Exciting New Partnership to Develop Major Manganese Deposit
We are excited to announce that we have come to terms with North Star Manganese Inc, a US-based mineral resource company, to lead the evaluation of the our manganese site near Emily.
We acquired the mining rights of the manganese deposit in 2008 and have been advancing the project during the past 10 years through testing, exploration drilling and laboratory work. We have been searching for a partner with the expertise and the investment capital to develop a financially viable and safe mining operation.
“It took a lot of research, hard work and due diligence, but we found the right partner to move this project forward,” said Bruce Kraemer, CEO of Crow Wing Power. “We are excited about the potential of this investment to produce a strong financial return for the cooperative and its members.”
North Star Manganese was formed and is funded to evaluate and advance potential manganese projects in North America. Executives with North Star Manganese see good potential in the manganese site near Emily, which is believed to hold the largest and highest-grade manganese deposit in North America. Manganese is an important mineral in the burgeoning battery market for electric cars and electronic devices.
“The demand for manganese is only going to increase as battery demand for electric vehicles and other applications for the renewable energy industry continues to soar in the years ahead,” said Dr. Henry (Rick) Sandri, the Chief Executive Officer for North Star Manganese. “The deposit in Minnesota could become the first major U.S. supplier of primary manganese and play a significant role in lowering the cost of battery materials in the future.”
Talks between the companies began last year, but gained significant momentum over the past three months, Kraemer said. On Monday, the basic terms of the partnership were approved by Crow Wing Power Board of Directors through its governing role over Cooperative Mineral Resources, www.cooperativemineralresources.com, a for-profit subsidiary of Crow Wing Power that oversees the Emily mining project on behalf of the cooperative.
North Star Manganese Inc will undertake a technical and economic assessment of the historical work, technology and site during the next four months. Once those steps are completed, the company will work with our leadership to determine when and how the Project should be developed.
“We made this investment for the long-term benefit of Crow Wing Power and its members,” said Bob Kangas, President of the Crow Wing Power Board of Directors. “This is a big step forward for the project, and we expect it will benefit our members for years to come.”
About North Star Manganese
North Star Manganese (NSM) is a battery minerals company focused on the exploration and development of manganese minerals critical to the rechargeable battery market and energy storage sector. NSM is focused on developing its high-quality portfolio of assets located in mining-friendly jurisdictions.