Rhyolite Resources Completes Acquisition of Muckahi Inc.
Toronto, Ontario – (Newsfile Corp. – September 20, 2021) – Rhyolite Resources Ltd. (TSXV: RYE) (the “Society” Where “Rhyolite“) is pleased to announce the completion of the acquisition of Muckahi Inc. (the “Transaction“), a company controlled by Fred Stanford which holds a license for the Muckahi mining system. Mr. Stanford received 9.5 million common shares of Rhyolite as consideration, of which 1.0 million common shares were delivered to Mr. Stanford upon closing of the transaction, and the remaining 8.5 million common shares were deposited in escrow for delivery to Mr. Stanford in installments over a four-year period.
“With this key aspect of our growth strategy now in place, we are well positioned to continue the acquisition and development of mining assets which are particularly conducive to Muckahi’s advantages,” said Stanford.
The Muckahi mining system is a proprietary mining system for use in underground hard rock mines that involves adaptations to conventional mining systems and equipment, resulting in significant economic and environmental benefits for mines. For more information on the Muckahi mining system, including a descriptive video, visit Rhyolite’s website at www.rhyoliteresources.com.
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RHYOLITE RESOURCES LTD.
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CAUTION REGARDING FORWARD-LOOKING INFORMATION
This press release includes certain “forward-looking statements” under applicable Canadian securities laws. Forward-looking statements include, without limitation, statements regarding the fulfillment of the release conditions of escrow shares, the results of Rhyolite’s growth strategy, the benefits of the Muckahi mining system and the development of mining assets which are particularly sensitive to the benefits of the Muckahi mining system. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors that may cause actual results and future events differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; the ability to attract funding on these terms or not at all; the price of the goods; and the results of current exploration. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
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