North South Petroleum Corp.: Option to Acquire 50% of CVL South Lithium Property Expires
VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 24, 2016) –
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North South Petroleum Corp. (the “Company” or “North South”) (NEX:NAS.H) announces that further to the news release of May 18th 2016 the Company will not be proceeding with the acquisition of an option to earn up to a 50% interest in Lithium X Energy Corp.’s wholly-owned CVL South Lithium Property located in Nevada’s Clayton Valley.
On June 20th 2016 the Company announced an agreement to acquire an interest in five other Nevada based lithium properties as well as a 100% interest in certain water rights. Dev Randhawa, proposed CEO of the Company, commented, “The agreement concluded June 20thwith Nevada Sunrise gives us the ability to earn a 70% interest in three properties, a 50% interest in two others and the ability to acquire a 100% interest in certain water rights, a critical component of any lithium project in the Clayton Valley Basin. We will be moving forward to advance the exploration and development of these properties and continue evaluating other assets worldwide to enhance our portfolio. We wish Lithium X and its management team all the best in advancing their projects in Nevada and elsewhere.”
The Company wishes to announce that the financing announced June 20th 2016 has been amended such that the financing will be a minimum of $2.5 million and a maximum of $4 million. All other terms of the financing remain unchanged.
NORTH SOUTH PETROLEUM CORP.
Nick DeMare, Corporate Secretary
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