Tantalex Resources Corporation

Tantalex Resources Corporation

February 27, 2014 09:10 ET

Tantalex Resources Corporation Announces Successful Completion of the Baseline Assessment Towards Conflict-Free Validation of Its Supply Chain

TORONTO, ONTARIO--(Marketwired - Feb. 27, 2014) - Tantalex Resources Corporation (CSE:TTX), (the "Company" or "Tantalex"), is pleased to announce that it has successfully completed its mine site and supply chain baseline assessment, as part of implementing the Better Sourcing Program (BSP) for due diligence assurance of mineral supply chains. BSP will enable Tantalex to demonstrate and validate that exported materials are free of conflict and human rights violations and fully trace the material from mine site to smelter.

Validation of the Tantalex supply chain by BSP, which relies on the implementation of traceability, transparency, local monitoring and consultation systems, will support conflict-free validation of receiving smelters by the Conflict Free Smelter Program (CFSP).

Compliance with the requirements from the CFSP is the cornerstone of Tantalex's strategy to provide U.S. publicly traded tantalum based products supply chain participants and other international customers with a reliable source of responsibly procured tantalum ore. The CFSP audit is part of a determination process through which these companies can verify their own conflict-free status as required by Dodd- Frank Act Section 1502. The first conflict minerals reports to the Security and Exchange Commission (SEC) are due in May 2014.

In order to comply with the CFSP certification, a tantalum producer must successfully undergo a rigorous third party audit of its operations including mine of origin, traceability and chain of custody, as well as compliance with OECD-based and EITI (Extractive Industries Transparency Initiative) transparency requirements among others. The baseline assessment by BSP is the first step to ensuring Tantalex meets these requirements, and covered all aspects of the supply chain including the support of local population for the project, local logistics partners and consultation at government level. The successful evaluation of the supply chain was a condition precedent for the shipping of ore to international customers and the foundation of Tantalex's commercial strategy.

"We took a very methodical approach by signing a long term off take agreement and working with the customer and BSP to ensure a full compliance with EICC guidelines upstream. This will enable us to export conflict free mineral in early phases of production in the very short term" said Dave Gagnon, Tantalex's CEO.

About Better Sourcing Program

The Better Sourcing Program is a supply chain due diligence assurance program designed to implement a global, comprehensive and transparent approach to responsible and conflict-free sourcing from small- scale and semi-mechanized mining operations. The Better Sourcing Program is aligned with international best practice on responsible supply chains including the OECD Guidance for Responsible Supply Chains from Conflict Affected and High Risk Areas - the only standard currently endorsed by the SEC.

About Tantalex

Tantalex is a mining exploration and development company engaged in the acquisition, exploration and development of Tantalum and Niobium properties in Africa. Tantalex has its main business office in Montreal, QC.

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Contact Information

  • Tantalex Resources Corporation
    Dave Gagnon
    Chief Executive Officer
    +1 514-394-7476

    Tantalex Resources Corporation
    Jean-Robert Pronovost
    Chief Financial Officer
    +1 514-394-7476