Eclipse Metals Ltd. announced that it has entered into an agreement pursuant to which the Company will acquire the Ivittuut Project in Greenland (Project) and associated mining information in relation to the Project tenement MEL2007-45 (Tenement) (together, the Assets) (Agreement). A summary of the material terms of the Agreement is set out below. The Ivittuut Project (sometimes called Ivigtut) is known as the only cryolite mine from which cryolite was historically produced for use in the extraction of aluminium from bauxite (alumina) ore. Production of 3.8 million tonnes of cryolite has been recorded by the Greenland Geology Survey Department (this is not a resource or reserve estimate equivalent) (Bondam, J. 1991). Although cryolite has been found in other places, Ivittuut is the only place where this mineral has been commercially extracted. In addition to cryolite the mine workings contain associated minerals including fluorite, siderite, quartz (high purity silica), REE and base metals.