one per cent (1%) of, for USD$500,000.
The Company intends to use the proceeds from the sale to review new projects and to complete exploration programs on its highly prospective graphite properties north of Reno, Nevada and for general working capital. Previous exploration on the GL and Crow claims demonstrated the presence of flake graphite in concentrations up to seven percent (7% CG) in areas controlled by the Company (see NR July 20, 2015). The work programs conducted by the Company reported the first known flake graphite documented at the time in this region. Mapping and sampling confirmed three distinct target zones in the area, all with confirmed presence of flake graphite. Flake graphite is the chief component of Lithium-Ion batteries which contain approximately ten times more graphite than lithium.
For more information on Matica please visit the website at: www.westislandbrands.com.
On behalf of the Board of Directors
MATICA ENTERPRISES INC.
Boris Ziger, CEO & Chairman
For further information, please contact Boris Ziger, Chief Executive Officer, at:
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
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