VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 28, 2016) - Fairmont Resources Inc. ("Fairmont") (TSX VENTURE:FMR) is pleased to announce it has received an extension to complete the payment for Granitos de Badajoz ("Grabasa") until February 22, 2017 from the Spanish Court in Badajoz.
"We are optimistic that a financing solution is close at hand for completing the acquisition of Grabasa. With imports increasing 10.9% for worked granite into the United States from Spain in the 3rd Quarter 2016 versus 3rd Quarter 2015 when other countries have seen large decreases, other than China, we see an acceptance of Spanish product into the United States market, and for Grabasa this is a new large target market" states Michael Dehn, President and CEO of Fairmont Resources.
The U.S. imports of Worked Granite (sawn, one-side polished), a key product produced at Grabasa when last in operation, have generally fallen for most producing nations other that Spain where there was a 10.9% increase, and China where there was a 0.3% increase.
|WORKED GRANITE: U.S. IMPORTS
|Source: U.S. International Trade Commission, Stone Update analysis
(From: December 26, 2016, stoneupdate.com)
About Fairmont Resources Inc.
Fairmont Resources Inc. is a rapidly growing industrial mineral and dimensional stone company trading on the Toronto Venture Exchange symbol FMR.
Fairmont's Quebec properties cover numerous occurrences of high-grade titaniferous magnetite with vanadium, with the Buttercup property having a permit to quarry dense aggregate. Where these occurrences have been tested they have displayed exceptional uniformity with respect to grade. Fairmont also controls three quartz/quartzite properties, with the Forestville property having independent end user testing confirming the suitability of quartzite from Forestville for Ferro Silicon production. Fairmont is also in the process of acquiring the assets of Granitos de Badajoz (GRABASA) in Spain which includes 23 quarries and a 40,000 square metre granite finishing facility that has produced finished granite installed across Europe.
On behalf of the Board of Directors,
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Fairmont cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Fairmont's control. Such factors include, among other things: risks and uncertainties relating to Fairmont's ability to complete the proposed private placement financing, limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Fairmont undertakes no obligation to publicly update or revise forward-looking information.
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