RB Energy Inc. (the "Company" or "RBI" or RB Energy") (TSX: RBI)(OTCQX: RBEIF) is pleased to announce the first commercial shipment of lithium carbonate from its 100% owned Quebec Lithium operation.
The first container of technical grade lithium carbonate (98.8%) was shipped to our offtake partner Tewoo ERDC this past weekend.
Significant progress over the past 30 days has culminated in increasing production volumes and commencement of commercial shipments. Weekly shipments of lithium carbonate are now scheduled going forwards with volumes expected to increase week on week towards commercial production levels by late 2014.
Quebec Lithium cash flow requirements are presently being satisfied by the forward sale of iodine from the Company's 100% owned Aguas Blancas operation in Chile. Discussions with stakeholders and other potential investors are in progress towards a more comprehensive financing package to take the Quebec Lithium operation to commercial production, and proceeding to name plate levels of 20,000 tonnes of lithium carbonate per annum in Q1 2015.
Minor modifications to the plant to achieve volume production of electric vehicle battery grade material (greater than 99.9%) are expected to be completed in late Q4. The Company will then have the flexibility to produce different quality products depending upon customer requirements and best pricing.
Commenting upon the first commercial shipment from the Quebec Lithium operation, Richard Clark, CEO of the Company, stated: "Although the commissioning of our lithium operation has taken longer than anticipated, we are very pleased to have at last achieved the important milestone of a first commercial shipment of lithium carbonate. We now expect to produce and deliver on a regular schedule with volumes increasing towards commercial production levels by the end of Q4. I would like to congratulate our operations team for their efforts in overcoming the many challenges that we have faced in the commissioning process and I join with them in looking forward to realizing the full potential of our lithium business."
About RB Energy Inc.
RBI currently owns Aguas Blancas, a producing iodine mine in northern Chile, and Quebec Lithium near La Corne, Quebec. The Aguas Blancas operation is in production. The Quebec Lithium operation has completed construction and is in the commissioning phase. For more information regarding RBI, please refer to its public filings available at www.sedar.com.
The technical contents of this release have been reviewed by Mr. Kevin Ross, Eur. Ing., a Qualified Person pursuant to NI-43-101. Mr. Ross is Chief Operating Officer of the Company and a Member of The Institute of Materials, Minerals and Mining.
Certain information contained in this news release, including any information relating to the state of the lithium and iodine industries; statements regarding our ability and the timing to achieve and sustain commercial production and name-plate production levels of iodine; our ability to secure additional financing; our ability to secure commercial orders from our customers; and our ability to become a material player in the lithium market are "forward-looking statements". These forward-looking statements relate to future events or future performance and reflect the Company's expectations regarding the future growth, results of operations, business prospects and opportunities of RBI. These forward-looking statements also reflect the Company's current internal projections, expectations or beliefs and are based on information currently available to the Company. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. The estimates and assumptions of RBI underlying the forward-looking statements in this news release may prove to be incorrect. Assumptions upon which such forward-looking information include, among other things, successful and timely commissioning, ramp-up and production at the Quebec Lithium Project; the lack of any further significant capital expenditures during the commissioning stage or to bring the hydrometallurgical process plant into production; the continuing support and cooperation of RBI's off-take partners; as well as financial predictions premised on such assumptions. Although the Company believes that the forward-looking information contained in this news release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. RBI expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
On behalf of the Board,
Richard P. Clark, President and CEO
Contacts: RB Energy Inc. Sophia Shane (604) 689-7842 email@example.comSOURCE: RB Energy Inc.