Spearmint Resources (SPMTF)

[TradingCharts]

January 26, 2021 - Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the “Company”) is pleased to announce that the Company currently has approximately $2 million in cash on hand with minimal debt, primarily via the exercise of warrants. The Company’s working capital is now at an all-time high, allowing Spearmint the ability to work on multiple planned projects throughout 2021 without the need for any additional dilution via private placements. Management has no plans, nor does it expect to conduct any placements in the foreseeable future due to the strong cash position currently in place. The Company is eagerly awaiting the results from the remaining 5 holes from the Clayton Valley Lithium Clay Project as well as being active on our Perron-East Project in Quebec right now.

James Nelson, President of Spearmint states, “ We are pleased with the overwhelming show of support from our warrant holders who exercised the majority of their outstanding warrants. A large chunk of these warrants are expiring this week and once these warrants expire, a significant overhang will be lifted at a time when we are expecting our lithium results back from Clayton Valley. We feel this next set of results will ultimately enable the company to start the process to evaluate a potential resource calculation on this blanket-like lithium claystone formation that we share with Cypress Development Corp. (CYP.v) and Noram Ventures Inc (NRM.v). Not only has Spearmint drilled into and has had success in the claystone, but Spearmint is also in the deepest part of the brine formation. The separate brine claims are located over the ridge and to the Southwest of the claystone claims (see map) in the same basin that Pure Energy Minerals is drilling with Schlumberger (SLB-NYSE). Being in both the clay and the deepest part of brine puts Spearmint in the enviable position of being a ‘double lithium threat’ in Clayton Valley, at a time when lithium discoveries are garnering a massive amount of global interest from both lithium producers and Electric Vehicle companies.”