VANCOUVER, BC--(Marketwired - April 04, 2017) - Zadar Ventures Ltd. (TSX VENTURE: ZAD) (FRANKFURT: ZAV) (OTC PINK: ZADDF) (the "Company") is pleased to announce that it has entered into a MOU with FlowBack Solutionz Canada Inc. ("FlowBack"), a Canadian oil well waste water treatment company, to test FlowBack's innovative and proprietary waste water treatment technology for the purpose of lithium extraction from Petrobrines from the Company's Manitoba Petrobrine projects.
Flowback is a water technology innovation company incorporated in 2013. FlowBack currently provides turn-key solutions for oil/water separation, H2S removal and tailings pond remediation services utilizing its patented FlowBack NanoBubbler™ technology. FlowBack specializes in solids separation, electrocoagulation and gas infusion technologies for the oil & gas, mining, industrial and construction industries.
Oil and gas well operators in Canadian petroleum basins have long reported lithium values ranging from 80 mg/l to 140 mg/l as referenced by the geoScout Oil & Gas Industry database as reported by well operators and monitored by the Government of Alberta. There are many other reports throughout Canada that reference lithium within Petrobrine wells within these same ranges.
Company President Paul D. Gray, P.Geo. commented, "We look forward to working with FlowBack in this relatively new space of lithium extraction. The demand for low cost lithium production is the key driver in the rapidly developing energy storage space."
The Company acknowledges it may not ever close this transaction but intends to complete its Due Diligence and enter into a definitive agreement within the next 45 days.
This news release has been reviewed and approved by Mr. Paul D. Gray, P.Geo, who is the Company's qualified person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
Paul D. Gray, P. Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.