Far Resources, Ltd. (OTC Pink: FRRSF) is engaged as a Canadian mineral mining company. Shares of the mineral and metal mining company are rallying 21.92%, through early trading on Monday, November 27, 2017. Over the past month, Far Resources, Ltd. has seen average daily volume of 224,230 shares. However, volume of 450,558 shares or dollar volume of $297,368, has already exchanged hands on the day.
Shares of Far Resources, Ltd. are gaining today, after the company announced that it has entered into a MOU with Quantum Resources, Ltd. regarding the Thompson Brothers lithium project. The two companies will work together and develop synergies for lithium assets over the course of its one-year deal. Here is the full press release detailing of the MOU agreement:
Far Resources, Ltd. Press Release:
Vancouver, BC (FSCwire) – Far Resources, Ltd (CSE:FAT) (FSE:F0R) (OTCPK:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce that it has entered into a non-binding Memorandum of Understanding (the “MOU”) with Quantum Resources Limited (“Quantum”), an exploration company listed on the ASX (ASX: QUR). Quantum has the right to earn an interest in the Thompson Brothers lithium project in Manitoba. The Thompson Brothers lithium project is contiguous with Far Resource’s extensive holdings in the Snow Lake region of Manitoba.
Under the MOU, the two companies have agreed to exchange information and to work together to assess the viability and potential synergies of developing their lithium assets in Manitoba together over the course of a one-year period. The MOU may be extended or terminated by either party on written notice to the other party. During the period of the MOU, the parties will explore the most efficacious way to work together to move their projects forward through a mutually beneficial agreement to both parties.
Figure 1: Quantum and Far resources combined project area
To view the graphic in its original size, please click here
Keith Anderson, President and CEO of Far Resources, said “I am excited about the potential that can be unlocked by working together with Quantum on our lithium projects in Manitoba. The MOU represents the possibility for operational synergies and development options that will benefit Far Resources and our shareholders. We will be actively proceeding to investigate these possibilities to the mutual benefit of all stakeholders”.
About the Company
Far Resources Ltd. is an exploration company, publicly traded on the Canadian Securities Exchange under the symbol FAT, focused on the identification and development of high potential mineral opportunities in stable jurisdictions. Far Resources may acquire or option properties of merit to meet its ongoing goal to locate, advance and unlock the potential of these mineral opportunities. Far Resources has two option agreements in place. The Zoro Lithium Property covers a number of known lithium pegmatite occurrences and is located near Snow Lake, MB. Manitoba has been ranked as the world’s second best jurisdiction for mining investment by the Fraser Institute. The second option is on the Winston Property in New Mexico, USA, another historic mining property with potential for silver and gold; New Mexico is also listed by the Fraser Institute, ranking in the top 25 mining jurisdictions in the world. Please visit our updated website at www.farresources.com for full details on our current projects. Far Resources has optioned its wholly owned Tchentlo Lake Property in British Columbia, Canada to Alchemist Mining Inc.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance (including our planned exploration for the Winston Project and the Zoro Lithium Property) and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.